Renaissance Technologies LLC Reduces Position in Incyte Co. (NASDAQ:INCY)

Renaissance Technologies LLC lowered its stake in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 9.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 4,085,932 shares of the biopharmaceutical company's stock after selling 413,608 shares during the period. Renaissance Technologies LLC owned about 2.12% of Incyte worth $282,215,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Public Sector Pension Investment Board grew its holdings in Incyte by 4.7% in the third quarter. Public Sector Pension Investment Board now owns 6,622 shares of the biopharmaceutical company's stock valued at $438,000 after purchasing an additional 300 shares during the period. EP Wealth Advisors LLC lifted its holdings in Incyte by 42.1% during the third quarter. EP Wealth Advisors LLC now owns 5,628 shares of the biopharmaceutical company's stock valued at $372,000 after purchasing an additional 1,667 shares in the last quarter. National Bank of Canada FI increased its stake in shares of Incyte by 86.1% during the third quarter. National Bank of Canada FI now owns 81,728 shares of the biopharmaceutical company's stock worth $5,402,000 after purchasing an additional 37,809 shares in the last quarter. Orion Portfolio Solutions LLC acquired a new position in shares of Incyte during the 3rd quarter worth about $770,000. Finally, MML Investors Services LLC lifted its stake in Incyte by 4.4% in the 3rd quarter. MML Investors Services LLC now owns 6,063 shares of the biopharmaceutical company's stock valued at $401,000 after buying an additional 256 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

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Incyte Trading Up 3.1 %

Shares of Incyte stock traded up $1.70 on Friday, reaching $56.87. The company had a trading volume of 2,073,635 shares, compared to its average volume of 2,381,171. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. The firm has a market cap of $11.01 billion, a PE ratio of 210.64, a PEG ratio of 0.41 and a beta of 0.89. The firm's 50 day moving average price is $66.19 and its two-hundred day moving average price is $69.63. Incyte Co. has a 52-week low of $50.35 and a 52-week high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing analysts' consensus estimates of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. Sell-side analysts predict that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. StockNews.com downgraded Incyte from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, February 12th. Guggenheim lowered shares of Incyte from a "buy" rating to a "neutral" rating and set a $92.00 target price for the company. in a report on Tuesday, March 18th. Citigroup lowered their price target on shares of Incyte from $97.00 to $88.00 and set a "buy" rating on the stock in a research report on Tuesday, February 11th. UBS Group started coverage on shares of Incyte in a report on Tuesday, December 17th. They issued a "neutral" rating and a $77.00 price objective for the company. Finally, Wells Fargo & Company boosted their target price on Incyte from $68.00 to $70.00 and gave the stock an "equal weight" rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Incyte currently has a consensus rating of "Hold" and an average target price of $74.88.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 19,807 shares of the business's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the transaction, the executive vice president now owns 33,567 shares in the company, valued at $2,272,150.23. The trade was a 37.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Sheila A. Denton sold 14,069 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total value of $1,042,090.83. Following the completion of the sale, the executive vice president now owns 25,848 shares in the company, valued at approximately $1,914,561.36. The trade was a 35.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,827 shares of company stock valued at $3,322,618 in the last three months. 17.60% of the stock is owned by corporate insiders.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.