Verition Fund Management LLC Buys Shares of 40,467 Incyte Co. (NASDAQ:INCY)

Verition Fund Management LLC acquired a new position in shares of Incyte Co. (NASDAQ:INCY - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 40,467 shares of the biopharmaceutical company's stock, valued at approximately $2,675,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Greenwood Capital Associates LLC bought a new position in Incyte during the 3rd quarter valued at about $433,000. Andra AP fonden raised its holdings in shares of Incyte by 35.2% in the second quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company's stock worth $15,022,000 after buying an additional 64,500 shares during the period. SG Americas Securities LLC lifted its stake in shares of Incyte by 54.0% during the 2nd quarter. SG Americas Securities LLC now owns 67,936 shares of the biopharmaceutical company's stock worth $4,118,000 after acquiring an additional 23,817 shares during the last quarter. Cypress Capital Group purchased a new position in Incyte during the 3rd quarter valued at $971,000. Finally, Commerce Bank bought a new position in Incyte in the 3rd quarter valued at $610,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Stock Performance

INCY traded up $0.49 on Thursday, reaching $75.11. The stock had a trading volume of 975,097 shares, compared to its average volume of 2,350,342. The business's 50-day moving average price is $71.34 and its two-hundred day moving average price is $65.51. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. Incyte Co. has a 12-month low of $50.35 and a 12-month high of $83.95. The company has a market cap of $14.47 billion, a P/E ratio of 533.04, a price-to-earnings-growth ratio of 8.30 and a beta of 0.69.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The firm's revenue for the quarter was up 23.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.91 earnings per share. Sell-side analysts forecast that Incyte Co. will post 0.4 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Barry P. Flannelly sold 3,680 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total value of $293,222.40. Following the transaction, the executive vice president now owns 58,042 shares in the company, valued at $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares of the company's stock, valued at approximately $2,269,280.40. This represents a 18.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,745 shares of company stock valued at $1,311,687. 17.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. StockNews.com raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Thursday, November 28th. Bank of America raised shares of Incyte from a "neutral" rating to a "buy" rating and lifted their price target for the company from $68.00 to $90.00 in a research note on Tuesday, October 29th. Morgan Stanley increased their price objective on Incyte from $64.00 to $69.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 30th. BMO Capital Markets reaffirmed an "underperform" rating and set a $52.00 target price (up from $48.00) on shares of Incyte in a research report on Wednesday, October 30th. Finally, Wolfe Research began coverage on Incyte in a research report on Tuesday, October 1st. They set an "outperform" rating and a $84.00 price target on the stock. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $77.16.

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.