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

Renaissance Technologies LLC decreased its position in Incyte Co. (NASDAQ:INCY) by 8.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,218,337 shares of the biopharmaceutical company’s stock after selling 458,100 shares during the quarter. Incyte makes up 0.5% of Renaissance Technologies LLC’s investment portfolio, making the stock its 19th largest position. Renaissance Technologies LLC owned 2.32% of Incyte worth $316,336,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of INCY. Dimensional Fund Advisors LP increased its position in shares of Incyte by 7.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 950,626 shares of the biopharmaceutical company’s stock valued at $59,689,000 after acquiring an additional 62,380 shares during the period. Vanguard Personalized Indexing Management LLC increased its position in shares of Incyte by 30.4% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 19,961 shares of the biopharmaceutical company’s stock valued at $1,253,000 after acquiring an additional 4,649 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Incyte by 126.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 51,821 shares of the biopharmaceutical company’s stock valued at $3,254,000 after purchasing an additional 28,938 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Incyte by 85.2% during the 4th quarter. Quadrant Capital Group LLC now owns 711 shares of the biopharmaceutical company’s stock valued at $45,000 after purchasing an additional 327 shares in the last quarter. Finally, Fiera Capital Corp bought a new stake in shares of Incyte during the 4th quarter valued at about $202,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Up 0.3 %

Shares of Incyte stock opened at $63.56 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The stock has a market capitalization of $14.27 billion, a PE ratio of 19.26, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73. Incyte Co. has a 52-week low of $50.27 and a 52-week high of $70.36. The company has a 50-day simple moving average of $63.87 and a two-hundred day simple moving average of $59.55.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period last year, the firm posted $0.77 earnings per share. On average, analysts anticipate that Incyte Co. will post 0.67 EPS for the current fiscal year.

Insider Activity

In other news, EVP Barry P. Flannelly sold 1,306 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total transaction of $83,832.14. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at $3,725,715.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Barry P. Flannelly sold 8,148 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the transaction, the executive vice president now directly owns 50,534 shares of the company’s stock, valued at $3,032,040. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 1,306 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total transaction of $83,832.14. Following the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at $3,725,715.98. The disclosure for this sale can be found here. Insiders sold 25,025 shares of company stock valued at $1,662,682 over the last three months. Insiders own 17.50% of the company’s stock.

Analyst Upgrades and Downgrades

INCY has been the topic of a number of research reports. BMO Capital Markets reaffirmed an “underperform” rating and set a $48.00 target price (down previously from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. Bank of America lifted their target price on shares of Incyte from $62.00 to $66.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. Oppenheimer cut their target price on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $73.29.

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.