Acadian Asset Management LLC Sells 234,493 Shares of Incyte Co. (NASDAQ:INCY)

Acadian Asset Management LLC reduced its stake in shares of Incyte Co. (NASDAQ:INCY) by 7.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 2,781,746 shares of the biopharmaceutical company’s stock after selling 234,493 shares during the period. Acadian Asset Management LLC owned about 1.24% of Incyte worth $158,443,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in Incyte by 48.8% during the fourth quarter. Wellington Management Group LLP now owns 131,649 shares of the biopharmaceutical company’s stock worth $8,266,000 after buying an additional 43,160 shares in the last quarter. Fulton Bank N.A. bought a new stake in shares of Incyte in the 1st quarter worth $1,425,000. ARK Investment Management LLC raised its holdings in shares of Incyte by 7.7% in the fourth quarter. ARK Investment Management LLC now owns 531,625 shares of the biopharmaceutical company’s stock valued at $33,381,000 after purchasing an additional 37,932 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Incyte by 29.3% in the fourth quarter. Russell Investments Group Ltd. now owns 963,090 shares of the biopharmaceutical company’s stock valued at $60,465,000 after purchasing an additional 217,979 shares during the last quarter. Finally, Great Lakes Advisors LLC bought a new position in shares of Incyte during the fourth quarter valued at about $2,033,000. 96.97% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Thomas Tray sold 1,093 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $58.91, for a total transaction of $64,388.63. Following the sale, the insider now directly owns 21,634 shares in the company, valued at $1,274,458.94. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP Barry P. Flannelly sold 8,148 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total value of $488,880.00. Following the sale, the executive vice president now owns 50,534 shares in the company, valued at $3,032,040. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas Tray sold 1,093 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the transaction, the insider now owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The disclosure for this sale can be found here. Insiders sold a total of 29,711 shares of company stock worth $1,786,941 in the last quarter. 17.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Incyte in a research note on Thursday, May 23rd. They issued a “hold” rating and a $55.00 price objective for the company. Truist Financial reaffirmed a “buy” rating and set a $83.00 price target (down from $84.00) on shares of Incyte in a research report on Wednesday, May 1st. StockNews.com cut Incyte from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 2nd. Oppenheimer decreased their target price on Incyte from $92.00 to $84.00 and set an “outperform” rating for the company in a research report on Wednesday, April 24th. Finally, BMO Capital Markets reissued an “underperform” rating and issued a $48.00 price target (down from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $73.44.

Incyte Stock Performance

INCY traded up $0.50 on Friday, hitting $65.87. The company’s stock had a trading volume of 1,559,059 shares, compared to its average volume of 2,837,766. Incyte Co. has a 12 month low of $50.27 and a 12 month high of $67.36. The firm has a market cap of $14.79 billion, a P/E ratio of 19.96, a price-to-earnings-growth ratio of 1.38 and a beta of 0.73. The company has a quick ratio of 3.43, a current ratio of 3.47 and a debt-to-equity ratio of 0.01. The company’s 50 day simple moving average is $60.04 and its 200-day simple moving average is $58.63.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, April 30th. The biopharmaceutical company reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.31). The company had revenue of $880.89 million during the quarter, compared to the consensus estimate of $935.85 million. Incyte had a return on equity of 12.83% and a net margin of 19.78%. Analysts forecast that Incyte Co. will post 3.66 EPS for the current year.

About Incyte

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.