Caxton Associates LP Cuts Position in Incyte Co. (NASDAQ:INCY)

Caxton Associates LP cut its stake in Incyte Co. (NASDAQ:INCY) by 41.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 28,181 shares of the biopharmaceutical company’s stock after selling 19,636 shares during the period. Caxton Associates LP’s holdings in Incyte were worth $1,605,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in Incyte by 48.8% in the fourth quarter. Wellington Management Group LLP now owns 131,649 shares of the biopharmaceutical company’s stock worth $8,266,000 after acquiring an additional 43,160 shares in the last quarter. Fulton Bank N.A. bought a new position in shares of Incyte during the first quarter valued at about $1,425,000. Russell Investments Group Ltd. raised its stake in shares of Incyte by 29.3% during the fourth quarter. Russell Investments Group Ltd. now owns 963,090 shares of the biopharmaceutical company’s stock valued at $60,465,000 after acquiring an additional 217,979 shares during the last quarter. Great Lakes Advisors LLC bought a new position in shares of Incyte during the fourth quarter valued at about $2,033,000. Finally, FORVIS Wealth Advisors LLC bought a new position in shares of Incyte during the first quarter valued at about $1,495,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of research reports. Oppenheimer decreased their price target on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a research note on Friday. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research note on Tuesday, June 18th. TD Cowen cut their price objective on shares of Incyte from $88.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. StockNews.com cut shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 2nd. Finally, Truist Financial restated a “buy” rating and issued a $83.00 price objective (down previously from $84.00) on shares of Incyte in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Incyte has an average rating of “Hold” and an average price target of $73.25.

Insider Activity

In other news, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were 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 approximately $1,274,458.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Thomas Tray sold 1,093 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $58.91, for a total transaction of $64,388.63. Following the completion of the transaction, the insider now directly owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 19,164 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $60.00, for a total transaction of $1,149,840.00. Following the transaction, the executive vice president now directly owns 66,377 shares of the company’s stock, valued at $3,982,620. The disclosure for this sale can be found here. Insiders have sold 45,282 shares of company stock worth $2,876,911 in the last three months. Company insiders own 17.50% of the company’s stock.

Incyte Price Performance

Shares of INCY stock traded down $2.58 on Tuesday, hitting $66.01. 2,358,379 shares of the stock traded hands, compared to its average volume of 2,548,827. The firm has a market cap of $14.82 billion, a price-to-earnings ratio of 20.78, a PEG ratio of 1.44 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 firm has a 50 day simple moving average of $61.26 and a two-hundred day simple moving average of $58.68. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.47 and a quick ratio of 3.43.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, April 30th. The biopharmaceutical company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.31). The firm had revenue of $880.89 million for the quarter, compared to the consensus estimate of $935.85 million. Incyte had a net margin of 19.78% and a return on equity of 12.83%. As a group, equities research analysts predict that Incyte Co. will post 3.66 earnings per share for the current fiscal 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.