Martingale Asset Management L P Cuts Holdings in Incyte Co. (NASDAQ:INCY)

Martingale Asset Management L P lessened its position in shares of Incyte Co. (NASDAQ:INCY) by 5.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,692 shares of the biopharmaceutical company’s stock after selling 205 shares during the quarter. Martingale Asset Management L P’s holdings in Incyte were worth $244,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in INCY. Haverford Trust Co lifted its holdings in shares of Incyte by 1.8% in the 3rd quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company’s stock valued at $515,000 after buying an additional 135 shares during the period. V Square Quantitative Management LLC increased its position in Incyte by 4.1% during the third quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock worth $262,000 after buying an additional 155 shares in the last quarter. Deseret Mutual Benefit Administrators increased its position in Incyte by 37.1% during the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after buying an additional 164 shares in the last quarter. Ballentine Partners LLC grew its position in shares of Incyte by 4.0% in the second quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock valued at $287,000 after purchasing an additional 182 shares during the period. Finally, Tectonic Advisors LLC grew its position in shares of Incyte by 1.6% in the third quarter. Tectonic Advisors LLC now owns 12,390 shares of the biopharmaceutical company’s stock valued at $819,000 after purchasing an additional 190 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of INCY stock opened at $74.62 on Thursday. Incyte Co. has a 12-month low of $50.35 and a 12-month high of $83.95. The firm has a market capitalization of $14.38 billion, a price-to-earnings ratio of 533.00, a price-to-earnings-growth ratio of 8.44 and a beta of 0.69. The business has a 50 day simple moving average of $71.34 and a 200 day simple moving average of $65.51. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter last year, the company earned $0.91 earnings per share. On average, equities research analysts anticipate that Incyte Co. will post 0.4 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Vijay K. Iyengar sold 6,043 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the sale, the executive vice president now owns 30,658 shares in the company, valued at approximately $2,311,000.04. This represents a 16.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas Tray sold 572 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now owns 24,825 shares of the company’s stock, valued at $1,562,485.50. This trade represents a 2.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,745 shares of company stock worth $1,311,687 over the last ninety days. Company insiders own 17.60% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Morgan Stanley lifted their target price on Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. JMP Securities restated a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. William Blair reiterated an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. Truist Financial reiterated a “hold” rating and issued a $74.00 price target (down previously from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. Finally, Citigroup boosted their price target on Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently 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.