Cinctive Capital Management LP Makes New Investment in Incyte Co. (NASDAQ:INCY)

Cinctive Capital Management LP bought a new stake in shares of Incyte Co. (NASDAQ:INCY) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 80,450 shares of the biopharmaceutical company’s stock, valued at approximately $5,557,000.

A number of other hedge funds and other institutional investors have also modified their holdings of INCY. Cerity Partners LLC increased its holdings in Incyte by 40.7% during the 3rd quarter. Cerity Partners LLC now owns 19,157 shares of the biopharmaceutical company’s stock worth $1,266,000 after purchasing an additional 5,537 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of Incyte by 4.7% in the third quarter. Public Sector Pension Investment Board now owns 6,622 shares of the biopharmaceutical company’s stock worth $438,000 after buying an additional 300 shares during the last quarter. Verition Fund Management LLC bought a new stake in shares of Incyte in the third quarter worth $2,675,000. Edgestream Partners L.P. acquired a new stake in Incyte in the third quarter valued at $1,481,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Incyte during the 3rd quarter valued at $33,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Incyte

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total value of $41,924.01. Following the completion of the sale, the executive vice president now directly owns 25,848 shares in the company, valued at $1,809,101.52. This represents a 2.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the transaction, the executive vice president now owns 33,567 shares in the company, valued at approximately $2,272,150.23. This trade represents a 37.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,827 shares of company stock worth $3,322,618 in the last 90 days. Corporate insiders own 17.60% of the company’s stock.

Wall Street Analysts Forecast Growth

INCY has been the topic of a number of recent analyst reports. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research note on Friday, January 10th. Morgan Stanley cut their price objective on Incyte from $69.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday, March 24th. StockNews.com lowered Incyte from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. UBS Group assumed coverage on Incyte in a report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price target for the company. Finally, Stifel Nicolaus raised their price objective on Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research note on Monday, February 10th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $74.88.

Incyte Stock Performance

INCY opened at $62.33 on Thursday. Incyte Co. has a twelve month low of $50.35 and a twelve month high of $83.95. The stock has a market cap of $12.06 billion, a PE ratio of 230.86, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. The business’s 50 day moving average is $68.85 and its 200-day moving average is $70.04. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. On average, analysts predict that Incyte Co. will post 4.86 earnings per share 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.