Point72 Asset Management L.P. Purchases Shares of 2,369,300 Incyte Co. (NASDAQ:INCY)

Point72 Asset Management L.P. acquired a new position in shares of Incyte Co. (NASDAQ:INCY) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 2,369,300 shares of the biopharmaceutical company’s stock, valued at approximately $156,611,000. Incyte accounts for 0.4% of Point72 Asset Management L.P.’s portfolio, making the stock its 29th biggest position.

A number of other large investors have also made changes to their positions in INCY. Atria Investments Inc acquired a new position in shares of Incyte in the first quarter valued at $1,056,000. Cetera Advisors LLC acquired a new position in shares of Incyte in the 1st quarter valued at $241,000. GAMMA Investing LLC lifted its holdings in shares of Incyte by 38.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,864 shares of the biopharmaceutical company’s stock worth $174,000 after acquiring an additional 791 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in shares of Incyte by 34.4% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,009 shares of the biopharmaceutical company’s stock valued at $61,000 after acquiring an additional 258 shares in the last quarter. Finally, DNB Asset Management AS increased its stake in Incyte by 9.8% in the second quarter. DNB Asset Management AS now owns 33,158 shares of the biopharmaceutical company’s stock valued at $2,010,000 after acquiring an additional 2,973 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

INCY has been the topic of a number of recent research reports. Wolfe Research started coverage on Incyte in a report on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price objective on the stock. Guggenheim upped their price target on Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group lifted their price objective on Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Citigroup upped their target price on shares of Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Incyte presently has a consensus rating of “Hold” and a consensus price target of $77.16.

Incyte Trading Down 1.7 %

Shares of NASDAQ INCY opened at $72.03 on Wednesday. The company’s 50 day simple moving average is $71.11 and its 200 day simple moving average is $65.44. 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 Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The firm has a market capitalization of $13.88 billion, a P/E ratio of 514.54, a P/E/G ratio of 8.44 and a beta of 0.69.

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

Insider Buying and Selling at Incyte

In related news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the transaction, the insider now directly owns 24,825 shares in the company, valued at approximately $1,562,485.50. The trade was a 2.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the sale, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The trade was a 18.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,745 shares of company stock valued at $1,311,687. Corporate insiders own 17.60% of the company’s stock.

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.