Point72 Hong Kong Ltd Takes $195,000 Position in Incyte Co. (NASDAQ:INCY)

Point72 Hong Kong Ltd acquired a new position in shares of Incyte Co. (NASDAQ:INCY) in the third quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,946 shares of the biopharmaceutical company’s stock, valued at approximately $195,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Acadian Asset Management LLC raised its position in Incyte by 28.0% in the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after purchasing an additional 779,243 shares during the period. LSV Asset Management increased its stake in Incyte by 0.5% during the second quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock worth $167,911,000 after purchasing an additional 15,115 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Incyte by 17,460.4% in the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after purchasing an additional 2,676,851 shares during the period. AQR Capital Management LLC grew its holdings in shares of Incyte by 70.5% in the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after purchasing an additional 1,101,041 shares in the last quarter. Finally, Mizuho Securities USA LLC increased its stake in Incyte by 13,814.7% during the 3rd quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock worth $132,207,000 after buying an additional 1,985,726 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Thomas Tray sold 572 shares of the firm’s 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 completion of the sale, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. This trade represents a 2.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 3,680 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the transaction, the executive vice president now owns 58,042 shares in the company, valued at approximately $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,702 shares of company stock valued at $856,166 over the last quarter. 17.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on INCY shares. Citigroup raised their price target on shares of Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Oppenheimer lifted their price objective on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Morgan Stanley upped their target price on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. StockNews.com upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 28th. Finally, Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and increased their price objective for the company from $68.00 to $90.00 in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $77.16.

Incyte Price Performance

INCY stock opened at $73.24 on Tuesday. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $14.11 billion, a P/E ratio of 523.18, a PEG ratio of 8.60 and a beta of 0.71. The business has a 50 day simple moving average of $70.94 and a 200-day simple moving average of $65.34. Incyte Co. has a twelve month low of $50.35 and a twelve month high of $83.95.

Incyte (NASDAQ:INCY) last issued its quarterly 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 business had revenue of $1.14 billion for 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 firm’s revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 EPS. As a group, equities analysts anticipate that Incyte Co. will post 0.4 EPS for the current year.

Incyte 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.