Quantbot Technologies LP Cuts Holdings in Incyte Co. (NASDAQ:INCY)

Quantbot Technologies LP decreased its stake in shares of Incyte Co. (NASDAQ:INCY) by 55.6% during the third quarter, Holdings Channel reports. The firm owned 5,450 shares of the biopharmaceutical company’s stock after selling 6,814 shares during the quarter. Quantbot Technologies LP’s holdings in Incyte were worth $360,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Haverford Trust Co lifted its position in Incyte by 1.8% during the third quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company’s stock valued at $515,000 after purchasing an additional 135 shares in the last quarter. V Square Quantitative Management LLC lifted its stake in Incyte by 4.1% in the 3rd quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock worth $262,000 after purchasing an additional 155 shares in the last quarter. Deseret Mutual Benefit Administrators increased its position in Incyte by 37.1% in the second quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 164 shares during the last quarter. Ballentine Partners LLC raised its position in shares of Incyte by 4.0% during the 2nd quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock valued at $287,000 after buying an additional 182 shares in the last quarter. Finally, Tectonic Advisors LLC raised its position in Incyte by 1.6% during 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 Down 1.7 %

Incyte stock opened at $72.03 on Wednesday. Incyte Co. has a 1-year low of $50.35 and a 1-year high of $83.95. The firm has a market capitalization of $13.88 billion, a price-to-earnings ratio of 514.54, a price-to-earnings-growth ratio of 8.44 and a beta of 0.69. 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 firm’s fifty day moving average price is $71.11 and its two-hundred day moving average price is $65.44.

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

Insider Transactions at Incyte

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on INCY shares. Wolfe Research assumed coverage on shares of Incyte in a research note on Tuesday, October 1st. They set an “outperform” rating and a $84.00 target price for the company. Royal Bank of Canada boosted their price objective on shares of Incyte from $72.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 14th. Guggenheim boosted their price target on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Citigroup lifted their price target on Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Truist Financial reissued a “hold” rating and set a $74.00 target price (down previously from $83.00) on shares of Incyte in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price 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.