PDT Partners LLC Sells 1,400 Shares of Incyte Co. (NASDAQ:INCY)

PDT Partners LLC lowered its holdings in Incyte Co. (NASDAQ:INCY) by 29.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 3,334 shares of the biopharmaceutical company’s stock after selling 1,400 shares during the period. PDT Partners LLC’s holdings in Incyte were worth $230,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CWA Asset Management Group LLC acquired a new position in shares of Incyte in the 4th quarter worth approximately $1,933,000. Wells Fargo & Company MN raised its stake in Incyte by 61.3% during the fourth quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company’s stock worth $12,031,000 after acquiring an additional 66,220 shares in the last quarter. Pallas Capital Advisors LLC bought a new position in shares of Incyte during the fourth quarter valued at $1,006,000. JPMorgan Chase & Co. boosted its stake in shares of Incyte by 13.5% in the 4th quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company’s stock valued at $22,354,000 after purchasing an additional 38,550 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of Incyte by 262.2% in the 4th quarter. SG Americas Securities LLC now owns 99,407 shares of the biopharmaceutical company’s stock worth $6,866,000 after purchasing an additional 71,963 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Insiders Place Their Bets

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total value of $41,924.01. Following the sale, the executive vice president now directly owns 25,848 shares in the company, valued at approximately $1,809,101.52. This trade represents a 2.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 19,807 shares of the business’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the completion of the transaction, the executive vice president now directly owns 33,567 shares of the company’s stock, valued at $2,272,150.23. This trade represents a 37.11 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,475 shares of company stock worth $2,424,751. Insiders own 17.60% of the company’s stock.

Incyte Trading Up 0.8 %

Shares of NASDAQ INCY opened at $62.53 on Friday. Incyte Co. has a fifty-two week low of $52.73 and a fifty-two week high of $83.95. The firm has a market capitalization of $12.10 billion, a P/E ratio of 231.60, a P/E/G ratio of 0.41 and a beta of 0.89. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94. The company’s 50 day simple moving average is $62.53 and its 200 day simple moving average is $68.85.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.15. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. Incyte had a return on equity of 0.05% and a net margin of 0.77%. The firm’s revenue was up 19.5% on a year-over-year basis. During the same period last year, the company earned $0.64 EPS. On average, analysts predict that Incyte Co. will post 4.86 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on INCY shares. Royal Bank of Canada boosted their price target on shares of Incyte from $64.00 to $67.00 and gave the company a “sector perform” rating in a research report on Wednesday. StockNews.com upgraded Incyte from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Guggenheim downgraded Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price objective for the company. in a research report on Tuesday, March 18th. Wells Fargo & Company increased their target price on Incyte from $58.00 to $59.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Stifel Nicolaus lifted their price target on Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a report on Monday, February 10th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $73.53.

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.