Freestone Grove Partners LP Takes $446,000 Position in Incyte Co. (NASDAQ:INCY)

Freestone Grove Partners LP bought a new position in shares of Incyte Co. (NASDAQ:INCY) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 6,462 shares of the biopharmaceutical company’s stock, valued at approximately $446,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Incyte in the fourth quarter valued at approximately $121,890,000. AQR Capital Management LLC grew its stake in shares of Incyte by 29.7% in the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company’s stock worth $241,519,000 after acquiring an additional 801,090 shares in the last quarter. Sound Shore Management Inc. CT increased its position in shares of Incyte by 98.4% during the fourth quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company’s stock worth $82,959,000 after acquiring an additional 595,741 shares during the period. Pictet Asset Management Holding SA raised its stake in shares of Incyte by 73.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company’s stock valued at $90,749,000 after acquiring an additional 556,218 shares in the last quarter. Finally, LSV Asset Management boosted its holdings in Incyte by 18.6% in the fourth quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company’s stock valued at $239,500,000 after purchasing an additional 544,080 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Trading Up 0.8 %

NASDAQ INCY opened at $62.53 on Friday. The firm’s fifty day moving average is $62.53 and its two-hundred day moving average is $68.87. Incyte Co. has a one year low of $52.81 and a one year high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. The firm has a market cap of $12.10 billion, a PE ratio of 231.60, a P/E/G ratio of 0.41 and a beta of 0.89.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Wells Fargo & Company upped their price target on Incyte from $58.00 to $59.00 and gave the stock an “equal weight” rating in a report on Wednesday. Truist Financial lowered their price target on shares of Incyte from $74.00 to $72.00 and set a “hold” rating for the company in a report on Tuesday, March 18th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research report on Friday, January 10th. Morgan Stanley dropped their target price on Incyte from $69.00 to $65.00 and set an “equal weight” rating on the stock in a report on Monday, March 24th. Finally, Stifel Nicolaus lifted their price target on Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $73.53.

Insider Transactions at Incyte

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the transaction, the executive vice president now owns 25,848 shares in the company, valued at approximately $1,809,101.52. This represents a 2.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction dated 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 sale, the executive vice president now directly owns 33,567 shares in the company, valued at approximately $2,272,150.23. The trade was a 37.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,475 shares of company stock worth $2,424,751 over the last 90 days. 17.60% of the stock is currently owned by insiders.

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.