Incyte Co. (INCY) Stake Lessened by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its position in shares of Incyte Co. (NASDAQ:INCY) by 33.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 614,500 shares of the biopharmaceutical company’s stock after selling 306,100 shares during the quarter. Renaissance Technologies LLC owned 0.29% of Incyte worth $41,172,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in INCY. Victory Capital Management Inc. raised its holdings in shares of Incyte by 41.7% during the first quarter. Victory Capital Management Inc. now owns 126,700 shares of the biopharmaceutical company’s stock valued at $10,558,000 after acquiring an additional 37,314 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in shares of Incyte by 2.7% during the first quarter. Schwab Charles Investment Management Inc. now owns 595,760 shares of the biopharmaceutical company’s stock valued at $49,645,000 after acquiring an additional 15,493 shares during the period. ING Groep NV raised its holdings in shares of Incyte by 83.0% during the first quarter. ING Groep NV now owns 3,964 shares of the biopharmaceutical company’s stock valued at $330,000 after acquiring an additional 1,798 shares during the period. Aperio Group LLC raised its holdings in shares of Incyte by 4.1% during the first quarter. Aperio Group LLC now owns 61,161 shares of the biopharmaceutical company’s stock valued at $5,097,000 after acquiring an additional 2,389 shares during the period. Finally, Neuberger Berman Group LLC raised its holdings in shares of Incyte by 4,718.8% during the first quarter. Neuberger Berman Group LLC now owns 128,325 shares of the biopharmaceutical company’s stock valued at $10,693,000 after acquiring an additional 125,662 shares during the period. Institutional investors and hedge funds own 91.52% of the company’s stock.

INCY stock opened at $68.09 on Friday. The company has a quick ratio of 4.32, a current ratio of 4.34 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $14.14 billion, a price-to-earnings ratio of 475.07 and a beta of 1.14. Incyte Co. has a 12 month low of $60.22 and a 12 month high of $120.98.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, July 31st. The biopharmaceutical company reported $0.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.22. The company had revenue of $521.50 million during the quarter, compared to the consensus estimate of $510.70 million. Incyte had a negative net margin of 5.92% and a positive return on equity of 1.74%. The company’s revenue for the quarter was up 59.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) earnings per share. equities research analysts predict that Incyte Co. will post 0.43 EPS for the current fiscal year.

INCY has been the topic of a number of recent analyst reports. Royal Bank of Canada upgraded shares of Incyte from a “sector perform” rating to an “outperform” rating and set a $74.00 price target on the stock in a report on Wednesday, August 15th. They noted that the move was a valuation call. JPMorgan Chase & Co. restated a “buy” rating and set a $88.00 price target on shares of Incyte in a report on Wednesday, August 1st. JMP Securities lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 1st. Evercore ISI upgraded shares of Incyte from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $60.23 to $140.11 in a research note on Monday, June 11th. Finally, Oppenheimer set a $65.00 price objective on shares of Incyte and gave the company a “hold” rating in a research note on Friday, June 1st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $100.51.

In other Incyte news, EVP Vijay K. Iyengar sold 606 shares of the business’s stock in a transaction that occurred on Monday, July 9th. The shares were sold at an average price of $71.34, for a total value of $43,232.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Paula J. Swain sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $73.21, for a total transaction of $732,100.00. The disclosure for this sale can be found here. Insiders sold 20,606 shares of company stock valued at $1,475,332 over the last three months. Insiders own 17.20% of the company’s stock.

About Incyte

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States. It offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and ICLUSIG, a kinase inhibitor for the treatment of chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

See Also: Outstanding Shares

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Institutional Ownership by Quarter for Incyte (NASDAQ:INCY)

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