Invenomic Capital Management LP Has $5.87 Million Position in Incyte Co. (NASDAQ:INCY)

Invenomic Capital Management LP cut its stake in shares of Incyte Co. (NASDAQ:INCY) by 16.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 88,752 shares of the biopharmaceutical company’s stock after selling 17,485 shares during the quarter. Invenomic Capital Management LP’s holdings in Incyte were worth $5,867,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Investment Management Corp of Ontario lifted its stake in shares of Incyte by 4.7% in the 3rd quarter. Investment Management Corp of Ontario now owns 26,880 shares of the biopharmaceutical company’s stock valued at $1,777,000 after purchasing an additional 1,200 shares during the period. Itau Unibanco Holding S.A. lifted its stake in shares of Incyte by 63.4% in the 3rd quarter. Itau Unibanco Holding S.A. now owns 974 shares of the biopharmaceutical company’s stock valued at $64,000 after purchasing an additional 378 shares during the period. Concentric Capital Strategies LP bought a new stake in Incyte in the 3rd quarter valued at about $4,585,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Incyte in the 3rd quarter valued at about $33,000. Finally, Point72 Hong Kong Ltd bought a new stake in Incyte in the 3rd quarter valued at about $195,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research report on Tuesday, November 19th. BMO Capital Markets reissued an “underperform” rating and set a $52.00 price objective (up from $48.00) on shares of Incyte in a report on Wednesday, October 30th. Guggenheim upped their target price on Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a report on Monday, September 16th. JMP Securities reiterated a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. Finally, Oppenheimer upped 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. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $77.16.

Incyte Trading Down 1.7 %

NASDAQ:INCY opened at $72.00 on Tuesday. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $83.95. The firm has a 50 day moving average of $70.94 and a 200 day moving average of $65.34. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $13.87 billion, a price-to-earnings ratio of 523.18, a PEG ratio of 8.60 and a beta of 0.69.

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

Insiders Place Their Bets

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

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.