Freestone Grove Partners LP Takes Position in Incyte Co. (NASDAQ:INCY)

Freestone Grove Partners LP bought a new position in Incyte Co. (NASDAQ:INCY) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,462 shares of the biopharmaceutical company’s stock, valued at approximately $446,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Geode Capital Management LLC increased its holdings in shares of Incyte by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company’s stock valued at $278,346,000 after purchasing an additional 103,910 shares in the last quarter. AQR Capital Management LLC grew its position in Incyte by 29.7% during the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company’s stock valued at $241,519,000 after buying an additional 801,090 shares during the period. LSV Asset Management increased 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 buying an additional 544,080 shares in the last quarter. Norges Bank acquired a new position in shares of Incyte in the fourth quarter worth about $121,890,000. Finally, Northern Trust Corp boosted its stake in shares of Incyte by 9.7% during the 4th quarter. Northern Trust Corp now owns 1,696,123 shares of the biopharmaceutical company’s stock worth $117,151,000 after acquiring an additional 150,672 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Barry P. Flannelly sold 19,807 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $67.69, for a total value of $1,340,735.83. Following the transaction, the executive vice president now owns 33,567 shares of the company’s stock, valued at $2,272,150.23. This represents a 37.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was 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 of the company’s stock, valued at $1,809,101.52. The trade was a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,475 shares of company stock valued at $2,424,751 in the last 90 days. Company insiders own 17.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Citigroup reduced their price target on Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a report on Tuesday, February 11th. JMP Securities reissued a “market perform” rating on shares of Incyte in a research note on Tuesday, February 11th. StockNews.com raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Guggenheim downgraded shares of Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price objective on the stock. in a report on Tuesday, March 18th. Finally, William Blair cut shares of Incyte from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $73.53.

Incyte Stock Performance

Shares of Incyte stock opened at $62.53 on Friday. 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 business’s 50 day moving average price is $62.53 and its 200 day moving average price is $68.87. The company has a market cap of $12.10 billion, a price-to-earnings ratio of 231.60, a PEG ratio of 0.41 and a beta of 0.89. Incyte Co. has a one year low of $52.81 and a one year high of $83.95.

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

Incyte 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.