Princeton Capital Management LLC Cuts Stake in Incyte Co. (NASDAQ:INCY)

Princeton Capital Management LLC lowered its stake in shares of Incyte Co. (NASDAQ:INCY) by 43.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,098 shares of the biopharmaceutical company’s stock after selling 3,212 shares during the period. Princeton Capital Management LLC’s holdings in Incyte were worth $271,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Pacer Advisors Inc. grew its stake in Incyte by 17,460.4% during the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock valued at $163,200,000 after acquiring an additional 2,676,851 shares in the last quarter. Mizuho Securities USA LLC boosted its holdings in shares of Incyte by 13,814.7% during the 3rd quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock valued at $132,207,000 after purchasing an additional 1,985,726 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Incyte by 70.5% during the second quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after purchasing an additional 1,101,041 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Incyte by 28.0% in the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock worth $215,833,000 after purchasing an additional 779,243 shares during the last quarter. Finally, Swedbank AB purchased a new stake in shares of Incyte in the first quarter worth about $37,440,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

INCY stock opened at $76.97 on Tuesday. The firm has a market cap of $14.83 billion, a price-to-earnings ratio of 549.82, a PEG ratio of 8.75 and a beta of 0.71. Incyte Co. has a twelve month low of $50.35 and a twelve month high of $83.95. 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 business’s fifty day simple moving average is $69.28 and its two-hundred day simple moving average is $64.07.

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

Insider Transactions at Incyte

In related news, EVP Barry P. Flannelly sold 3,680 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total value of $293,222.40. Following the completion of the sale, the executive vice president now directly owns 58,042 shares of the company’s stock, 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, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 18.84 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,702 shares of company stock valued at $856,166. 17.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

INCY has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft raised their price target on Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a report on Thursday, August 1st. StockNews.com raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a report on Thursday, October 31st. Wolfe Research assumed coverage on shares of Incyte in a research note on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price target on the stock. Truist Financial reissued a “hold” rating and issued a $74.00 price objective (down from $83.00) on shares of Incyte in a research note on Wednesday, September 18th. Finally, Guggenheim upped their target price on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $77.16.

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.