Renaissance Technologies LLC Trims Holdings in Incyte Corporation $INCY

Renaissance Technologies LLC trimmed its stake in shares of Incyte Corporation (NASDAQ:INCY) by 8.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,651,532 shares of the biopharmaceutical company’s stock after selling 326,800 shares during the quarter. Incyte accounts for about 0.5% of Renaissance Technologies LLC’s holdings, making the stock its 16th largest position. Renaissance Technologies LLC’s holdings in Incyte were worth $343,682,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Jacobi Capital Management LLC boosted its stake in Incyte by 0.9% in the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after purchasing an additional 99 shares during the period. Oregon Public Employees Retirement Fund increased its position in shares of Incyte by 0.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after buying an additional 100 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Incyte by 7.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock valued at $161,000 after buying an additional 113 shares during the period. Bank of Nova Scotia lifted its holdings in shares of Incyte by 0.7% in the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after buying an additional 124 shares in the last quarter. Finally, Perbak Capital Partners LLP lifted its holdings in shares of Incyte by 2.5% in the third quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock worth $449,000 after buying an additional 129 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on INCY shares. Citigroup reaffirmed a “market perform” rating on shares of Incyte in a research note on Wednesday, July 15th. Morgan Stanley upped their target price on shares of Incyte from $103.00 to $104.00 and gave the stock an “equal weight” rating in a report on Thursday. Royal Bank Of Canada increased their target price on shares of Incyte from $95.00 to $99.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Truist Financial raised their price target on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday. Eight equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. Based on data from MarketBeat.com, Incyte presently has an average rating of “Hold” and a consensus price target of $111.10.

Incyte Stock Performance

Shares of INCY opened at $117.67 on Friday. The company has a market cap of $23.51 billion, a PE ratio of 16.62, a price-to-earnings-growth ratio of 1.05 and a beta of 0.76. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average price of $106.82 and a 200-day moving average price of $101.63. Incyte Corporation has a 12-month low of $69.69 and a 12-month high of $119.60.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.38 by $0.43. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.Incyte’s revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.16 earnings per share. As a group, equities analysts forecast that Incyte Corporation will post 6.63 earnings per share for the current fiscal year.

Incyte Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.