Pacer Advisors Inc. Grows Position in Incyte Corporation $INCY

Pacer Advisors Inc. grew its position in shares of Incyte Corporation (NASDAQ:INCY) by 8,091.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,248,642 shares of the biopharmaceutical company’s stock after acquiring an additional 1,233,399 shares during the quarter. Pacer Advisors Inc. owned 0.64% of Incyte worth $105,897,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Incyte by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 20,135,393 shares of the biopharmaceutical company’s stock worth $1,371,220,000 after purchasing an additional 137,570 shares during the period. AQR Capital Management LLC lifted its holdings in Incyte by 21.8% during the second quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock valued at $558,519,000 after purchasing an additional 1,465,286 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Incyte by 3.3% during the 2nd quarter. Geode Capital Management LLC now owns 4,347,731 shares of the biopharmaceutical company’s stock valued at $294,899,000 after buying an additional 139,740 shares in the last quarter. LSV Asset Management lifted its position in shares of Incyte by 6.2% during the second quarter. LSV Asset Management now owns 3,861,831 shares of the biopharmaceutical company’s stock worth $262,991,000 after acquiring an additional 223,857 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Incyte by 7.3% in the second quarter. Invesco Ltd. now owns 3,401,018 shares of the biopharmaceutical company’s stock worth $231,609,000 after acquiring an additional 232,268 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insider Activity

In other Incyte news, EVP Steven H. Stein sold 20,105 shares of the business’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total transaction of $2,060,963.55. Following the transaction, the executive vice president directly owned 63,129 shares of the company’s stock, valued at approximately $6,471,353.79. The trade was a 24.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sheila A. Denton sold 598 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total transaction of $60,613.28. Following the completion of the transaction, the executive vice president owned 26,569 shares of the company’s stock, valued at $2,693,033.84. This trade represents a 2.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 88,318 shares of company stock valued at $8,708,893. 17.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on INCY. Guggenheim raised Incyte from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a report on Monday, November 3rd. Truist Financial set a $103.00 target price on Incyte in a research note on Wednesday. Barclays lifted their price target on Incyte from $101.00 to $115.00 and gave the stock an “overweight” rating in a research note on Monday, November 24th. Zacks Research lowered Incyte from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Finally, Royal Bank Of Canada upped their price target on shares of Incyte from $81.00 to $84.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 29th. Eight investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Incyte has an average rating of “Hold” and a consensus price target of $99.79.

Incyte Stock Performance

Incyte stock opened at $100.27 on Friday. The company has a current ratio of 3.20, a quick ratio of 3.13 and a debt-to-equity ratio of 0.01. The firm has a market cap of $19.68 billion, a P/E ratio of 16.79, a P/E/G ratio of 0.69 and a beta of 0.81. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $109.28. The firm has a 50-day moving average of $99.33 and a 200-day moving average of $85.52.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.61. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the company posted $1.07 EPS. Incyte’s quarterly revenue was up 20.0% compared to the same quarter last year. Sell-side analysts expect that Incyte Corporation will post 4.86 EPS for the current year.

About Incyte

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.