AQR Capital Management LLC Buys 801,090 Shares of Incyte Co. (NASDAQ:INCY)

AQR Capital Management LLC boosted its stake in shares of Incyte Co. (NASDAQ:INCY) by 29.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,502,813 shares of the biopharmaceutical company’s stock after acquiring an additional 801,090 shares during the period. AQR Capital Management LLC’s holdings in Incyte were worth $241,519,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its stake in Incyte by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company’s stock worth $278,346,000 after acquiring an additional 103,910 shares during the period. LSV Asset Management increased its stake in Incyte by 18.6% during the 4th quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company’s stock worth $239,500,000 after acquiring an additional 544,080 shares during the period. Norges Bank bought a new position in shares of Incyte in the 4th quarter valued at $121,890,000. Northern Trust Corp increased its stake in shares of Incyte by 9.7% in the 4th quarter. Northern Trust Corp now owns 1,696,123 shares of the biopharmaceutical company’s stock valued at $117,151,000 after purchasing an additional 150,672 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Incyte by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,643,067 shares of the biopharmaceutical company’s stock valued at $113,487,000 after purchasing an additional 33,847 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Insiders Place Their Bets

In other Incyte news, EVP Barry P. Flannelly sold 19,807 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the transaction, the executive vice president now directly owns 33,567 shares in the company, valued at approximately $2,272,150.23. This trade represents a 37.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sheila A. Denton sold 599 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were 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 approximately $1,809,101.52. This represents a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,475 shares of company stock valued at $2,424,751. Corporate insiders own 17.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. decreased their price target on Incyte from $70.00 to $68.00 and set a “neutral” rating on the stock in a research note on Monday, April 21st. JMP Securities reiterated a “market perform” rating on shares of Incyte in a research note on Tuesday, February 11th. Citigroup cut their price objective on Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a report on Tuesday, February 11th. StockNews.com downgraded Incyte from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. Finally, Morgan Stanley cut their price objective on Incyte from $69.00 to $65.00 and set an “equal weight” rating on the stock in a report on Monday, March 24th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $74.69.

Incyte Stock Performance

Shares of Incyte stock opened at $59.52 on Tuesday. Incyte Co. has a one year low of $50.35 and a one year high of $83.95. The firm has a market capitalization of $11.52 billion, a price-to-earnings ratio of 220.45, a PEG ratio of 0.41 and a beta of 0.89. The business has a 50-day simple moving average of $63.41 and a 200 day simple moving average of $69.00. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.12). Incyte had a net margin of 0.77% and a return on equity of 0.05%. On average, research analysts anticipate that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

About Incyte

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.