Northwestern Mutual Wealth Management Co. lifted its holdings in Incyte Corporation (NASDAQ:INCY – Free Report) by 5,218.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 596,840 shares of the biopharmaceutical company’s stock after purchasing an additional 585,618 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Incyte were worth $58,950,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Root Financial Partners LLC acquired a new stake in Incyte in the third quarter worth approximately $28,000. Quent Capital LLC acquired a new position in shares of Incyte during the 3rd quarter valued at $30,000. MUFG Securities EMEA plc bought a new stake in shares of Incyte in the 2nd quarter worth $32,000. CYBER HORNET ETFs LLC bought a new stake in shares of Incyte in the 2nd quarter worth $33,000. Finally, Atlantic Union Bankshares Corp acquired a new stake in shares of Incyte in the third quarter valued at $42,000. Institutional investors and hedge funds own 96.97% of the company’s stock.
Insider Transactions at Incyte
In related news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the sale, the insider directly owned 262,692 shares in the company, valued at approximately $25,349,778. This represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.
Incyte Price Performance
Incyte (NASDAQ:INCY – Get Free Report) last posted its quarterly earnings results 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 business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same period last year, the company posted $1.16 earnings per share. On average, sell-side analysts forecast that Incyte Corporation will post 6.74 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research analysts recently issued reports on INCY shares. Royal Bank Of Canada lowered their target price on Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 11th. Jefferies Financial Group lowered shares of Incyte from a “buy” rating to a “hold” rating and reduced their price objective for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Wells Fargo & Company lowered their price objective on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 11th. Piper Sandler boosted their target price on shares of Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Finally, Wall Street Zen lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Ten analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $104.26.
Get Our Latest Analysis on Incyte
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.
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