TD Asset Management Inc trimmed its position in shares of Incyte Corporation (NASDAQ:INCY – Free Report) by 17.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 142,880 shares of the biopharmaceutical company’s stock after selling 29,828 shares during the period. TD Asset Management Inc’s holdings in Incyte were worth $14,112,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of INCY. Norges Bank purchased a new stake in shares of Incyte during the fourth quarter worth $122,893,000. Caisse de depot et placement du Quebec increased its position in Incyte by 264.5% during the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock worth $127,046,000 after buying an additional 1,087,091 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Incyte by 5,218.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock valued at $58,950,000 after buying an additional 585,618 shares in the last quarter. Man Group plc raised its holdings in Incyte by 52.8% during the second quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company’s stock valued at $109,687,000 after buying an additional 556,243 shares in the last quarter. Finally, Squarepoint Ops LLC raised its holdings in Incyte by 9,739.1% during the second quarter. Squarepoint Ops LLC now owns 558,171 shares of the biopharmaceutical company’s stock valued at $38,011,000 after buying an additional 552,498 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research firms have weighed in on INCY. Oppenheimer restated a “market perform” rating and set a $107.00 target price on shares of Incyte in a report on Monday. Morgan Stanley set a $102.00 target price on Incyte in a report on Wednesday, February 11th. Stifel Nicolaus raised their target price on Incyte from $120.00 to $123.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Citigroup restated a “market perform” rating on shares of Incyte in a report on Tuesday, June 2nd. Finally, Royal Bank Of Canada cut 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. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $104.85.
More Incyte News
Here are the key news stories impacting Incyte this week:
- Positive Sentiment: Incyte announced a definitive agreement to buy Vega Therapeutics for up to $2 billion, adding a late-stage bleeding-disorder asset to strengthen its hematology pipeline. Article Title
- Positive Sentiment: The deal is part of a broader push to bolster Incyte’s blood-disorder portfolio and diversify growth ahead of looming patent-expiry concerns for its key drug Jakafi. Article Title
- Neutral Sentiment: Multiple reports echoed the transaction and described it as a major biotech M&A move, reinforcing the market’s focus on pipeline expansion rather than operational weakness. Article Title
Insider Activity
In other news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the sale, the insider directly owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.
Incyte Trading Down 1.7%
Shares of NASDAQ:INCY opened at $100.64 on Tuesday. The company has a market cap of $20.11 billion, a P/E ratio of 14.21, a P/E/G ratio of 0.99 and a beta of 0.79. The stock’s 50-day moving average is $96.66 and its 200-day moving average is $99.03. Incyte Corporation has a 52-week low of $66.74 and a 52-week high of $112.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68.
Incyte (NASDAQ:INCY – Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.43. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm’s revenue was up 20.9% compared to the same quarter last year. During the same period last year, the business posted $1.16 earnings per share. Equities research analysts predict that Incyte Corporation will post 6.65 earnings per share for the current year.
Incyte Company 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.
Featured Articles
- Five stocks we like better than Incyte
- 3 Stocks With Fresh Catalysts to Watch Before the July 4
- Amprius Insiders Are Selling: Should Investors Be Worried?
- A Weaker Dollar Could Put These 3 Industrial Stocks Back in Focus
- A Market Rotation Toward Quality Will Benefit These 3 ETFs
Want to see what other hedge funds are holding INCY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Incyte Corporation (NASDAQ:INCY – Free Report).
Receive News & Ratings for Incyte Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Incyte and related companies with MarketBeat.com's FREE daily email newsletter.
