AE Wealth Management LLC Purchases New Holdings in Incyte Corporation $INCY

Key Points

• AE Wealth Management LLC purchased a new stake of 26,995 shares of Incyte in the fourth quarter, valued at about $2.666 million.
• Incyte reported quarterly EPS of $1.80 (missing estimates of $1.96) while revenue of $1.51 billion beat expectations and rose 27.8% year-over-year; the stock carries a consensus "Hold" rating with a target price of $104.89.
• Institutional ownership is very high at 96.97%, and insider Pablo J. Cagnoni recently sold 18,667 shares (~$1.76 million), reducing his position by 7.36% while insiders collectively hold 17.80%.

AE Wealth Management LLC purchased a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 26,995 shares of the biopharmaceutical company's stock, valued at approximately $2,666,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Bank of Nova Scotia lifted its stake in Incyte by 0.7% in the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company's stock valued at $1,160,000 after buying an additional 124 shares in the last quarter. Atlantic Edge Private Wealth Management LLC lifted its stake in Incyte by 0.9% in the 3rd quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company's stock valued at $1,235,000 after buying an additional 125 shares in the last quarter. Perbak Capital Partners LLP lifted its stake in Incyte by 2.5% in the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company's stock valued at $449,000 after buying an additional 129 shares in the last quarter. Savvy Advisors Inc. lifted its stake in Incyte by 2.6% in the 4th quarter. Savvy Advisors Inc. now owns 5,339 shares of the biopharmaceutical company's stock valued at $527,000 after buying an additional 133 shares in the last quarter. Finally, Haven Capital Group Inc. lifted its stake in Incyte by 0.8% in the 4th quarter. Haven Capital Group Inc. now owns 17,985 shares of the biopharmaceutical company's stock valued at $1,776,000 after buying an additional 144 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Stifel Nicolaus increased their price objective on shares of Incyte from $119.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, February 11th. Wall Street Zen downgraded shares of Incyte from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 14th. Wells Fargo & Company cut their price objective on shares of Incyte from $107.00 to $101.00 and set an "equal weight" rating for the company in a report on Wednesday, February 11th. Truist Financial set a $103.00 price objective on shares of Incyte in a report on Wednesday, December 24th. Finally, Jefferies Financial Group downgraded shares of Incyte from a "buy" rating to a "hold" rating and cut their price objective for the company from $120.00 to $94.00 in a report on Monday, March 16th. Ten analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $104.89.

Incyte Stock Down 0.9%

Shares of NASDAQ INCY opened at $96.92 on Tuesday. The company has a 50 day simple moving average of $96.45 and a 200-day simple moving average of $98.32. The company has a market capitalization of $19.29 billion, a P/E ratio of 15.12, a P/E/G ratio of 0.78 and a beta of 0.85. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25. Incyte Corporation has a 1 year low of $56.13 and a 1 year high of $112.29.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.96 by ($0.16). The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. Incyte had a return on equity of 26.34% and a net margin of 25.03%.The firm's quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.43 EPS. On average, equities research analysts predict that Incyte Corporation will post 6.55 earnings per share for the current year.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the firm's stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the completion of the sale, the insider owned 234,800 shares in the company, valued at $22,127,552. This trade represents a 7.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 17.80% of the stock is owned by corporate insiders.

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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