Assetmark Inc. Raises Holdings in Incyte Corporation $INCY

Key Points

• Assetmark Inc. increased its Incyte stake by 913.3% in Q4, adding 17,307 shares to hold 19,202 shares worth $1.897 million, and institutional investors now own 96.97% of the company.
• Incyte reported Q4 EPS of $1.80, missing estimates of $1.96, while revenue of $1.51 billion beat expectations and rose 27.8% year‑over‑year.
• Analysts are split with a consensus rating of "Hold" and an average price target of $104.89 versus a recent share price near $96.92, and insider Pablo J. Cagnoni sold 18,667 shares in March.

Assetmark Inc. lifted its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 913.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,202 shares of the biopharmaceutical company's stock after buying an additional 17,307 shares during the quarter. Assetmark Inc.'s holdings in Incyte were worth $1,897,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Transcend Capital Advisors LLC increased its position in Incyte by 2.7% during the 4th quarter. Transcend Capital Advisors LLC now owns 8,254 shares of the biopharmaceutical company's stock valued at $815,000 after purchasing an additional 216 shares during the period. Burney Co. lifted its position in shares of Incyte by 33.2% in the 4th quarter. Burney Co. now owns 29,568 shares of the biopharmaceutical company's stock worth $2,920,000 after purchasing an additional 7,368 shares during the period. Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Incyte in the 4th quarter worth approximately $6,723,000. Robeco Institutional Asset Management B.V. boosted its stake in shares of Incyte by 7.0% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company's stock valued at $245,028,000 after purchasing an additional 161,405 shares in the last quarter. Finally, Family Investment Center Inc. boosted its stake in shares of Incyte by 13.1% during the fourth quarter. Family Investment Center Inc. now owns 3,079 shares of the biopharmaceutical company's stock valued at $304,000 after purchasing an additional 356 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Stock Down 0.9%

Shares of INCY stock opened at $96.92 on Tuesday. The stock's fifty day moving average price is $96.45 and its 200 day moving average price is $98.32. Incyte Corporation has a 1-year low of $56.13 and a 1-year high of $112.29. The company has a market cap of $19.29 billion, a price-to-earnings ratio of 15.12, a price-to-earnings-growth 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 (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 EPS for the quarter, missing analysts' consensus estimates of $1.96 by ($0.16). The business had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The company's quarterly revenue was up 27.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.43 earnings per share. On average, research analysts expect that Incyte Corporation will post 6.55 earnings per share for the current fiscal year.

Insider Activity

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

Analysts Set New Price Targets

A number of equities analysts recently commented on INCY shares. HC Wainwright reissued a "buy" rating and issued a $135.00 price objective on shares of Incyte in a research note on Wednesday, April 15th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $90.00 target price on shares of Incyte in a research report on Thursday, January 8th. TD Cowen reiterated a "buy" rating on shares of Incyte in a report on Tuesday, January 13th. Stifel Nicolaus boosted their price target on Incyte from $119.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, February 11th. Finally, Barclays restated an "overweight" rating on shares of Incyte in a research note on Tuesday, March 24th. Ten analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Incyte currently has a consensus rating of "Hold" and an average target price of $104.89.

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.

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