Bank of Nova Scotia Lowers Stake in Incyte Corporation $INCY

Key Points

• Bank of Nova Scotia cut its Incyte stake by 76.2% in the first quarter, selling 88,027 shares and retaining 27,500 shares valued at approximately $2.6 million. Institutional investors collectively own 96.97% of INCY.
• Incyte reported stronger-than-expected results, with revenue of $1.67 billion, up 37.7% year over year, and EPS of $3.09 versus the $2.20 consensus estimate. Management also raised 2026 sales guidance to $5.13 billion-$5.26 billion, citing growth in Opzelura and its hematology and oncology portfolio.
• INCY shares opened at $129.93, near their 12-month high of $132.60, while analysts maintain a consensus “Hold” rating and an average price target of $112.85. The stock’s advance and limited insider buying remain key investor concerns.

Bank of Nova Scotia lessened its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 76.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 27,500 shares of the biopharmaceutical company's stock after selling 88,027 shares during the period. Bank of Nova Scotia's holdings in Incyte were worth $2,588,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in INCY. Toth Financial Advisory Corp acquired a new stake in shares of Incyte during the fourth quarter worth about $1,213,000. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in shares of Incyte by 11.5% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 210,097 shares of the biopharmaceutical company's stock valued at $20,719,000 after purchasing an additional 21,735 shares in the last quarter. Twin Capital Management Inc. purchased a new stake in Incyte during the 1st quarter worth approximately $875,000. Northwestern Mutual Wealth Management Co. increased its stake in Incyte by 5,218.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company's stock worth $58,950,000 after buying an additional 585,618 shares during the period. Finally, Sector Gamma AS lifted its holdings in Incyte by 6.7% during the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company's stock worth $21,609,000 after buying an additional 13,669 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Price Performance

Shares of INCY opened at $129.93 on Wednesday. The firm has a market capitalization of $25.96 billion, a price-to-earnings ratio of 18.35, a PEG ratio of 1.03 and a beta of 0.76. The firm's fifty day simple moving average is $107.99 and its 200-day simple moving average is $101.86. Incyte Corporation has a twelve month low of $71.00 and a twelve month high of $132.60. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping analysts' consensus estimates of $2.20 by $0.89. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company's revenue was up 37.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.57 earnings per share. Equities analysts forecast that Incyte Corporation will post 6.9 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

INCY has been the subject of several research reports. Weiss Ratings restated a "buy (b-)" rating on shares of Incyte in a research note on Monday, June 29th. Barclays increased their price objective on Incyte from $117.00 to $134.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Citigroup reissued a "market perform" rating on shares of Incyte in a research note on Wednesday, July 15th. BMO Capital Markets upped their price target on Incyte from $94.00 to $112.00 and gave the stock a "market perform" rating in a report on Monday, July 13th. Finally, Sanford C. Bernstein assumed coverage on Incyte in a research report on Thursday, May 21st. They issued a "market perform" rating and a $99.00 price target on the stock. Eight analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $112.85.

Key Incyte News

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: Quarterly results exceeded expectations. Incyte reported $1.67 billion in second-quarter revenue, up 37.7% year over year and above the $1.50 billion consensus estimate. Adjusted EPS of $3.09 also surpassed the $2.20 consensus, while GAAP net income reached $585.6 million. Incyte earnings results
• Positive Sentiment: Management raised full-year 2026 guidance. Total net sales guidance increased to $5.13 billion-$5.26 billion from $4.77 billion-$4.94 billion. The improved outlook reflects stronger expectations for Opzelura and the Hematology and Oncology portfolio. INCY Q2 earnings and guidance
• Positive Sentiment: Product growth broadened beyond Jakafi. Jakafi and Jakafi XR sales rose 7% to $817 million, while Opzelura sales surged 173% to $450 million and Hematology and Oncology sales increased 69% to $222 million. Management said growth from Jakafi, Opzelura, Niktimvo, Monjuvi and Zynyz supports a more diversified commercial business. Incyte is no longer a one-drug story
• Positive Sentiment: A CMS-related Opzelura agreement boosted the outlook. Incyte expects the agreement to contribute approximately $300 million-$310 million to 2026 Opzelura sales, including a $246 million one-time, non-cash benefit recognized in the quarter. The company also expects 10 clinical readouts, including four registrational trials, during the second half of 2026. Incyte raises sales outlook
• Neutral Sentiment: Incyte discontinued an early-stage JAK inhibitor program to focus resources on next-generation pipeline candidates. This may improve strategic focus but removes one development opportunity. Incyte JAK inhibitor decision
• Negative Sentiment: Some risks remain after the rally. A Seeking Alpha contributor downgraded the stock from Buy to Hold following its substantial advance, and the median analyst price target of $105 is below recent trading levels. In addition, reported insider activity showed sales but no purchases over the past six months. Incyte rating downgrade

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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