Beacon Harbor Wealth Advisors Inc. Takes Position in Incyte Corporation $INCY

Key Points

• Beacon Harbor Wealth Advisors acquired a new stake of 68,069 shares of Incyte valued at about $6.72 million, representing roughly 1.5% of the firm's holdings and making INCY its 28th largest position.
• Institutional buying has been strong — multiple large funds (AQR, Pacer, Caisse, Man Group, Squarepoint) materially increased positions and institutional ownership stands at about 96.97%; however, insider Pablo J. Cagnoni sold 18,667 shares, a 7.36% reduction in his holding, and insiders still own 17.8% of the stock.
• Analyst views are mixed (ten Buy, ten Hold, one Sell) with an average rating of Hold and a $104.89 average price target; Incyte recently missed quarterly EPS ($1.80 vs. $1.96) but beat on revenue ($1.51B, +27.8% YoY) and analysts expect ~4.86 EPS for the fiscal year.

Beacon Harbor Wealth Advisors Inc. acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 68,069 shares of the biopharmaceutical company's stock, valued at approximately $6,723,000. Incyte makes up about 1.5% of Beacon Harbor Wealth Advisors Inc.'s holdings, making the stock its 28th largest position.

A number of other large investors have also recently made changes to their positions in INCY. AQR Capital Management LLC lifted its position in shares of Incyte by 21.8% during the 2nd quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company's stock valued at $558,519,000 after buying an additional 1,465,286 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Incyte by 8,091.6% during the 3rd quarter. Pacer Advisors Inc. now owns 1,248,642 shares of the biopharmaceutical company's stock valued at $105,897,000 after buying an additional 1,233,399 shares in the last quarter. Caisse de depot et placement du Quebec lifted its position in shares of Incyte by 264.5% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company's stock valued at $127,046,000 after buying an additional 1,087,091 shares in the last quarter. Man Group plc lifted its position in shares of Incyte by 52.8% during the 2nd 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 lifted its position in shares of Incyte by 9,739.1% during the 2nd 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 owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. UBS Group lowered their price objective on Incyte from $104.00 to $94.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 25th. Piper Sandler lifted their price objective on Incyte from $102.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, February 6th. HC Wainwright reaffirmed a "buy" rating and set a $135.00 price objective on shares of Incyte in a research report on Wednesday, March 25th. The Goldman Sachs Group reissued a "neutral" rating and set a $90.00 target price on shares of Incyte in a research note on Thursday, January 8th. Finally, Barclays reissued an "overweight" rating on shares of Incyte in a research note on Tuesday, March 24th. Ten equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Incyte currently has an average rating of "Hold" and an average price target of $104.89.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the sale, the insider owned 234,800 shares of the company's stock, valued at approximately $22,127,552. This trade represents a 7.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 17.80% of the company's stock.

Incyte Stock Down 0.9%

Shares of INCY opened at $96.07 on Friday. The business's 50 day moving average is $97.37 and its 200 day moving average is $97.70. The company has a market capitalization of $19.12 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 0.76 and a beta of 0.85. Incyte Corporation has a 12-month low of $55.11 and a 12-month high of $112.29. The company has a current ratio of 3.32, a quick ratio of 3.25 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.96 by ($0.16). The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The firm's revenue for the quarter was up 27.8% compared to the same quarter last year. During the same period last year, the business posted $1.43 EPS. Research analysts expect that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

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.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.