Candriam S.C.A. Reduces Stock Position in Incyte Corporation $INCY

Key Points

• Candriam S.C.A. cut its Incyte stake by 25.7% in the first quarter, selling 118,028 shares and leaving it with 342,042 shares valued at about $32.2 million.
• Incyte reported stronger-than-expected quarterly results, posting EPS of $1.81 versus estimates of $1.38 and revenue of $1.27 billion, up 20.9% year over year.
• Wall Street remains cautious on INCY, with a consensus “Hold” rating and an average price target of $108.20, even as the stock recently traded near its 52-week high.

Candriam S.C.A. lessened its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 25.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 342,042 shares of the biopharmaceutical company's stock after selling 118,028 shares during the period. Candriam S.C.A. owned about 0.17% of Incyte worth $32,193,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in INCY. Sequoia Financial Advisors LLC raised its stake in shares of Incyte by 21.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 16,377 shares of the biopharmaceutical company's stock valued at $1,541,000 after purchasing an additional 2,922 shares in the last quarter. Hsbc Holdings PLC raised its stake in Incyte by 100.6% during the first quarter. Hsbc Holdings PLC now owns 582,368 shares of the biopharmaceutical company's stock valued at $54,781,000 after buying an additional 292,113 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in Incyte by 1.6% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 19,170 shares of the biopharmaceutical company's stock worth $1,804,000 after buying an additional 300 shares during the last quarter. Meitav Investment House Ltd. lifted its holdings in Incyte by 30.8% during the 1st quarter. Meitav Investment House Ltd. now owns 8,500 shares of the biopharmaceutical company's stock worth $800,000 after buying an additional 2,000 shares during the last quarter. Finally, Burney Co. grew its position in shares of Incyte by 247.8% in the 1st quarter. Burney Co. now owns 102,842 shares of the biopharmaceutical company's stock worth $9,679,000 after acquiring an additional 73,274 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Stock Performance

Shares of NASDAQ INCY traded down $1.81 during midday trading on Friday, hitting $116.71. 1,643,724 shares of the company's stock were exchanged, compared to its average volume of 1,849,309. Incyte Corporation has a twelve month low of $67.17 and a twelve month high of $118.97. The firm has a market cap of $23.32 billion, a P/E ratio of 16.48, a PEG ratio of 1.07 and a beta of 0.76. The stock's 50 day moving average price is $103.20 and its 200-day moving average price is $100.50. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.38 by $0.43. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm's quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.16 EPS. Equities research analysts anticipate that Incyte Corporation will post 6.61 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on INCY shares. Stifel Nicolaus set a $123.00 price objective on Incyte in a research note on Tuesday, June 9th. Oppenheimer restated a "market perform" rating and issued a $107.00 price target on shares of Incyte in a research report on Monday, June 8th. BMO Capital Markets raised shares of Incyte from an "underperform" rating to a "market perform" rating and lifted their price target for the company from $75.00 to $94.00 in a report on Monday, June 22nd. Truist Financial increased their price objective on shares of Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a research note on Monday, June 22nd. Finally, Citigroup reissued a "market perform" rating on shares of Incyte in a report on Tuesday, June 2nd. Eight research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $108.20.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the firm's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the transaction, the insider owned 262,692 shares of the company's stock, valued at approximately $25,349,778. This trade represents a 6.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

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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