GC Wealth Management RIA LLC Takes Position in Incyte Corporation $INCY

Key Points

• GC Wealth Management RIA LLC opened a new stake in Incyte, buying 16,489 shares (~$1.63M) in the fourth quarter while other institutions — including Goldman Sachs (now 814,559 shares) — continued adding exposure; about 96.97% of INCY is owned by hedge funds and other institutional investors.
• Insider Pablo J. Cagnoni sold 18,667 shares at $96.50 under a pre-arranged 10b5-1 plan, reducing his holding by 6.63%, and corporate insiders collectively own 17.8% of the stock.
• Incyte recently beat estimates with $1.81 EPS vs. $1.34 expected and $1.27B in revenue (+20.9% year-over-year); the stock trades near $99 with a market cap of ~$19.7B and carries a consensus "Hold" rating (average target $104.26) from analysts.

GC Wealth Management RIA LLC purchased a new position in Incyte Corporation (NASDAQ:INCY - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 16,489 shares of the biopharmaceutical company's stock, valued at approximately $1,629,000.

Several other hedge funds and other institutional investors have also modified their holdings of INCY. NewEdge Advisors LLC raised its stake in shares of Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company's stock worth $763,000 after purchasing an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of Incyte by 15.1% in the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company's stock valued at $299,000 after buying an additional 648 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Incyte by 6.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company's stock valued at $49,322,000 after buying an additional 48,751 shares in the last quarter. United Services Automobile Association acquired a new position in Incyte in the first quarter worth approximately $219,000. Finally, Focus Partners Wealth increased its holdings in Incyte by 74.1% in the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company's stock worth $1,273,000 after buying an additional 8,951 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the company'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 completion of the sale, the insider directly owned 262,692 shares in the company, valued at $25,349,778. This represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.80% of the stock is currently owned by corporate insiders.

Incyte Trading Up 1.4%

Shares of INCY stock opened at $99.10 on Thursday. Incyte Corporation has a 12 month low of $57.77 and a 12 month high of $112.29. The company has a market cap of $19.72 billion, a PE ratio of 15.46, a price-to-earnings-growth ratio of 0.77 and a beta of 0.85. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The business's 50 day moving average is $95.84 and its two-hundred day moving average is $98.76.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping analysts' consensus estimates of $1.34 by $0.47. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The business had revenue of $1.27 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same period in the previous year, the company earned $1.16 earnings per share. Incyte's revenue for the quarter was up 20.9% on a year-over-year basis. Equities analysts predict that Incyte Corporation will post 6.46 EPS for the current year.

Analyst Upgrades and Downgrades

INCY has been the subject of several recent research reports. Jefferies Financial Group downgraded shares of Incyte from a "buy" rating to a "hold" rating and decreased their target price for the stock from $120.00 to $94.00 in a research report on Monday, March 16th. Oppenheimer raised their price target on shares of Incyte from $84.00 to $90.00 and gave the company a "market perform" rating in a report on Wednesday. UBS Group reduced their price objective on shares of Incyte from $104.00 to $94.00 and set a "neutral" rating for the company in a research note on Wednesday, March 25th. Weiss Ratings upgraded shares of Incyte from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, April 1st. Finally, Stifel Nicolaus increased their target price on shares of Incyte from $120.00 to $123.00 and gave the stock a "buy" rating in a research report on Wednesday. Ten investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Incyte currently has an average rating of "Hold" and an average price target of $104.26.

About Incyte

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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