Goldman Sachs Group Inc. Trims Stock Position in Incyte Corporation $INCY

Key Points

• Goldman Sachs trimmed its Incyte stake by 0.9% in the fourth quarter, though it still held 1.28 million shares valued at about $126.8 million.
• Incyte reported better-than-expected quarterly results, with EPS of $1.81 versus estimates of $1.38 and revenue of $1.27 billion, up 20.9% year over year.
• The biggest strategic news is Incyte’s agreement to acquire Vega Therapeutics for up to $2 billion, a move aimed at strengthening its hematology pipeline and reducing reliance on Jakafi ahead of patent-expiry concerns.

Goldman Sachs Group Inc. lessened its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 0.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,283,464 shares of the biopharmaceutical company's stock after selling 11,362 shares during the period. Goldman Sachs Group Inc. owned 0.65% of Incyte worth $126,768,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Elyxium Wealth LLC purchased a new stake in shares of Incyte in the fourth quarter valued at about $28,000. Smithfield Trust Co lifted its holdings in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock valued at $28,000 after purchasing an additional 162 shares in the last quarter. MUFG Securities EMEA plc purchased a new stake in shares of Incyte in the second quarter valued at about $32,000. CYBER HORNET ETFs LLC purchased a new stake in shares of Incyte in the second quarter valued at about $33,000. Finally, Leonteq Securities AG purchased a new stake in shares of Incyte in the fourth quarter valued at about $35,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Insider Buying and Selling

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the company's stock in a transaction that occurred on 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 transaction, the insider owned 262,692 shares of the company's stock, valued at approximately $25,349,778. This represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company's stock.

Incyte Stock Performance

NASDAQ:INCY opened at $100.64 on Tuesday. The firm has a 50 day simple moving average of $96.66 and a 200-day simple moving average of $99.03. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The firm has a market cap of $20.11 billion, a PE ratio of 14.21, a P/E/G ratio of 0.99 and a beta of 0.79. Incyte Corporation has a 1-year low of $66.74 and a 1-year high of $112.29.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating analysts' consensus estimates of $1.38 by $0.43. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company's revenue was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.16 earnings per share. On average, equities analysts expect that Incyte Corporation will post 6.65 EPS for the current year.

Key Incyte News

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: Incyte announced a definitive agreement to buy Vega Therapeutics for up to $2 billion, adding a late-stage bleeding-disorder asset to strengthen its hematology pipeline. Article Title
• Positive Sentiment: The deal is part of a broader push to bolster Incyte’s blood-disorder portfolio and diversify growth ahead of looming patent-expiry concerns for its key drug Jakafi. Article Title
• Neutral Sentiment: Multiple reports echoed the transaction and described it as a major biotech M&A move, reinforcing the market’s focus on pipeline expansion rather than operational weakness. Article Title

Analyst Ratings Changes

INCY has been the topic of several recent research reports. Citigroup reaffirmed a "market perform" rating on shares of Incyte in a report on Tuesday, June 2nd. UBS Group reduced their price target on shares of Incyte from $104.00 to $94.00 and set a "neutral" rating on the stock in a report on Wednesday, March 25th. Oppenheimer reissued a "market perform" rating and issued a $107.00 price objective on shares of Incyte in a research report on Monday. Sanford C. Bernstein assumed coverage on shares of Incyte in a research report on Thursday, May 21st. They issued a "market perform" rating and a $99.00 price objective for the company. Finally, Stifel Nicolaus boosted their price objective on shares of Incyte from $120.00 to $123.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Nine investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $104.85.

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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