GRIMES & Co WEALTH MANAGEMENT LLC Reduces Stock Holdings in Incyte Corporation $INCY

Key Points

• GRIMES & Co WEALTH MANAGEMENT LLC reduced its Incyte stake by 13.4% in Q4, selling 21,791 shares and ending the period with 141,341 shares (about 0.07%) worth $13.96 million.
• Incyte beat expectations on April 28 with Q1 EPS of $1.81 versus $1.38 est. and revenue of $1.27B (up 20.9% YoY), yet the stock was trading down ~2.1% and the company has a market cap of $19.53B and a PE of 13.8.
• Institutional ownership is very high at 96.97% with several large funds adding to positions, while analysts are mixed — consensus rating "Hold" with an average price target of $104.26 — and an insider (Pablo J. Cagnoni) sold 18,667 shares under a Rule 10b5-1 plan.

GRIMES & Co WEALTH MANAGEMENT LLC decreased its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 13.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 141,341 shares of the biopharmaceutical company's stock after selling 21,791 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC owned about 0.07% of Incyte worth $13,960,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. LSV Asset Management boosted its holdings in shares of Incyte by 3.2% in the 3rd quarter. LSV Asset Management now owns 3,986,097 shares of the biopharmaceutical company's stock worth $338,061,000 after purchasing an additional 124,266 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Incyte by 13.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company's stock worth $263,246,000 after purchasing an additional 373,298 shares during the period. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Incyte by 7.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company's stock worth $245,028,000 after purchasing an additional 161,405 shares during the period. Man Group plc boosted its holdings in shares of Incyte by 20.0% in the 3rd quarter. Man Group plc now owns 1,933,547 shares of the biopharmaceutical company's stock worth $163,984,000 after purchasing an additional 322,877 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Incyte by 34.7% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,743,794 shares of the biopharmaceutical company's stock worth $147,891,000 after purchasing an additional 448,911 shares during the period. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Trading Down 2.1%

Shares of NASDAQ INCY opened at $97.77 on Friday. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $95.55 and a two-hundred day simple moving average of $99.15. The firm has a market cap of $19.53 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 0.94 and a beta of 0.79. Incyte Corporation has a twelve month low of $57.77 and a twelve month high of $112.29.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results 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 return on equity of 26.66% and a net margin of 26.71%.Incyte's revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.16 EPS. Analysts expect that Incyte Corporation will post 6.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on INCY. UBS Group dropped their price objective on Incyte from $104.00 to $94.00 and set a "neutral" rating for the company in a report on Wednesday, March 25th. Royal Bank Of Canada dropped their price objective on Incyte from $95.00 to $92.00 and set a "sector perform" rating for the company in a report on Wednesday, February 11th. TD Cowen restated a "buy" rating on shares of Incyte in a report on Tuesday, January 13th. HC Wainwright restated a "buy" rating and set a $135.00 price objective on shares of Incyte in a report on Monday. Finally, Weiss Ratings upgraded Incyte from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, April 1st. Ten investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $104.26.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction on Friday, April 17th. The stock was 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 of the company's stock, valued at $25,349,778. The trade was a 6.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.80% of the stock is currently owned by company insiders.

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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