Horizon Investments LLC Sells 83,430 Shares of Incyte Corporation $INCY

Key Points

• Horizon Investments cut its stake in Incyte by 75.7%, selling 83,430 shares in the quarter and retaining 26,722 shares worth $2.639 million per its latest 13F filing.
• Insider Pablo J. Cagnoni sold 18,667 shares at an average price of $96.50 under a Rule 10b5-1 plan, a 6.63% reduction that left him with 262,692 shares valued at roughly $25.35 million.
• Incyte recently beat quarterly expectations with $1.81 EPS (vs. $1.38 est.) and $1.27B revenue (vs. $1.22B), while analysts maintain a consensus "Hold" rating and a $104.26 price target.

Horizon Investments LLC lowered its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 75.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,722 shares of the biopharmaceutical company's stock after selling 83,430 shares during the period. Horizon Investments LLC's holdings in Incyte were worth $2,639,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. LSV Asset Management lifted its stake in 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 in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Incyte by 13.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company's stock worth $263,246,000 after buying an additional 373,298 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in Incyte by 7.0% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company's stock valued at $245,028,000 after buying an additional 161,405 shares during the last quarter. Man Group plc grew its holdings in Incyte by 20.0% during the 3rd quarter. Man Group plc now owns 1,933,547 shares of the biopharmaceutical company's stock valued at $163,984,000 after buying an additional 322,877 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in 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 acquiring an additional 448,911 shares during the last quarter. Institutional investors own 96.97% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on INCY shares. Weiss Ratings raised shares of Incyte from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, April 1st. Oppenheimer boosted their target price on shares of Incyte from $84.00 to $90.00 and gave the stock a "market perform" rating in a report on Wednesday, April 29th. Royal Bank Of Canada decreased their target price on shares of Incyte from $95.00 to $92.00 and set a "sector perform" rating on the stock in a research report on Wednesday, February 11th. Jefferies Financial Group lowered Incyte from a "buy" rating to a "hold" rating and dropped their price target for the stock from $120.00 to $94.00 in a research report on Monday, March 16th. Finally, Morgan Stanley set a $102.00 price objective on Incyte in a research report on Wednesday, February 11th. 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 stock. According to data from MarketBeat.com, Incyte currently has a consensus rating of "Hold" and a consensus price target of $104.26.

Insider Buying and Selling

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

Incyte Stock Up 0.2%

NASDAQ INCY opened at $97.14 on Tuesday. 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 company has a fifty day moving average of $95.71 and a two-hundred day moving average of $98.92. The firm has a market capitalization of $19.41 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 0.91 and a beta of 0.79. Incyte Corporation has a 52 week low of $57.77 and a 52 week 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 EPS for the quarter, topping the consensus estimate 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 net margin of 26.71% and a return on equity of 26.66%. Incyte's quarterly revenue was up 20.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.16 earnings per share. On average, analysts predict that Incyte Corporation will post 6.73 earnings per share for the current year.

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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