Incyte Corporation $INCY Holdings Lowered by Massachusetts Financial Services Co. MA

Key Points

• Massachusetts Financial Services Co. MA trimmed its stake in Incyte by 13.3%, selling 51,491 shares and cutting its holding to 336,114 shares worth about $33.2 million.
• Incyte reported quarterly EPS of $1.80, missing estimates of $1.96, while revenue beat at $1.51 billion, up 27.8% year-over-year.
• Institutional investors own roughly 96.97% of the stock (insiders 17.8%), and analyst coverage is mixed with a consensus "Hold" and an average price target of $104.89 (10 Buy, 10 Hold, 1 Sell).

Massachusetts Financial Services Co. MA trimmed its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 13.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 336,114 shares of the biopharmaceutical company's stock after selling 51,491 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.17% of Incyte worth $33,198,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. LSV Asset Management raised its position in shares of Incyte by 3.2% during the 3rd quarter. LSV Asset Management now owns 3,986,097 shares of the biopharmaceutical company's stock worth $338,061,000 after buying an additional 124,266 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Incyte by 13.7% during the 3rd 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. Man Group plc raised its position in shares of Incyte by 20.0% during the 3rd quarter. Man Group plc now owns 1,933,547 shares of the biopharmaceutical company's stock worth $163,984,000 after buying an additional 322,877 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Incyte by 34.7% during 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 buying an additional 448,911 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Incyte by 3.8% during the 3rd quarter. Northern Trust Corp now owns 1,722,016 shares of the biopharmaceutical company's stock worth $146,044,000 after buying an additional 62,764 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Stock Performance

Shares of INCY opened at $97.10 on Thursday. The company's 50 day moving average price is $97.05 and its 200 day moving average price is $98.00. Incyte Corporation has a 52 week low of $56.13 and a 52 week high of $112.29. The company has a market capitalization of $19.32 billion, a PE ratio of 15.15, a PEG ratio of 0.78 and a beta of 0.85. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 EPS for the quarter, missing analysts' consensus estimates of $1.96 by ($0.16). Incyte had a net margin of 25.03% and a return on equity of 26.34%. The company had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the previous year, the firm posted $1.43 earnings per share. The business's revenue for the quarter was up 27.8% on a year-over-year basis. Research analysts expect that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. TD Cowen reiterated a "buy" rating on shares of Incyte in a report on Tuesday, January 13th. Wells Fargo & Company dropped their target price on shares of Incyte from $107.00 to $101.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 11th. Jefferies Financial Group downgraded shares of Incyte from a "buy" rating to a "hold" rating and dropped their target price for the stock from $120.00 to $94.00 in a report on Monday, March 16th. Morgan Stanley set a $102.00 target price on shares of Incyte in a report on Wednesday, February 11th. Finally, Piper Sandler boosted their target price on shares of Incyte from $102.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, February 6th. Ten analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Incyte presently has an average rating of "Hold" and a consensus price target of $104.89.

Insider Buying and Selling

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the business's stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the transaction, the insider directly owned 234,800 shares of the company's stock, valued at approximately $22,127,552. The trade was a 7.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 17.80% of the company's stock.

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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