Incyte Corporation $INCY Shares Acquired by BNP Paribas Financial Markets

Key Points

• BNP Paribas Financial Markets increased its Incyte stake by 5.2% in the fourth quarter, bringing its holdings to 341,382 shares valued at about $33.7 million.
• Incyte’s latest quarterly results beat expectations, with EPS of $1.81 versus $1.38 expected and revenue of $1.27 billion, up 20.9% year over year.
• Wall Street remains cautious overall: the stock has a Hold consensus rating, with 9 Buy ratings, 12 Hold ratings, and 1 Sell rating, and an average price target of $104.

BNP Paribas Financial Markets grew its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 5.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 341,382 shares of the biopharmaceutical company's stock after purchasing an additional 16,990 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.17% of Incyte worth $33,718,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Norges Bank purchased a new position in shares of Incyte in the fourth quarter worth about $122,893,000. Caisse de depot et placement du Quebec lifted its stake in shares of Incyte by 264.5% in the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company's stock worth $127,046,000 after buying an additional 1,087,091 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Incyte by 5,218.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company's stock worth $58,950,000 after buying an additional 585,618 shares in the last quarter. Man Group plc lifted its stake in shares of Incyte by 52.8% in the second quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company's stock worth $109,687,000 after buying an additional 556,243 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its stake in shares of Incyte by 9,739.1% in the second quarter. Squarepoint Ops LLC now owns 558,171 shares of the biopharmaceutical company's stock worth $38,011,000 after buying an additional 552,498 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on INCY. Oppenheimer raised their price target on shares of Incyte from $84.00 to $90.00 and gave the stock a "market perform" rating in a research note on Wednesday, April 29th. Wall Street Zen downgraded shares of Incyte from a "strong-buy" rating to a "buy" rating in a research note on Saturday, February 14th. UBS Group reduced their target price on shares of Incyte from $104.00 to $94.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 25th. Morgan Stanley set a $102.00 target price on shares of Incyte in a research note on Wednesday, February 11th. Finally, Wells Fargo & Company reduced their target price on shares of Incyte from $107.00 to $101.00 and set an "equal weight" rating on the stock in a research note on Wednesday, February 11th. Nine equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $104.00.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the business'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 value of $1,801,365.50. Following the sale, the insider directly owned 262,692 shares of the company's stock, valued at approximately $25,349,778. The trade was a 6.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 Price Performance

Shares of INCY stock opened at $97.98 on Thursday. 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's 50-day moving average is $96.07 and its two-hundred day moving average is $99.09. Incyte Corporation has a 12 month low of $66.30 and a 12 month high of $112.29. The company has a market capitalization of $19.57 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 0.88 and a beta of 0.79.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.38 by $0.43. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business's revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.16 EPS. Analysts predict that Incyte Corporation will post 6.74 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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