Incyte Corporation $INCY Shares Acquired by Corient Private Wealth LLC

Key Points

• Corient Private Wealth LLC increased its Incyte stake by 39.5% in the fourth quarter, bringing its holdings to 44,480 shares valued at about $4.39 million. Several other large institutional investors also boosted or initiated positions in the biopharmaceutical company.
• Incyte reported strong first-quarter earnings on April 28, posting $1.81 EPS versus the $1.38 consensus estimate and revenue of $1.27 billion, above expectations. Revenue rose 20.9% year over year, and analysts now expect full-year EPS of 6.61.
• Despite the earnings beat, analysts remain cautious overall: the stock has a Hold consensus rating with an average price target of $107.85. Incyte shares were trading near $113.75, close to their 52-week high of $115.56.

Corient Private Wealth LLC raised its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 39.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,480 shares of the biopharmaceutical company's stock after purchasing an additional 12,591 shares during the period. Corient Private Wealth LLC's holdings in Incyte were worth $4,393,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new stake in Incyte during the 4th quarter valued at $122,893,000. Caisse de depot et placement du Quebec raised its holdings 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 acquiring an additional 1,087,091 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Incyte by 6,586.4% in the fourth quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company's stock valued at $105,930,000 after acquiring an additional 1,056,451 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Incyte by 3,406.8% in the fourth quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company's stock valued at $73,028,000 after acquiring an additional 718,294 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Incyte by 5,218.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company's stock valued at $58,950,000 after acquiring an additional 585,618 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Price Performance

Shares of INCY stock opened at $113.75 on Friday. The firm has a fifty day moving average of $99.28 and a two-hundred day moving average of $99.17. The firm has a market cap of $22.72 billion, a P/E ratio of 16.07, a P/E/G ratio of 1.05 and a beta of 0.79. Incyte Corporation has a 1-year low of $66.83 and a 1-year high of $115.56. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60.

Incyte (NASDAQ:INCY - Get Free Report) last released its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping analysts' consensus estimates of $1.38 by $0.43. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.Incyte's quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.16 EPS. As a group, research analysts anticipate that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on INCY shares. Sanford C. Bernstein began coverage on shares of Incyte in a research note on Thursday, May 21st. They set a "market perform" rating and a $99.00 price target on the stock. Jefferies Financial Group lowered shares of Incyte from a "buy" rating to a "hold" rating and decreased their target price for the stock from $120.00 to $94.00 in a research report on Monday, March 16th. Truist Financial boosted their price target on Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a report on Monday, June 22nd. Stifel Nicolaus set a $123.00 price objective on Incyte in a report on Tuesday, June 9th. Finally, Citigroup reaffirmed a "market perform" rating on shares of Incyte in a research report on Tuesday, June 2nd. Eight investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $107.85.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction dated 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 completion of the transaction, 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 filing 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 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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