Incyte Corporation $INCY Shares Bought by Victory Capital Management Inc.

Key Points

• Victory Capital Management raised its stake in Incyte by 7.4% in Q3, buying 86,691 shares to hold 1,264,485 shares—about 0.64% of the company worth roughly $107.24 million.
• Incyte reported quarterly EPS of $1.80, missing the $1.96 consensus, while revenue beat at $1.51 billion and grew 27.8% year-over-year.
• Insiders have sold 72,561 shares (~$7.2M) in the last three months amid high institutional ownership (~96.97%); analysts' consensus rating is "Hold" with a $104 price target.

Victory Capital Management Inc. raised its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 7.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,264,485 shares of the biopharmaceutical company's stock after purchasing an additional 86,691 shares during the period. Victory Capital Management Inc. owned 0.64% of Incyte worth $107,241,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. denkapparat Operations GmbH raised its position in shares of Incyte by 46.1% in the 2nd quarter. denkapparat Operations GmbH now owns 11,292 shares of the biopharmaceutical company's stock valued at $769,000 after purchasing an additional 3,564 shares during the last quarter. Rakuten Investment Management Inc. purchased a new stake in Incyte during the 3rd quarter worth approximately $14,646,000. LBP AM SA grew its position in Incyte by 33.6% during the 3rd quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company's stock worth $20,245,000 after purchasing an additional 59,974 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Incyte by 38.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 387,605 shares of the biopharmaceutical company's stock valued at $32,873,000 after purchasing an additional 108,645 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Incyte by 28.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 106,789 shares of the biopharmaceutical company's stock worth $9,309,000 after buying an additional 23,954 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Stock Up 0.8%

Incyte stock opened at $98.86 on Thursday. The business's 50-day moving average price is $102.42 and its 200 day moving average price is $96.08. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The firm has a market cap of $19.67 billion, a price-to-earnings ratio of 15.42, a price-to-earnings-growth ratio of 0.78 and a beta of 0.84. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $112.29.

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

Insider Activity at Incyte

In related news, EVP Mohamed Khairie Issa sold 10,856 shares of the stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the sale, the executive vice president directly owned 66,132 shares of the company's stock, valued at approximately $7,213,017.24. This represents a 14.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Thomas Tray sold 2,774 shares of Incyte stock in a transaction on Friday, December 19th. The shares were sold at an average price of $100.00, for a total transaction of $277,400.00. Following the completion of the transaction, the insider directly owned 22,973 shares of the company's stock, valued at $2,297,300. The trade was a 10.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 72,561 shares of company stock worth $7,195,307 in the last three months. Company insiders own 17.80% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on INCY. Wall Street Zen lowered shares of Incyte from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 14th. Zacks Research downgraded Incyte from a "strong-buy" rating to a "hold" rating in a research note on Monday, November 10th. Mizuho set a $121.00 price objective on Incyte and gave the company an "outperform" rating in a report on Monday, December 8th. TD Cowen restated a "buy" rating on shares of Incyte in a research note on Tuesday, January 13th. Finally, Barclays upped their target price on Incyte from $116.00 to $117.00 and gave the company an "overweight" rating in a research report on Wednesday, February 18th. Ten analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $104.00.

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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