Incyte Corporation $INCY Shares Purchased by J. Safra Sarasin Holding AG

Key Points

• J. Safra Sarasin Holding AG increased its Incyte stake by 260.9% in the first quarter, buying an additional 21,935 shares to bring its total holdings to 30,341 shares worth about $2.85 million.
• Incyte reported stronger-than-expected quarterly results, posting $1.81 in EPS versus the $1.38 estimate and revenue of $1.27 billion versus $1.22 billion expected. Revenue also rose 20.9% year over year.
• The stock was trading lower despite the earnings beat, down 2.1% to $114.23, while analysts currently have a mixed outlook with an average rating of “Hold” and an average price target of $109.10.

J. Safra Sarasin Holding AG raised its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 260.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,341 shares of the biopharmaceutical company's stock after purchasing an additional 21,935 shares during the period. J. Safra Sarasin Holding AG's holdings in Incyte were worth $2,853,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Elyxium Wealth LLC bought a new position in shares of Incyte in the 4th quarter worth about $28,000. Smithfield Trust Co grew its position in shares of Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock valued at $28,000 after buying an additional 162 shares during the last quarter. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Incyte during the 4th quarter valued at about $35,000. Atlas Capital Advisors Inc. acquired a new stake in Incyte during the fourth quarter worth about $35,000. Finally, Leonteq Securities AG acquired a new stake in Incyte during the fourth quarter worth about $35,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Stock Down 2.1%

INCY opened at $114.23 on Tuesday. Incyte Corporation has a 12 month low of $67.17 and a 12 month high of $118.97. 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 stock has a market cap of $22.82 billion, a P/E ratio of 16.13, a P/E/G ratio of 1.07 and a beta of 0.76. The stock's 50 day moving average price is $103.58 and its 200 day moving average price is $100.59.

Incyte (NASDAQ:INCY - Get Free Report) last announced its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.43. The firm 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%.The firm's revenue for the quarter was up 20.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.16 EPS. As a group, research analysts predict that Incyte Corporation will post 6.61 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have commented on INCY. Oppenheimer restated a "market perform" rating and issued a $107.00 target price on shares of Incyte in a research note on Monday, June 8th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Incyte in a research report on Monday, June 29th. Citigroup reissued a "market perform" rating on shares of Incyte in a report on Tuesday, June 2nd. TD Cowen restated a "hold" rating on shares of Incyte in a research report on Tuesday, June 9th. Finally, Sanford C. Bernstein initiated coverage on Incyte in a research report on Thursday, May 21st. They issued a "market perform" rating and a $99.00 target price on the stock. Eight equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $109.10.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the 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 owned 262,692 shares in the company, valued at $25,349,778. This represents a 6.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

About Incyte

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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