Incyte Corporation $INCY Shares Purchased by Northwestern Mutual Wealth Management Co.

Key Points

• Northwestern Mutual Wealth Management Co. dramatically increased its Incyte stake by 5,218.5% in Q4, ending with 596,840 shares worth about $58.95 million. Other institutional investors also added to or initiated positions, and institutions now own 96.97% of the stock.
• Incyte reported strong quarterly results, with EPS of $1.81 beating estimates of $1.38 and revenue of $1.27 billion topping expectations. Revenue rose 20.9% year over year, and analysts now project full-year EPS of 6.74.
• Wall Street sentiment is mixed, with a consensus rating of “Hold” and an average price target of $104.26. At the same time, an insider sold 18,667 shares in a pre-arranged Rule 10b5-1 transaction, while the stock recently traded around $95.31.

Northwestern Mutual Wealth Management Co. grew its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 5,218.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 596,840 shares of the biopharmaceutical company's stock after acquiring an additional 585,618 shares during the period. Northwestern Mutual Wealth Management Co. owned about 0.30% of Incyte worth $58,950,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of INCY. AustralianSuper Pty Ltd raised its stake in shares of Incyte by 200.5% in the 4th quarter. AustralianSuper Pty Ltd now owns 640,733 shares of the biopharmaceutical company's stock valued at $63,285,000 after purchasing an additional 427,492 shares in the last quarter. Arbejdsmarkedets Tillaegspension acquired a new position in Incyte in the fourth quarter worth about $24,141,000. New York Life Investment Management LLC increased its holdings in Incyte by 4.5% in the fourth quarter. New York Life Investment Management LLC now owns 23,452 shares of the biopharmaceutical company's stock valued at $2,316,000 after buying an additional 1,018 shares during the last quarter. Berman McAleer LLC bought a new stake in Incyte in the fourth quarter valued at about $208,000. Finally, Pinnacle Associates Ltd. raised its stake in Incyte by 4.2% during the fourth quarter. Pinnacle Associates Ltd. now owns 68,287 shares of the biopharmaceutical company's stock valued at $6,745,000 after buying an additional 2,725 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

Incyte Price Performance

Shares of Incyte stock opened at $95.31 on Monday. The stock has a market capitalization of $19.04 billion, a price-to-earnings ratio of 13.46, a PEG ratio of 0.91 and a beta of 0.79. Incyte Corporation has a twelve month low of $62.73 and a twelve month high of $112.29. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The business's 50 day simple moving average is $95.38 and its 200-day simple moving average is $99.53.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data 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. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the firm posted $1.16 EPS. The business's revenue for the quarter was up 20.9% compared to the same quarter last year. Equities research analysts forecast that Incyte Corporation will post 6.74 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on INCY. Oppenheimer lifted their target price on Incyte from $84.00 to $90.00 and gave the stock a "market perform" rating in a research report on Wednesday, April 29th. Jefferies Financial Group lowered Incyte from a "buy" rating to a "hold" rating and dropped their price target for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Wall Street Zen downgraded shares of Incyte from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 14th. Royal Bank Of Canada lowered their target price on shares of Incyte from $95.00 to $92.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 11th. Finally, Morgan Stanley set a $102.00 target price on shares of Incyte in a report on Wednesday, February 11th. Ten research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $104.26.

Insider Activity 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 sale, the insider owned 262,692 shares of the company's stock, valued at $25,349,778. This trade represents a 6.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate 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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