Incyte Corporation $INCY Shares Sold by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. cut its stake in Incyte by 46.2% in Q3, selling 384,394 shares and retaining 447,720 shares (about 0.23% of the company) valued at roughly $37.97 million.
• Incyte’s latest quarter showed a revenue beat of $1.51 billion (vs. $1.35B expected) and 27.8% year-over-year revenue growth, but it missed on EPS at $1.80 versus $1.96 expected.
• Analyst sentiment is mixed — nine Buy, eleven Hold and one Sell — yielding a consensus rating of Hold and a consensus target price of $103.44.

JPMorgan Chase & Co. lessened its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 46.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 447,720 shares of the biopharmaceutical company's stock after selling 384,394 shares during the period. JPMorgan Chase & Co. owned 0.23% of Incyte worth $37,974,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AustralianSuper Pty Ltd acquired a new position in shares of Incyte during the third quarter valued at approximately $18,085,000. Rakuten Investment Management Inc. acquired a new stake in Incyte in the third quarter worth approximately $14,646,000. LBP AM SA boosted its stake in Incyte by 33.6% during the 3rd quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company's stock valued at $20,245,000 after purchasing an additional 59,974 shares in the last quarter. Massachusetts Financial Services Co. MA boosted 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 increased its position in shares of Incyte by 28.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 106,789 shares of the biopharmaceutical company's stock valued at $9,309,000 after purchasing an additional 23,954 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on INCY. Weiss Ratings lowered Incyte from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday. Morgan Stanley set a $102.00 target price on Incyte in a report on Wednesday, February 11th. Wells Fargo & Company dropped their price target on shares of Incyte from $107.00 to $101.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 11th. TD Cowen reissued a "buy" rating on shares of Incyte in a report on Tuesday, January 13th. Finally, Royal Bank Of Canada reduced their price objective on shares of Incyte from $95.00 to $92.00 and set a "sector perform" rating for the company in a research report on Wednesday, February 11th. Nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $103.44.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total value of $1,759,178.08. Following the transaction, the insider directly owned 234,800 shares of the company's stock, valued at $22,127,552. This trade represents a 7.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the business's stock in a transaction that occurred 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 owned 66,132 shares in the company, valued at $7,213,017.24. This represents a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 17.80% of the company's stock.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $90.78 on Friday. 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 stock has a market capitalization of $18.07 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 0.72 and a beta of 0.84. The stock's fifty day simple moving average is $100.41 and its 200 day simple moving average is $96.84. 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 results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing analysts' consensus estimates of $1.96 by ($0.16). The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The company's revenue for the quarter was up 27.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.43 EPS. As a group, sell-side analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current fiscal 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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