Incyte Corporation $INCY Shares Sold by Palouse Capital Management Inc.

Key Points

• Palouse Capital cut its stake in Incyte by 93.2% in Q4, selling 16,800 shares and leaving 1,223 shares valued at about $121,000, while institutional ownership remains around 96.97%.
• Insider Pablo J. Cagnoni sold 18,667 shares on March 17 at an average price of $94.24 for roughly $1.76M, trimming his position by 7.36%; insiders still own about 17.8% of the company.
• Incyte missed Q4 EPS ($1.80 vs. $1.96 est.) but beat revenue ($1.51B, +27.8% YoY); the consensus analyst rating is Hold with a $104.89 target amid several recent price-target cuts.

Palouse Capital Management Inc. cut its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 93.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,223 shares of the biopharmaceutical company's stock after selling 16,800 shares during the period. Palouse Capital Management Inc.'s holdings in Incyte were worth $121,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of Nova Scotia boosted its stake in Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company's stock valued at $1,160,000 after purchasing an additional 124 shares during the period. Atlantic Edge Private Wealth Management LLC boosted its stake in Incyte by 0.9% during the 3rd quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company's stock valued at $1,235,000 after purchasing an additional 125 shares during the period. Perbak Capital Partners LLP boosted its stake in Incyte by 2.5% during the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company's stock valued at $449,000 after purchasing an additional 129 shares during the period. Savvy Advisors Inc. boosted its stake in Incyte by 2.6% during the 4th quarter. Savvy Advisors Inc. now owns 5,339 shares of the biopharmaceutical company's stock valued at $527,000 after purchasing an additional 133 shares during the period. Finally, Haven Capital Group Inc. boosted its stake in Incyte by 0.8% during the 4th quarter. Haven Capital Group Inc. now owns 17,985 shares of the biopharmaceutical company's stock valued at $1,776,000 after purchasing an additional 144 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the sale, the insider directly owned 234,800 shares in the company, valued at approximately $22,127,552. The trade was a 7.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 17.80% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on INCY shares. Wells Fargo & Company reduced their target price on shares of Incyte from $107.00 to $101.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 11th. Morgan Stanley set a $102.00 target price on shares of Incyte in a research note on Wednesday, February 11th. Truist Financial set a $103.00 target price on shares of Incyte in a research note on Wednesday, December 24th. UBS Group reduced their target price on shares of Incyte from $104.00 to $94.00 and set a "neutral" rating for the company in a research note on Wednesday, March 25th. Finally, Weiss Ratings raised shares of Incyte from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, April 1st. Ten equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $104.89.

Incyte Stock Down 0.9%

INCY stock opened at $96.07 on Friday. Incyte Corporation has a 52 week low of $55.11 and a 52 week high of $112.29. The company has a market capitalization of $19.12 billion, a price-to-earnings ratio of 14.99, a price-to-earnings-growth ratio of 0.76 and a beta of 0.85. The firm's 50-day moving average is $97.37 and its two-hundred day moving average is $97.70. The company has a current ratio of 3.32, a quick ratio of 3.25 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 EPS for the quarter, missing analysts' consensus estimates of $1.96 by ($0.16). Incyte had a return on equity of 26.34% and a net margin of 25.03%.The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter last year, the firm posted $1.43 earnings per share. The firm's quarterly revenue was up 27.8% compared to the same quarter last year. On average, analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Incyte 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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