Incyte Corporation $INCY Stock Holdings Cut by TD Asset Management Inc

Key Points

• TD Asset Management cut its Incyte stake by 17.3% in the fourth quarter, though institutional ownership remains very high at 96.97% of shares outstanding.
• Incyte reported better-than-expected Q1 earnings, posting $1.81 EPS versus $1.38 expected and revenue of $1.27 billion, up 20.9% year over year.
• The company announced a definitive agreement to acquire Vega Therapeutics for up to $2 billion, a move aimed at strengthening its hematology pipeline and reducing dependence on Jakafi as patent-expiry risks loom.

TD Asset Management Inc lessened its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 17.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 142,880 shares of the biopharmaceutical company's stock after selling 29,828 shares during the period. TD Asset Management Inc owned about 0.07% of Incyte worth $14,112,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Elyxium Wealth LLC acquired a new stake in shares of Incyte during the 4th quarter valued at $28,000. Smithfield Trust Co lifted 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 acquiring an additional 162 shares during the last quarter. Leonteq Securities AG acquired a new stake in shares of Incyte during the 4th quarter valued at $35,000. Kingdom Financial Group LLC. acquired a new stake in shares of Incyte during the 4th quarter valued at $43,000. Finally, MUFG Securities EMEA plc acquired a new stake in shares of Incyte during the 2nd quarter valued at $32,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Price Performance

INCY opened at $100.64 on Tuesday. The stock has a fifty day moving average of $96.66 and a 200-day moving average of $99.03. The firm has a market capitalization of $20.11 billion, a P/E ratio of 14.21, a PEG ratio of 0.99 and a beta of 0.79. Incyte Corporation has a 12-month low of $66.74 and a 12-month high of $112.29. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last released its earnings results 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. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company's revenue for the quarter was up 20.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.16 earnings per share. Equities analysts forecast that Incyte Corporation will post 6.65 EPS for the current fiscal year.

Insider Activity

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the sale, the insider directly owned 262,692 shares in the company, valued at approximately $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The sale 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.

Key Incyte News

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: Incyte announced a definitive agreement to buy Vega Therapeutics for up to $2 billion, adding a late-stage bleeding-disorder asset to strengthen its hematology pipeline. Article Title
• Positive Sentiment: The deal is part of a broader push to bolster Incyte’s blood-disorder portfolio and diversify growth ahead of looming patent-expiry concerns for its key drug Jakafi. Article Title
• Neutral Sentiment: Multiple reports echoed the transaction and described it as a major biotech M&A move, reinforcing the market’s focus on pipeline expansion rather than operational weakness. Article Title

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Weiss Ratings upgraded Incyte from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, April 1st. HC Wainwright reiterated a "buy" rating and set a $135.00 price objective on shares of Incyte in a research report on Thursday, May 21st. UBS Group cut their price objective on Incyte from $104.00 to $94.00 and set a "neutral" rating for the company in a research report on Wednesday, March 25th. Jefferies Financial Group downgraded Incyte from a "buy" rating to a "hold" rating and cut their price objective for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Finally, Royal Bank Of Canada cut their price objective on 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 analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Incyte has an average rating of "Hold" and a consensus price target of $104.85.

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.

Want to see what other hedge funds are holding INCY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Incyte Corporation (NASDAQ:INCY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.