Mackenzie Financial Corp Boosts Stock Position in Incyte Corporation (NASDAQ:INCY)

Key Points

• Mackenzie Financial Corp increased its holdings in Incyte Corporation by 40.5%, acquiring 98,038 additional shares to own a total of 340,073 shares valued at approximately $20.6 million.
• Incyte reported earnings of $1.16 per share, exceeding estimates by $0.15, with a revenue of $1.05 billion for the quarter, marking a 19.5% year-over-year increase.
• Analysts have varied ratings on Incyte, with one upgrade to a "buy" and target price adjustments, leading to a consensus target price of $77.73 for the stock.

Mackenzie Financial Corp lifted its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 40.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 340,073 shares of the biopharmaceutical company's stock after acquiring an additional 98,038 shares during the period. Mackenzie Financial Corp owned approximately 0.18% of Incyte worth $20,591,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Nissay Asset Management Corp Japan ADV grew its position in Incyte by 0.7% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company's stock valued at $1,410,000 after acquiring an additional 150 shares during the last quarter. Bank of Nova Scotia lifted its holdings in shares of Incyte by 0.8% during the fourth quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company's stock worth $1,498,000 after purchasing an additional 171 shares during the period. Blackhawk Capital Partners LLC. grew its stake in shares of Incyte by 4.4% in the first quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company's stock worth $250,000 after purchasing an additional 175 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Incyte by 2.0% in the first quarter. Fifth Third Bancorp now owns 9,103 shares of the biopharmaceutical company's stock worth $551,000 after acquiring an additional 179 shares during the period. Finally, State of Michigan Retirement System boosted its holdings in Incyte by 0.5% in the first quarter. State of Michigan Retirement System now owns 43,559 shares of the biopharmaceutical company's stock valued at $2,637,000 after acquiring an additional 200 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Analyst Upgrades and Downgrades

INCY has been the subject of several analyst reports. Royal Bank Of Canada raised their price target on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a report on Wednesday. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and lifted their target price for the stock from $75.00 to $107.00 in a research note on Monday, June 16th. Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Wells Fargo & Company increased their price target on Incyte from $59.00 to $67.00 and gave the stock an "equal weight" rating in a report on Wednesday. Finally, Barclays initiated coverage on Incyte in a research note on Friday. They issued an "overweight" rating and a $90.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Incyte has a consensus rating of "Hold" and a consensus target price of $78.50.

Insiders Place Their Bets

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the transaction, the executive vice president owned 26,504 shares in the company, valued at $1,818,439.44. This trade represents a 2.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Steven H. Stein sold 3,706 shares of Incyte stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $67.94, for a total transaction of $251,785.64. Following the completion of the transaction, the executive vice president owned 102,886 shares of the company's stock, valued at $6,990,074.84. This represents a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is owned by company insiders.

Incyte Stock Up 0.9%

NASDAQ:INCY traded up $0.70 during trading hours on Friday, hitting $75.59. 1,583,946 shares of the company traded hands, compared to its average volume of 1,597,725. Incyte Corporation has a one year low of $53.56 and a one year high of $83.95. The company has a quick ratio of 2.00, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The company has a market cap of $14.76 billion, a PE ratio of 17.18, a PEG ratio of 0.62 and a beta of 0.71. The firm's 50-day simple moving average is $68.72 and its 200-day simple moving average is $66.68.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.15. Incyte had a net margin of 18.99% and a return on equity of 21.99%. The business had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $996.17 million. During the same period in the previous year, the company earned $0.64 earnings per share. The firm's revenue for the quarter was up 19.5% compared to the same quarter last year. Equities analysts predict that Incyte Corporation will post 4.86 earnings per share for the current year.

About Incyte

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.