Jupiter Asset Management Ltd. Cuts Position in Incyte Corporation $INCY

Key Points

• Jupiter Asset Management cut its Incyte stake by 70.8% in the fourth quarter, selling 117,976 shares and ending with 48,581 shares valued at about $4.8 million.
• Incyte reported better-than-expected quarterly results, posting EPS of $1.81 versus the $1.38 estimate and revenue of $1.27 billion, up 20.9% year over year.
• Analyst sentiment is mixed: the stock has a Hold consensus rating with an average price target of $104, while shares recently opened at $96.74 and traded near their 50-day average.

Jupiter Asset Management Ltd. decreased its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 70.8% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 48,581 shares of the biopharmaceutical company's stock after selling 117,976 shares during the period. Jupiter Asset Management Ltd.'s holdings in Incyte were worth $4,798,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of INCY. Caisse de depot et placement du Quebec raised its holdings in Incyte by 264.5% in the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company's stock valued at $127,046,000 after buying an additional 1,087,091 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Incyte by 5,218.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company's stock valued at $58,950,000 after acquiring an additional 585,618 shares in the last quarter. Man Group plc grew its position in Incyte by 52.8% in the second quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company's stock valued at $109,687,000 after acquiring an additional 556,243 shares in the last quarter. Squarepoint Ops LLC grew its position in Incyte by 9,739.1% in the second quarter. Squarepoint Ops LLC now owns 558,171 shares of the biopharmaceutical company's stock valued at $38,011,000 after acquiring an additional 552,498 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ grew its position in Incyte by 1,346.2% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 571,234 shares of the biopharmaceutical company's stock valued at $48,446,000 after acquiring an additional 531,734 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the firm's 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 transaction, the insider directly owned 262,692 shares in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on INCY. Morgan Stanley set a $102.00 price objective on shares of Incyte in a research report on Wednesday, February 11th. Wall Street Zen downgraded shares of Incyte from a "strong-buy" rating to a "buy" rating in a research report on Saturday, February 14th. HC Wainwright reaffirmed a "buy" rating and issued a $135.00 price objective on shares of Incyte in a research report on Thursday, May 21st. Jefferies Financial Group downgraded shares of Incyte from a "buy" rating to a "hold" rating and lowered their price objective for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Finally, Weiss Ratings raised shares of Incyte from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, April 1st. Ten equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $104.00.

Incyte Stock Down 0.8%

INCY stock opened at $96.74 on Friday. Incyte Corporation has a twelve month low of $63.92 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 company has a market capitalization of $19.33 billion, a P/E ratio of 13.66, a PEG ratio of 0.93 and a beta of 0.79. The firm has a 50 day simple moving average of $95.84 and a 200-day simple moving average of $99.39.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping analysts' consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter last year, the company earned $1.16 earnings per share. The business's quarterly revenue was up 20.9% compared to the same quarter last year. On average, equities research analysts predict that Incyte Corporation will post 6.74 earnings per share for the current fiscal year.

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.

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