KBC Group NV Lowers Position in Incyte Corporation $INCY

Key Points

• KBC Group NV cut its stake in Incyte by 89.8% in the first quarter, selling 240,140 shares and leaving it with 27,254 shares valued at about $2.57 million.
• Incyte reported strong quarterly results, with EPS of $1.81 beating estimates and revenue of $1.27 billion topping expectations, while revenue rose 20.9% year over year.
• Analysts remain cautious overall: Incyte has a Hold consensus rating with an average price target of $111.10, even as several firms recently raised their targets.

KBC Group NV reduced its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 89.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,254 shares of the biopharmaceutical company's stock after selling 240,140 shares during the period. KBC Group NV's holdings in Incyte were worth $2,565,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Toth Financial Advisory Corp purchased a new stake in shares of Incyte during the 4th quarter valued at $1,213,000. Fairvoy Private Wealth LLC boosted its holdings in shares of Incyte by 468.8% in the 4th quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company's stock worth $2,980,000 after buying an additional 24,865 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Incyte by 627.8% during the 4th quarter. SG Americas Securities LLC now owns 186,790 shares of the biopharmaceutical company's stock valued at $18,449,000 after acquiring an additional 161,124 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in Incyte by 11.5% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 210,097 shares of the biopharmaceutical company's stock valued at $20,719,000 after purchasing an additional 21,735 shares during the last quarter. Finally, Twin Capital Management Inc. bought a new position in Incyte during the first quarter valued at $875,000. Institutional investors own 96.97% of the company's stock.

Incyte Stock Up 0.8%

INCY stock opened at $117.67 on Friday. 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's 50 day moving average is $106.82 and its 200 day moving average is $101.63. The stock has a market cap of $23.51 billion, a price-to-earnings ratio of 16.62, a price-to-earnings-growth ratio of 1.05 and a beta of 0.76. Incyte Corporation has a 1-year low of $69.69 and a 1-year high of $119.60.

Incyte (NASDAQ:INCY - Get Free Report) last announced its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $1.22 billion. During the same period in the previous year, the business posted $1.16 earnings per share. Incyte's revenue for the quarter was up 20.9% on a year-over-year basis. Sell-side analysts predict that Incyte Corporation will post 6.63 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Citigroup reaffirmed a "market perform" rating on shares of Incyte in a research report on Wednesday, July 15th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Incyte in a research note on Monday, June 29th. UBS Group raised their target price on Incyte from $103.00 to $113.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. JPMorgan Chase & Co. lifted their target price on Incyte from $105.00 to $110.00 and gave the company a "neutral" rating in a report on Thursday. Finally, BMO Capital Markets raised their price target on shares of Incyte from $94.00 to $112.00 and gave the company a "market perform" rating in a report on Monday, July 13th. Eight analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $111.10.

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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