LMG Wealth Partners LLC Acquires New Holdings in Incyte Corporation $INCY

Key Points

• LMG Wealth Partners acquired a new stake in Incyte during Q4, buying 18,125 shares valued at roughly $1.79 million, and several other funds added positions as institutional investors now hold about 96.97% of the stock.
• Insider Pablo J. Cagnoni sold 18,667 shares on April 17 at an average price of $96.50 under a Rule 10b5-1 plan (a 6.63% reduction in his stake), and insiders collectively own about 17.80% of Incyte.
• Incyte recently beat expectations with quarterly EPS of $1.81 (vs. $1.38 estimate) and revenue of $1.27 billion (up 20.9%), while analyst sentiment is mixed—an average rating of "Hold" and an average target price of $104.26.

LMG Wealth Partners LLC acquired a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 18,125 shares of the biopharmaceutical company's stock, valued at approximately $1,790,000.

Several other hedge funds have also recently bought and sold shares of the company. PFA Pension Forsikringsaktieselskab bought a new stake in Incyte in the 4th quarter valued at about $1,875,000. Robertson Stephens Wealth Management LLC bought a new stake in Incyte in the 4th quarter valued at about $698,000. Danske Bank A S lifted its position in Incyte by 29.1% in the 4th quarter. Danske Bank A S now owns 107,571 shares of the biopharmaceutical company's stock valued at $10,625,000 after purchasing an additional 24,278 shares during the last quarter. Mutual Advisors LLC acquired a new position in shares of Incyte during the fourth quarter valued at $227,000. Finally, GenTrust LLC acquired a new position in shares of Incyte during the fourth quarter valued at $234,000. 96.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on INCY shares. Wells Fargo & Company lowered their price target on Incyte from $107.00 to $101.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 11th. Wall Street Zen lowered Incyte from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 14th. Jefferies Financial Group lowered Incyte from a "buy" rating to a "hold" rating and lowered their price target for the company from $120.00 to $94.00 in a report on Monday, March 16th. Royal Bank Of Canada lowered their price target on Incyte from $95.00 to $92.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 11th. Finally, HC Wainwright reissued a "buy" rating and set a $135.00 price target on shares of Incyte in a report on Wednesday, April 15th. Ten investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Incyte currently has an average rating of "Hold" and an average target price of $104.26.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction dated 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 of the company's stock, valued at $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.80% of the stock is currently owned by insiders.

Incyte Price Performance

NASDAQ:INCY opened at $96.91 on Friday. The business's 50-day moving average price is $95.71 and its 200 day moving average price is $98.73. The firm has a market cap of $19.36 billion, a P/E ratio of 13.69, a PEG ratio of 0.93 and a beta of 0.79. Incyte Corporation has a 52-week low of $57.77 and a 52-week high of $112.29. The company has a quick ratio of 3.25, 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, topping analysts' consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion for 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%.Incyte's revenue was up 20.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 earnings per share. As a group, sell-side analysts predict that Incyte Corporation will post 6.5 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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