LSV Asset Management Sells 52,339 Shares of Incyte Corporation $INCY

Key Points

• LSV Asset Management trimmed its Incyte position by 1.3% in the fourth quarter, selling 52,339 shares. It still held 3,933,758 shares worth about $388.5 million, making INCY its 23rd-largest holding.
• Incyte’s latest quarter beat expectations, with EPS of $1.81 versus forecasts of $1.38 and revenue of $1.27 billion, up 20.9% year over year. Analysts now expect full-year EPS of 6.74.
• Analysts remain cautious overall: the stock has a consensus Hold rating and an average price target of $104.00. Recent ratings were mixed, with some firms lowering targets while others raised them.

LSV Asset Management cut its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 1.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,933,758 shares of the biopharmaceutical company's stock after selling 52,339 shares during the period. Incyte comprises approximately 0.8% of LSV Asset Management's holdings, making the stock its 23rd largest holding. LSV Asset Management owned approximately 2.00% of Incyte worth $388,537,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. AustralianSuper Pty Ltd acquired a new position in shares of Incyte in the 3rd quarter worth approximately $18,085,000. LBP AM SA raised its holdings in shares of Incyte by 33.6% in the 3rd quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company's stock worth $20,245,000 after buying an additional 59,974 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Incyte by 38.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 387,605 shares of the biopharmaceutical company's stock worth $32,873,000 after buying an additional 108,645 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Incyte by 941.8% in the 4th quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company's stock worth $31,874,000 after buying an additional 291,293 shares in the last quarter. Finally, Toth Financial Advisory Corp acquired a new position in shares of Incyte in the 4th quarter worth approximately $1,213,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

INCY has been the subject of a number of recent research reports. Morgan Stanley set a $102.00 target price on Incyte in a report on Wednesday, February 11th. Jefferies Financial Group cut Incyte from a "buy" rating to a "hold" rating and dropped their target price for the stock from $120.00 to $94.00 in a report on Monday, March 16th. Oppenheimer raised their price target on Incyte from $84.00 to $90.00 and gave the company a "market perform" rating in a report on Wednesday, April 29th. Wells Fargo & Company dropped their price target on Incyte from $107.00 to $101.00 and set an "equal weight" rating for the company in a report on Wednesday, February 11th. Finally, Piper Sandler raised their price target on Incyte from $102.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, February 6th. Ten 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $104.00.

Incyte Trading Down 0.3%

INCY stock opened at $97.16 on Friday. The business has a fifty day moving average price of $95.41 and a 200 day moving average price of $99.64. Incyte Corporation has a fifty-two week low of $63.51 and a fifty-two week high of $112.29. The stock has a market capitalization of $19.41 billion, a price-to-earnings ratio of 13.72, a P/E/G ratio of 0.93 and a beta of 0.79. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60.

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, beating analysts' consensus estimates of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm had revenue of $1.27 billion during the quarter, compared to analysts' expectations of $1.22 billion. During the same period last year, the firm posted $1.16 EPS. The business's revenue was up 20.9% on a year-over-year basis. Analysts expect that Incyte Corporation will post 6.74 EPS for the current fiscal year.

Insiders Place Their Bets

In other Incyte 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 value of $1,801,365.50. Following the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

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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