Merit Financial Group LLC Has $4.92 Million Stock Holdings in Incyte Corporation $INCY

Key Points

• Merit Financial Group LLC increased its stake in Incyte by 41.7% in Q4 to 49,806 shares, valued at about $4.92 million.
• Institutional investors and hedge funds now own 96.97% of Incyte, with several large funds making massive additions recently (e.g., Pacer and Squarepoint posted +8,091.6% and +9,739.1% increases, respectively).
• Analysts have a consensus rating of "Hold" with a $104.89 target (10 Buy / 10 Hold / 1 Sell); Incyte recently missed EPS ($1.80 vs. $1.96) but beat revenue at $1.51B, up 27.8% year-over-year.

Merit Financial Group LLC increased its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 41.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,806 shares of the biopharmaceutical company's stock after purchasing an additional 14,659 shares during the period. Merit Financial Group LLC's holdings in Incyte were worth $4,919,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of INCY. Pacer Advisors Inc. increased its holdings in shares of Incyte by 8,091.6% during the third quarter. Pacer Advisors Inc. now owns 1,248,642 shares of the biopharmaceutical company's stock worth $105,897,000 after buying an additional 1,233,399 shares in the last quarter. Caisse de depot et placement du Quebec increased its holdings in shares of Incyte by 264.5% during the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company's stock worth $127,046,000 after buying an additional 1,087,091 shares in the last quarter. Man Group plc increased its holdings in shares of Incyte by 52.8% during the second quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company's stock worth $109,687,000 after buying an additional 556,243 shares in the last quarter. Squarepoint Ops LLC increased its holdings in shares of Incyte by 9,739.1% during the second quarter. Squarepoint Ops LLC now owns 558,171 shares of the biopharmaceutical company's stock worth $38,011,000 after buying an additional 552,498 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Incyte by 1,346.2% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 571,234 shares of the biopharmaceutical company's stock worth $48,446,000 after buying an additional 531,734 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on INCY. Jefferies Financial Group lowered shares of Incyte from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $120.00 to $94.00 in a report on Monday, March 16th. Piper Sandler raised their price objective on shares of Incyte from $102.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, February 6th. Wells Fargo & Company dropped their price objective on shares of Incyte from $107.00 to $101.00 and set an "equal weight" rating for the company in a report on Wednesday, February 11th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $90.00 price objective on shares of Incyte in a report on Thursday, January 8th. Finally, Truist Financial set a $103.00 price objective on shares of Incyte in a report on Wednesday, December 24th. Ten analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $104.89.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the transaction, the insider directly owned 234,800 shares of the company's stock, valued at $22,127,552. This trade represents a 7.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 17.80% of the stock is currently owned by corporate insiders.

Incyte Price Performance

Shares of INCY stock opened at $97.82 on Monday. Incyte Corporation has a 52-week low of $56.13 and a 52-week high of $112.29. The stock has a market cap of $19.47 billion, a PE ratio of 15.26, a PEG ratio of 0.78 and a beta of 0.85. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32. The firm's 50 day moving average price is $96.69 and its two-hundred day moving average price is $98.25.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.96 by ($0.16). Incyte had a net margin of 25.03% and a return on equity of 26.34%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the business posted $1.43 earnings per share. Incyte's revenue was up 27.8% compared to the same quarter last year. As a group, analysts forecast that Incyte Corporation will post 4.86 EPS for the current 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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