M&T Bank Corp Boosts Holdings in Incyte Corporation $INCY

Key Points

• M&T Bank Corp raised its stake in Incyte by 222.4% in Q4, buying an additional 19,856 shares to hold 28,783 shares valued at about $2.84 million.
• Incyte reported Q4 EPS of $1.80, missing the $1.96 consensus, while revenue of $1.51 billion beat estimates and rose 27.8% year-over-year.
• Institutional ownership is extremely high at 96.97%, with large moves such as Nordea boosting its stake to 322,223 shares (up 941.8%, ~$31.9M); analysts are split (10 Buy / 10 Hold / 1 Sell) and the consensus rating is "Hold" with an average target of $104.89.

M&T Bank Corp raised its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 222.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,783 shares of the biopharmaceutical company's stock after acquiring an additional 19,856 shares during the quarter. M&T Bank Corp's holdings in Incyte were worth $2,843,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. AustralianSuper Pty Ltd purchased a new stake in shares of Incyte during the third quarter worth about $18,085,000. Rakuten Investment Management Inc. purchased a new stake in shares of Incyte during the third quarter worth about $14,646,000. LBP AM SA grew its holdings in shares of Incyte by 33.6% during the third 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 grew its holdings in shares of Incyte by 38.9% during the third 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. Finally, Nordea Investment Management AB grew its holdings in shares of Incyte by 941.8% during the fourth 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. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Price Performance

INCY opened at $95.71 on Tuesday. The company's 50 day simple moving average is $95.99 and its 200 day simple moving average is $98.66. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32. Incyte Corporation has a 1 year low of $57.77 and a 1 year high of $112.29. The stock has a market capitalization of $19.05 billion, a PE ratio of 14.93, a P/E/G ratio of 0.75 and a beta of 0.85.

Incyte (NASDAQ:INCY - Get Free Report) last released its earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.96 by ($0.16). Incyte had a return on equity of 26.34% and a net margin of 25.03%.The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the business posted $1.43 earnings per share. Incyte's revenue was up 27.8% on a year-over-year basis. As a group, sell-side analysts expect that Incyte Corporation will post 6.52 EPS for the current year.

Insider Activity

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the firm's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the sale, the insider directly owned 262,692 shares of the company's stock, valued at approximately $25,349,778. This trade represents 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. Corporate insiders own 17.80% of the company's stock.

Wall Street Analyst Weigh In

INCY has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Incyte from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 14th. UBS Group lowered their price target on shares of Incyte from $104.00 to $94.00 and set a "neutral" rating for the company in a report on Wednesday, March 25th. TD Cowen reiterated a "buy" rating on shares of Incyte in a report on Tuesday, January 13th. The Goldman Sachs Group reiterated a "neutral" rating and set a $90.00 price target on shares of Incyte in a report on Thursday, January 8th. Finally, Piper Sandler lifted their price target on shares of Incyte from $102.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, February 6th. Ten investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $104.89.

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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