New England Research & Management Inc. Acquires New Stake in Incyte Corporation $INCY

Key Points

• New England Research & Management bought a new position in Incyte of 17,400 shares (about $1.72M) in Q4, and institutional/hedge fund ownership stands at roughly 96.97% with other large new stakes from AustralianSuper and Rakuten.
• Wall Street sentiment is mixed: Incyte has a consensus rating of "Hold" with a consensus price target of $103.44, while analysts range from Barclays' overweight/$117 target to Jefferies' downgrade to hold with a $94 target.
• Corporate insiders have been selling (notably Pablo Cagnoni and EVP Mohamed Issa), and the company recently missed EPS ($1.80 vs. $1.96 estimate) but beat revenue ($1.51B vs. $1.35B), with revenue up 27.8% year-over-year.

New England Research & Management Inc. bought a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 17,400 shares of the biopharmaceutical company's stock, valued at approximately $1,719,000.

A number of other hedge funds have also modified their holdings of INCY. AustralianSuper Pty Ltd acquired a new stake in Incyte in the 3rd quarter valued at about $18,085,000. Rakuten Investment Management Inc. acquired a new position in shares of Incyte during the 3rd quarter worth approximately $14,646,000. LBP AM SA boosted its holdings in shares of Incyte by 33.6% during the 3rd quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company's stock worth $20,245,000 after purchasing an additional 59,974 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Incyte by 38.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 387,605 shares of the biopharmaceutical company's stock valued at $32,873,000 after purchasing an additional 108,645 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Incyte by 28.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 106,789 shares of the biopharmaceutical company's stock valued at $9,309,000 after purchasing an additional 23,954 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Barclays lifted their price objective on Incyte from $116.00 to $117.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 18th. Truist Financial set a $103.00 target price on Incyte in a report on Wednesday, December 24th. Wall Street Zen downgraded Incyte from a "strong-buy" rating to a "buy" rating in a research note on Saturday, February 14th. Jefferies Financial Group lowered Incyte from a "buy" rating to a "hold" rating and reduced their price target for the stock from $120.00 to $94.00 in a report on Monday, March 16th. Finally, Royal Bank Of Canada lowered their price target on shares of Incyte from $95.00 to $92.00 and set a "sector perform" rating on the stock in a research report on Wednesday, February 11th. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Incyte presently has a consensus rating of "Hold" and a consensus price target of $103.44.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the company's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total value of $1,759,178.08. Following the transaction, the insider owned 234,800 shares of the company's stock, valued at $22,127,552. This represents a 7.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the transaction, the executive vice president directly owned 66,132 shares of the company's stock, valued at approximately $7,213,017.24. This trade represents a 14.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 17.80% of the company's stock.

Incyte Trading Down 2.3%

INCY opened at $90.78 on Friday. The stock has a market capitalization of $18.07 billion, a PE ratio of 14.16, a P/E/G ratio of 0.72 and a beta of 0.84. Incyte Corporation has a one year low of $53.56 and a one year high of $112.29. 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 business's 50 day moving average price is $100.41 and its 200 day moving average price is $96.84.

Incyte (NASDAQ:INCY - Get Free Report) last posted 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 business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the business earned $1.43 EPS. Incyte's revenue was up 27.8% compared to the same quarter last year. As a group, equities research analysts expect that Incyte Corporation will post 4.86 EPS for the current year.

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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