Pictet Asset Management Holding SA Has $130.15 Million Stake in Incyte Corporation $INCY

Key Points

• Pictet Asset Management boosted its stake in Incyte by 59.2%, acquiring an additional 489,382 shares to own 1,315,666 shares worth about $130.15 million (0.67% of the company) at quarter end.
• Analyst coverage is mixed with 10 Buys, 10 Holds and 1 Sell, leaving a consensus rating of Hold and an average price target of $104.89.
• Insider Pablo J. Cagnoni sold 18,667 shares at an average of $96.50 (≈$1.80M) under a pre-arranged Rule 10b5‑1 plan; insiders collectively own 17.80% of Incyte.

Pictet Asset Management Holding SA boosted its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 59.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,315,666 shares of the biopharmaceutical company's stock after acquiring an additional 489,382 shares during the period. Pictet Asset Management Holding SA owned 0.67% of Incyte worth $130,145,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. LCM Capital Management Inc acquired a new position in Incyte during the 4th quarter worth $206,000. Sanctuary Advisors LLC lifted its position in Incyte by 87.7% during the 4th quarter. Sanctuary Advisors LLC now owns 31,958 shares of the biopharmaceutical company's stock worth $3,156,000 after acquiring an additional 14,934 shares during the last quarter. Munich Reinsurance Co Stock Corp in Munich acquired a new position in Incyte during the 4th quarter worth $6,065,000. Rakuten Securities Inc. acquired a new position in Incyte during the 4th quarter worth $59,000. Finally, Chicago Partners Investment Group LLC lifted its position in Incyte by 6.8% during the 4th quarter. Chicago Partners Investment Group LLC now owns 8,426 shares of the biopharmaceutical company's stock worth $859,000 after acquiring an additional 538 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Analysts Set New Price Targets

INCY has been the subject of a number of research analyst reports. Wall Street Zen lowered shares of Incyte from a "strong-buy" rating to a "buy" rating in a research report on Saturday, February 14th. The Goldman Sachs Group reissued a "neutral" rating and set a $90.00 target price on shares of Incyte in a research report on Thursday, January 8th. TD Cowen reissued a "buy" rating on shares of Incyte in a research report on Tuesday, January 13th. Piper Sandler boosted 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. Finally, Weiss Ratings upgraded shares of Incyte from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, April 1st. Ten research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Incyte presently has a consensus rating of "Hold" and an average price target of $104.89.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the business's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the transaction, the insider owned 262,692 shares in the company, valued at approximately $25,349,778. The trade was a 6.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 17.80% of the company's stock.

Incyte Stock Performance

NASDAQ:INCY opened at $95.71 on Tuesday. The firm's 50-day moving average is $95.99 and its 200-day moving average is $98.66. Incyte Corporation has a 52-week low of $57.77 and a 52-week 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 company has a market cap of $19.05 billion, a price-to-earnings ratio of 14.93, a PEG ratio of 0.75 and a beta of 0.85.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the previous year, the firm posted $1.43 EPS. The business's revenue for the quarter was up 27.8% compared to the same quarter last year. Equities research analysts anticipate that Incyte Corporation will post 6.52 earnings per share 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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