Westpac Banking Corp Trims Stake in Incyte Corporation $INCY

Key Points

• Westpac Banking Corp sharply reduced its Incyte stake by 91.7% in the fourth quarter, leaving it with 1,112 shares worth about $110,000.
• Incyte’s latest earnings beat expectations, with Q1 EPS of $1.81 versus $1.38 estimated and revenue of $1.27 billion, up 20.9% year over year.
• Wall Street sentiment is mixed: analysts currently rate Incyte a Hold on average, with a consensus price target of $104, even as the stock traded up 3.3% to $101.24.

Westpac Banking Corp trimmed its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 91.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,112 shares of the biopharmaceutical company's stock after selling 12,246 shares during the quarter. Westpac Banking Corp's holdings in Incyte were worth $110,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Oregon Public Employees Retirement Fund increased its stake in Incyte by 0.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company's stock valued at $1,864,000 after purchasing an additional 100 shares during the period. Bank of Nova Scotia grew its holdings in shares of Incyte by 0.7% during the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company's stock worth $1,160,000 after buying an additional 124 shares during the last quarter. Perbak Capital Partners LLP grew its holdings in shares of Incyte by 2.5% during the third quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company's stock worth $449,000 after buying an additional 129 shares during the last quarter. Savvy Advisors Inc. increased its position in Incyte by 2.6% in the 4th quarter. Savvy Advisors Inc. now owns 5,339 shares of the biopharmaceutical company's stock valued at $527,000 after acquiring an additional 133 shares during the period. Finally, Haven Capital Group Inc. raised its stake in Incyte by 0.8% during the 4th quarter. Haven Capital Group Inc. now owns 17,985 shares of the biopharmaceutical company's stock valued at $1,776,000 after acquiring an additional 144 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the company'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 directly owned 262,692 shares in the company, valued at approximately $25,349,778. This represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company's stock.

Wall Street Analyst Weigh In

INCY has been the subject of several recent research reports. Wall Street Zen downgraded Incyte from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 14th. Wells Fargo & Company cut their price objective on shares of Incyte from $107.00 to $101.00 and set an "equal weight" rating for the company in a research report on Wednesday, February 11th. Jefferies Financial Group cut shares of Incyte from a "buy" rating to a "hold" rating and reduced their target price for the stock from $120.00 to $94.00 in a research note on Monday, March 16th. HC Wainwright reaffirmed a "buy" rating and issued a $135.00 target price on shares of Incyte in a report on Thursday, May 21st. Finally, Piper Sandler boosted their price target on shares of Incyte from $102.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, February 6th. Nine research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Incyte currently has an average rating of "Hold" and a consensus target price of $104.00.

Incyte Trading Up 3.3%

NASDAQ:INCY opened at $101.24 on Friday. Incyte Corporation has a 1 year low of $66.74 and a 1 year high of $112.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The stock has a fifty day moving average price of $96.29 and a two-hundred day moving average price of $99.07. The stock has a market capitalization of $20.23 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 0.94 and a beta of 0.79.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.38 by $0.43. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business's revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.16 EPS. As a group, sell-side analysts anticipate that Incyte Corporation will post 6.74 earnings per share for the current fiscal 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.

Want to see what other hedge funds are holding INCY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Incyte Corporation (NASDAQ:INCY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.