Westpac Banking Corp Sells 8,750 Shares of Incyte Corporation $INCY

Westpac Banking Corp cut its stake in Incyte Corporation (NASDAQ:INCY) by 39.6% in the third quarter, Holdings Channel.com reports. The firm owned 13,358 shares of the biopharmaceutical company’s stock after selling 8,750 shares during the quarter. Westpac Banking Corp’s holdings in Incyte were worth $1,133,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of INCY. denkapparat Operations GmbH lifted its stake in Incyte by 46.1% in the 2nd quarter. denkapparat Operations GmbH now owns 11,292 shares of the biopharmaceutical company’s stock valued at $769,000 after acquiring an additional 3,564 shares in the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of Incyte in the third quarter valued at approximately $14,646,000. LBP AM SA raised its holdings in shares of Incyte by 33.6% in the third quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company’s stock valued at $20,245,000 after purchasing an additional 59,974 shares during the last quarter. Massachusetts Financial Services Co. MA lifted 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 worth $32,873,000 after purchasing an additional 108,645 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Incyte by 28.9% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 106,789 shares of the biopharmaceutical company’s stock worth $9,309,000 after purchasing an additional 23,954 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insiders Place Their Bets

In other Incyte news, EVP Mohamed Khairie Issa sold 10,856 shares of the firm’s stock in a transaction on 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 completion of the sale, the executive vice president owned 66,132 shares of the company’s stock, valued at $7,213,017.24. This trade represents a 14.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael James Morrissey sold 4,323 shares of Incyte stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total transaction of $420,454.98. Following the transaction, the executive vice president directly owned 27,507 shares of the company’s stock, valued at approximately $2,675,330.82. This trade represents a 13.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 95,225 shares of company stock worth $9,519,745 in the last quarter. Insiders own 17.80% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Guggenheim upgraded shares of Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a research note on Monday, November 3rd. Royal Bank Of Canada lowered their target price on Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 11th. Mizuho set a $121.00 target price on Incyte and gave the stock an “outperform” rating in a report on Monday, December 8th. Zacks Research downgraded Incyte from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Finally, Wall Street Zen lowered Incyte from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 14th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $104.00.

Incyte Trading Up 0.1%

Incyte stock opened at $100.09 on Friday. Incyte Corporation has a 52 week low of $53.56 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 stock has a market capitalization of $19.92 billion, a P/E ratio of 15.61, a PEG ratio of 0.80 and a beta of 0.82. The stock has a 50-day simple moving average of $102.55 and a 200 day simple moving average of $95.57.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm earned $1.43 EPS. Incyte’s quarterly revenue was up 27.8% compared to the same quarter last year. Analysts expect that Incyte Corporation will post 4.86 earnings per share for the current year.

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.