Fairvoy Private Wealth LLC Acquires 24,865 Shares of Incyte Corporation $INCY

Fairvoy Private Wealth LLC lifted its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 468.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,169 shares of the biopharmaceutical company’s stock after buying an additional 24,865 shares during the period. Fairvoy Private Wealth LLC’s holdings in Incyte were worth $2,980,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of INCY. AustralianSuper Pty Ltd purchased a new stake in Incyte during the 3rd quarter valued at $18,085,000. Rakuten Investment Management Inc. bought a new position in shares of Incyte during the 3rd quarter valued at $14,646,000. LBP AM SA boosted its stake in shares of Incyte by 33.6% in the 3rd 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 during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Incyte by 38.9% in the 3rd 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 during the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of Incyte by 941.8% in the fourth quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock worth $31,874,000 after acquiring an additional 291,293 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on INCY shares. UBS Group lowered their target price on Incyte from $104.00 to $94.00 and set a “neutral” rating on the stock in a report on Wednesday. Jefferies Financial Group downgraded Incyte from a “buy” rating to a “hold” rating and cut their price target for the company from $120.00 to $94.00 in a research note on Monday, March 16th. Stifel Nicolaus upped their price target on shares of Incyte from $119.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Morgan Stanley set a $102.00 price objective on shares of Incyte in a research note on Wednesday, February 11th. Finally, Mizuho set a $121.00 price objective on shares of Incyte and gave the stock an “outperform” rating in a report on Monday, December 8th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $104.89.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the completion of the transaction, the insider directly owned 234,800 shares in the company, valued at approximately $22,127,552. The trade was a 7.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the stock in a transaction that occurred 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 directly owned 66,132 shares of the company’s stock, valued at $7,213,017.24. This represents a 14.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 17.80% of the stock is owned by insiders.

Incyte Price Performance

Shares of Incyte stock opened at $90.30 on Friday. The stock has a market cap of $17.97 billion, a P/E ratio of 14.09, a P/E/G ratio of 0.73 and a beta of 0.84. 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’s fifty day moving average is $98.98 and its 200 day moving average is $96.93. Incyte Corporation has a one year low of $53.56 and a one year high of $112.29.

Incyte (NASDAQ:INCY) last released its quarterly 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). The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The business’s revenue for the quarter was up 27.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.43 EPS. Sell-side analysts anticipate that Incyte Corporation will post 4.86 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.