J. Safra Sarasin Holding AG Decreases Stake in Incyte Corporation $INCY

J. Safra Sarasin Holding AG lowered its stake in Incyte Corporation (NASDAQ:INCY) by 80.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 8,406 shares of the biopharmaceutical company’s stock after selling 35,655 shares during the quarter. J. Safra Sarasin Holding AG’s holdings in Incyte were worth $830,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in INCY. AustralianSuper Pty Ltd bought a new stake in Incyte in the 3rd quarter worth $18,085,000. Rakuten Investment Management Inc. bought a new position in shares of Incyte during the third quarter valued at about $14,646,000. LBP AM SA raised its stake in shares of Incyte by 33.6% during the third quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company’s stock valued at $20,245,000 after acquiring an additional 59,974 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Incyte by 38.9% during 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 during the period. Finally, Nordea Investment Management AB boosted its holdings in shares of Incyte by 941.8% during the fourth quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock worth $31,874,000 after purchasing an additional 291,293 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insider Buying and Selling

In other news, EVP Mohamed Khairie Issa sold 10,856 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total value of $1,184,063.92. Following the completion of the transaction, the executive vice president owned 66,132 shares in the company, valued at $7,213,017.24. This trade represents a 14.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction that occurred on 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 sale, the insider owned 234,800 shares in the company, valued at $22,127,552. This represents a 7.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 17.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on INCY. Morgan Stanley set a $102.00 price target on Incyte in a report on Wednesday, February 11th. Truist Financial set a $103.00 price objective on Incyte in a report on Wednesday, December 24th. Barclays reiterated an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Piper Sandler boosted their target price on Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 6th. Finally, Wall Street Zen downgraded Incyte from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 14th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $104.89.

Incyte Price Performance

Shares of NASDAQ INCY opened at $94.30 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $112.29. The company’s 50-day moving average is $98.29 and its 200 day moving average is $97.18. The stock has a market capitalization of $18.77 billion, a P/E ratio of 14.71, a P/E/G ratio of 0.75 and a beta of 0.84.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 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 during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter last year, the business earned $1.43 earnings per share. The business’s quarterly revenue was up 27.8% on a year-over-year basis. On average, sell-side analysts expect that Incyte Corporation will post 4.86 earnings per share 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.