Westpac Banking Corp Reduces Stock Holdings in Incyte Corporation $INCY

Westpac Banking Corp lessened its position in shares of Incyte Corporation (NASDAQ:INCY) by 91.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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.

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

Incyte Stock Performance

NASDAQ INCY opened at $101.24 on Friday. The business’s 50-day moving average price is $96.29 and its 200 day moving average price is $99.07. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. Incyte Corporation has a twelve month low of $66.74 and a twelve month high of $112.29. The company has a market capitalization of $20.23 billion, a PE ratio of 14.30, a price-to-earnings-growth ratio of 0.94 and a beta of 0.79.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the firm posted $1.16 EPS. The company’s revenue was up 20.9% on a year-over-year basis. On average, research analysts predict that Incyte Corporation will post 6.74 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the transaction, the insider directly owned 262,692 shares in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on INCY shares. UBS Group cut their price objective on Incyte from $104.00 to $94.00 and set a “neutral” rating for the company in a research report on Wednesday, March 25th. Citigroup reissued a “market perform” rating on shares of Incyte in a research report on Tuesday. Oppenheimer boosted their price target on Incyte from $84.00 to $90.00 and gave the stock a “market perform” rating in a report on Wednesday, April 29th. Wall Street Zen downgraded Incyte from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 14th. Finally, Weiss Ratings raised Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 1st. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Incyte has a consensus rating of “Hold” and an average target price of $104.00.

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.