Man Group plc Has $108.58 Million Stock Position in Incyte Corporation $INCY

Man Group plc decreased its stake in shares of Incyte Corporation (NASDAQ:INCY) by 43.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,099,329 shares of the biopharmaceutical company’s stock after selling 834,218 shares during the period. Man Group plc’s holdings in Incyte were worth $108,581,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in INCY. NewEdge Advisors LLC lifted its position in Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after buying an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp lifted its position in Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after buying an additional 648 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after buying an additional 48,751 shares in the last quarter. United Services Automobile Association acquired a new position in Incyte during the 1st quarter worth about $219,000. Finally, Focus Partners Wealth lifted its position in Incyte by 74.1% during the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after buying an additional 8,951 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of NASDAQ:INCY opened at $98.99 on Thursday. The stock has a market capitalization of $19.78 billion, a P/E ratio of 13.98, a P/E/G ratio of 0.97 and a beta of 0.79. Incyte Corporation has a 1-year low of $66.74 and a 1-year high of $112.29. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $98.06 and a two-hundred day moving average price of $99.02.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm’s revenue was up 20.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.16 earnings per share. Equities analysts predict that Incyte Corporation will post 6.64 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on INCY shares. Citigroup reiterated a “market perform” rating on shares of Incyte in a research report on Tuesday, June 2nd. Jefferies Financial Group downgraded shares of Incyte from a “buy” rating to a “hold” rating and reduced their price target for the stock from $120.00 to $94.00 in a research report on Monday, March 16th. Barclays reissued an “overweight” rating on shares of Incyte in a report on Tuesday, March 24th. Sanford C. Bernstein initiated coverage on Incyte in a report on Thursday, May 21st. They set a “market perform” rating and a $99.00 price objective for the company. Finally, Weiss Ratings raised Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Eight equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $105.10.

Insider Buying and Selling

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the company’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 completion of the sale, the insider 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 transaction was disclosed in a document filed 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.

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.