Beacon Harbor Wealth Advisors Inc. Takes Position in Incyte Corporation $INCY

Beacon Harbor Wealth Advisors Inc. acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 68,069 shares of the biopharmaceutical company’s stock, valued at approximately $6,723,000. Incyte makes up about 1.5% of Beacon Harbor Wealth Advisors Inc.’s holdings, making the stock its 28th largest position.

A number of other large investors have also recently made changes to their positions in INCY. AQR Capital Management LLC lifted its position in shares of Incyte by 21.8% during the 2nd quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock valued at $558,519,000 after buying an additional 1,465,286 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Incyte by 8,091.6% during the 3rd quarter. Pacer Advisors Inc. now owns 1,248,642 shares of the biopharmaceutical company’s stock valued at $105,897,000 after buying an additional 1,233,399 shares in the last quarter. Caisse de depot et placement du Quebec lifted its position in shares of Incyte by 264.5% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock valued at $127,046,000 after buying an additional 1,087,091 shares in the last quarter. Man Group plc lifted its position in shares of Incyte by 52.8% during the 2nd quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company’s stock valued at $109,687,000 after buying an additional 556,243 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its position in shares of Incyte by 9,739.1% during the 2nd quarter. Squarepoint Ops LLC now owns 558,171 shares of the biopharmaceutical company’s stock valued at $38,011,000 after buying an additional 552,498 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. UBS Group lowered their price objective on Incyte from $104.00 to $94.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 25th. Piper Sandler lifted their price objective on Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. HC Wainwright reaffirmed a “buy” rating and set a $135.00 price objective on shares of Incyte in a research report on Wednesday, March 25th. The Goldman Sachs Group reissued a “neutral” rating and set a $90.00 target price on shares of Incyte in a research note on Thursday, January 8th. Finally, Barclays reissued an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. Ten equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Incyte currently has an average rating of “Hold” and an average price target of $104.89.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte 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 sale, the insider owned 234,800 shares of the company’s stock, valued at approximately $22,127,552. This trade represents a 7.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 17.80% of the company’s stock.

Incyte Stock Down 0.9%

Shares of INCY opened at $96.07 on Friday. The business’s 50 day moving average is $97.37 and its 200 day moving average is $97.70. The company has a market capitalization of $19.12 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 0.76 and a beta of 0.85. Incyte Corporation has a 12-month low of $55.11 and a 12-month high of $112.29. The company has a current ratio of 3.32, a quick ratio of 3.25 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its 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 business 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 firm’s revenue for the quarter was up 27.8% compared to the same quarter last year. During the same period last year, the business posted $1.43 EPS. Research analysts expect that Incyte Corporation will post 4.86 earnings per share for the current fiscal 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.