20,084 Shares in Incyte Corporation $INCY Bought by Commerce Bank

Key Points

• Commerce Bank bought 20,084 Incyte shares worth approximately $2.28 million during the second quarter. Institutional investors collectively own 96.97% of the company.
• Analysts maintain a consensus “Hold” rating with an average price target of $123.10, although Canaccord Genuity issued a “Buy” rating and a $152 target.
• Incyte reported quarterly EPS of $3.09, beating estimates by $0.94, while revenue rose 37.7% year over year to $1.67 billion. The stock opened at $127.98, near its 52-week high of $132.60.

Commerce Bank purchased a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 20,084 shares of the biopharmaceutical company's stock, valued at approximately $2,277,000.

A number of other hedge funds also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Incyte during the second quarter worth about $6,043,000. Quantbot Technologies LP purchased a new stake in shares of Incyte during the second quarter worth approximately $52,000. Evolve Private Wealth LLC acquired a new stake in Incyte in the second quarter valued at approximately $1,902,000. Landscape Capital Management L.L.C. acquired a new stake in Incyte in the second quarter valued at approximately $1,928,000. Finally, Korea Investment CORP purchased a new position in Incyte in the second quarter worth approximately $22,165,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on INCY. Sanford C. Bernstein reiterated a "market perform" rating and set a $104.00 price target on shares of Incyte in a report on Thursday, August 13th. Truist Financial lifted their price objective on shares of Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a research report on Monday, June 22nd. UBS Group boosted their target price on shares of Incyte from $103.00 to $113.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Canaccord Genuity Group assumed coverage on Incyte in a report on Thursday, August 20th. They issued a "buy" rating and a $152.00 target price on the stock. Finally, TD Cowen restated a "hold" rating on shares of Incyte in a research note on Tuesday, June 9th. Twelve analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $123.10.

Incyte Trading Up 0.1%

INCY stock opened at $127.98 on Tuesday. The stock has a market cap of $25.94 billion, a P/E ratio of 16.30, a PEG ratio of 4.05 and a beta of 0.76. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60. The company's 50 day moving average is $116.69 and its two-hundred day moving average is $104.37.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. The business had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company's revenue for the quarter was up 37.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.57 EPS. On average, equities research analysts predict that Incyte Corporation will post 2.61 earnings per share for the current year.

Insiders Place Their Bets

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the firm's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the transaction, the executive vice president owned 61,441 shares of the company's stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the sale, the insider owned 183,200 shares in the company, valued at $23,002,592. This trade represents a 5.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

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.

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