32,151 Shares in Incyte Corporation $INCY Bought by Pallas Capital Advisors LLC

Key Points

• Pallas Capital Advisors purchased 32,151 Incyte shares worth approximately $3.65 million, while other institutions also initiated positions; institutional investors now own 96.97% of the stock.
• Analyst sentiment is mixed, with ten Buy ratings and thirteen Holds. Incyte has a consensus rating of Hold and an average price target of $121.65.
• Incyte exceeded quarterly expectations, reporting $3.09 EPS and $1.67 billion in revenue, up 37.7% year over year. Shares opened at $123.50, while an executive separately sold 41,899 shares under a pre-arranged trading plan.

Pallas Capital Advisors LLC bought a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 32,151 shares of the biopharmaceutical company's stock, valued at approximately $3,645,000.

Several other hedge funds have also modified their holdings of the stock. Deutsche Bank AG acquired a new position in shares of Incyte in the second quarter worth about $143,172,000. Perigon Wealth Management LLC acquired a new position in Incyte in the 2nd quarter worth approximately $460,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Incyte during the 2nd quarter worth approximately $46,734,000. Plato Investment Management Ltd purchased a new position in Incyte during the 2nd quarter worth approximately $1,674,000. Finally, Global Retirement Partners LLC acquired a new stake in Incyte during the 2nd quarter valued at $312,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on INCY. Guggenheim increased their target price on Incyte from $136.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Sanford C. Bernstein reissued a "market perform" rating and set a $104.00 price target on shares of Incyte in a research report on Thursday. Citigroup reissued a "buy" rating on shares of Incyte in a research note on Monday, August 3rd. JPMorgan Chase & Co. raised their price objective on Incyte from $105.00 to $110.00 and gave the stock a "neutral" rating in a research report on Thursday, July 23rd. Finally, Wall Street Zen cut Incyte from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Ten analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $121.65.

Insider Transactions at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the transaction, the executive vice president directly owned 61,441 shares of the company's stock, valued at $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company's stock.

Incyte Price Performance

Shares of INCY stock opened at $123.50 on Tuesday. Incyte Corporation has a fifty-two week low of $81.09 and a fifty-two week high of $132.60. The stock's 50-day moving average is $114.53 and its two-hundred day moving average is $103.46. The firm has a market cap of $25.03 billion, a P/E ratio of 15.73, a PEG ratio of 3.77 and a beta of 0.76.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly 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. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the company earned $1.57 EPS. The firm's revenue was up 37.7% on a year-over-year basis. As a group, research analysts expect that Incyte Corporation will post 2.64 EPS for the current year.

About Incyte

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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