9,703 Incyte Corporation $INCY Shares Acquired by CX Institutional

Key Points

• CX Institutional increased its Incyte position by 20.2% in the third quarter, acquiring 9,703 shares and bringing its holdings to 57,737 shares valued at approximately $7.0 million.
• Incyte reported strong quarterly results, with EPS of $3.09 exceeding estimates of $2.15 and revenue rising 37.7% year over year to $1.67 billion.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $126.15, while the stock recently traded at $115.30.

CX Institutional boosted its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 20.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,737 shares of the biopharmaceutical company's stock after acquiring an additional 9,703 shares during the period. CX Institutional's holdings in Incyte were worth $7,006,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Trails Edge Capital Partners LP acquired a new stake in shares of Incyte during the 2nd quarter valued at $17,570,800. Twin Capital Management Inc. purchased a new position in shares of Incyte during the 1st quarter valued at $875,000. BlackRock Inc. acquired a new position in Incyte in the 2nd quarter worth about $2,044,189,000. Sector Gamma AS raised its position in Incyte by 6.7% during the fourth quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company's stock valued at $21,609,000 after acquiring an additional 13,669 shares in the last quarter. Finally, Mediolanum International Funds Ltd lifted its stake in shares of Incyte by 25.4% in the 1st quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company's stock valued at $5,447,000 after purchasing an additional 12,227 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Trading Down 1.6%

NASDAQ INCY opened at $115.30 on Friday. The stock has a 50 day moving average of $123.81 and a 200-day moving average of $109.33. Incyte Corporation has a 12 month low of $82.82 and a 12 month high of $132.60. The company has a market cap of $23.37 billion, a PE ratio of 14.69, a PEG ratio of 3.56 and a beta of 0.74.

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. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the business posted $1.57 EPS. Incyte's revenue was up 37.7% on a year-over-year basis. As a group, sell-side analysts predict that Incyte Corporation will post 2.52 EPS for the current fiscal year.

Insider Activity

In other news, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the company's stock in a transaction on Wednesday, August 19th. The shares were 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 of the company's stock, valued at approximately $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on INCY shares. Guggenheim boosted their target price on shares of Incyte from $136.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. TD Cowen raised shares of Incyte to a "strong-buy" rating in a research note on Monday, August 24th. Sanford C. Bernstein reissued a "market perform" rating and set a $104.00 price target on shares of Incyte in a report on Thursday, August 13th. Stifel Nicolaus set a $145.00 price target on shares of Incyte in a research note on Tuesday, July 28th. Finally, Canaccord Genuity Group assumed coverage on Incyte in a research report on Thursday, August 20th. They issued a "buy" rating and a $152.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, Incyte has a consensus rating of "Moderate Buy" and an average target price of $126.15.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte's marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.

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