Amundi Acquires 177,529 Shares of Incyte Corporation $INCY

Key Points

• Amundi increased its Incyte stake by 17.7% in the second quarter, purchasing 177,529 additional shares for a total holding of 1.18 million shares valued at approximately $133.9 million.
• Incyte reported quarterly earnings of $3.09 per share, exceeding the $2.15 consensus estimate, while revenue rose 37.7% year over year to $1.67 billion. Shares opened at $124.40, near the analyst consensus price target of $124.05.
• Institutional investors own 96.97% of Incyte, and analysts maintain a “Moderate Buy” consensus, with Leerink Partners raising its price target to $155. Recent insider activity was predominantly selling under pre-arranged trading plans.

Amundi raised its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 17.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,181,498 shares of the biopharmaceutical company's stock after buying an additional 177,529 shares during the period. Amundi owned about 0.58% of Incyte worth $133,935,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in INCY. California State Teachers Retirement System lifted its position in shares of Incyte by 11,644.8% in the 2nd quarter. California State Teachers Retirement System now owns 28,338,640 shares of the biopharmaceutical company's stock worth $3,212,468,000 after purchasing an additional 28,097,353 shares during the period. BlackRock Inc. purchased a new stake in Incyte during the 2nd quarter valued at $2,044,189,000. Geode Capital Management LLC increased its holdings in shares of Incyte by 11.3% in the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company's stock worth $491,500,000 after purchasing an additional 506,842 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Incyte by 9.5% in the second quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company's stock worth $405,321,000 after purchasing an additional 309,385 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Incyte by 13.2% in the fourth quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company's stock worth $343,105,000 after purchasing an additional 405,611 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $124.40 on Wednesday. The business's 50 day moving average price is $121.33 and its 200-day moving average price is $106.23. Incyte Corporation has a fifty-two week low of $81.09 and a fifty-two week high of $132.60. The company has a market cap of $25.22 billion, a price-to-earnings ratio of 15.85, a PEG ratio of 3.68 and a beta of 0.77.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the business posted $1.57 EPS. The firm's revenue for the quarter was up 37.7% on a year-over-year basis. Sell-side analysts predict that Incyte Corporation will post 2.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

INCY has been the topic of a number of recent analyst reports. Weiss Ratings raised shares of Incyte from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 29th. Leerink Partners boosted their price objective on shares of Incyte from $131.00 to $155.00 and gave the company an "outperform" rating in a report on Monday, August 3rd. Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a research report on Tuesday, July 28th. Truist Financial raised their target price on shares of Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a report on Monday, June 22nd. Finally, Oppenheimer reiterated a "market perform" rating and set a $120.00 target price on shares of Incyte in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $124.05.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the sale, the insider directly owned 183,200 shares of the company's stock, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their position. The sale was disclosed in a document filed 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, 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 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 approximately $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. 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 company insiders.

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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