Baird Financial Group Inc. Increases Stock Holdings in Incyte Corporation $INCY

Key Points

• Baird Financial Group increased its Incyte stake by 20.3% in the second quarter, acquiring 37,995 additional shares and bringing its holdings to 224,855 shares valued at approximately $25.5 million. Institutional investors collectively own 96.97% of the company.
• Analysts maintain a generally positive outlook, with Incyte receiving a consensus “Moderate Buy” rating and an average price target of $124.05; individual targets range from $105 to $150.
• Incyte reported strong quarterly results, posting $3.09 in earnings per share versus the $2.15 consensus estimate and $1.67 billion in revenue, up 37.7% year over year. Shares recently opened at $123.28, near the analyst consensus target.

Baird Financial Group Inc. boosted its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 20.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 224,855 shares of the biopharmaceutical company's stock after acquiring an additional 37,995 shares during the period. Baird Financial Group Inc. owned 0.11% of Incyte worth $25,490,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Fiduciary Financial Advisors purchased a new position in shares of Incyte during the second quarter valued at about $26,000. Elyxium Wealth LLC bought a new position in Incyte in the fourth quarter worth about $28,000. Smithfield Trust Co lifted its holdings in Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after buying an additional 162 shares during the period. MUFG Securities EMEA plc bought a new stake in Incyte during the 2nd quarter valued at approximately $32,000. Finally, CYBER HORNET ETFs LLC bought a new stake in Incyte during the 2nd quarter valued at approximately $33,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

INCY has been the subject of several research reports. HC Wainwright reissued a "buy" rating and issued a $150.00 target price on shares of Incyte in a research report on Thursday, August 20th. Oppenheimer restated a "market perform" rating and set a $120.00 price target on shares of Incyte in a research report on Tuesday, July 28th. JPMorgan Chase & Co. upped their price target on Incyte from $105.00 to $110.00 and gave the stock a "neutral" rating in a research note on Thursday, July 23rd. Truist Financial increased their price objective on Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a report on Monday, June 22nd. Finally, Stifel Nicolaus set a $145.00 price objective on Incyte in a research report 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 assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $124.05.

Incyte Price Performance

Shares of Incyte stock opened at $123.28 on Friday. The stock has a market cap of $24.99 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 3.66 and a beta of 0.77. The firm's 50-day moving average is $121.70 and its 200 day moving average is $106.56. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60.

Incyte (NASDAQ:INCY - Get Free Report) last released 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. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. Incyte's revenue was up 37.7% compared to the same quarter last year. During the same period last year, the business earned $1.57 EPS. On average, equities analysts expect that Incyte Corporation will post 2.64 EPS for the current fiscal year.

Insider Activity at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction on 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 in the company, 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 SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $5,005,254.54. Following the sale, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This 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 biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte's commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.

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