Bank of America Corp DE Invests $76.65 Million in Incyte Corporation $INCY

Key Points

• Bank of America acquired a new $76.65 million stake in Incyte, buying 676,191 shares and owning approximately 0.33% of the biopharmaceutical company. Institutional investors collectively hold 96.97% of Incyte’s outstanding stock.
• Incyte reported quarterly EPS of $3.09, exceeding the $2.15 consensus estimate, while revenue rose 37.7% year over year to $1.67 billion. Shares opened at $125.31, down 1.8%, with a 12-month range of $81.09 to $132.60.
• Analysts maintain a “Moderate Buy” consensus, with a $124.05 average price target; several firms recently raised their targets as high as $150. Insiders also sold shares through pre-arranged Rule 10b5-1 plans, including $1.36 million sold by Pablo Cagnoni and $5.01 million by Patrick Mayes.

Bank of America Corp DE bought a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 676,191 shares of the biopharmaceutical company's stock, valued at approximately $76,653,000. Bank of America Corp DE owned about 0.33% of Incyte as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. 180 Wealth Advisors LLC boosted its stake in Incyte by 2.0% in the 1st quarter. 180 Wealth Advisors LLC now owns 6,877 shares of the biopharmaceutical company's stock worth $647,000 after purchasing an additional 132 shares during the period. Rockefeller Capital Management L.P. grew its holdings in shares of Incyte by 0.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 36,343 shares of the biopharmaceutical company's stock valued at $3,590,000 after buying an additional 134 shares in the last quarter. Tema ETFs LLC raised its position in Incyte by 5.7% during the second quarter. Tema ETFs LLC now owns 2,704 shares of the biopharmaceutical company's stock valued at $307,000 after buying an additional 145 shares during the period. Fielder Capital Group LLC lifted its stake in Incyte by 6.3% in the 4th quarter. Fielder Capital Group LLC now owns 2,649 shares of the biopharmaceutical company's stock worth $262,000 after acquiring an additional 156 shares in the last quarter. Finally, Trust Point Inc. lifted its stake in Incyte by 5.5% in the 2nd quarter. Trust Point Inc. now owns 2,968 shares of the biopharmaceutical company's stock worth $336,000 after acquiring an additional 156 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Down 1.8%

Shares of INCY opened at $125.31 on Friday. The firm has a market cap of $25.40 billion, a price-to-earnings ratio of 15.96, a price-to-earnings-growth ratio of 3.64 and a beta of 0.77. The company's fifty day moving average is $122.51 and its 200-day moving average is $107.49. Incyte Corporation has a 12 month low of $81.09 and a 12 month high of $132.60.

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

Wall Street Analyst Weigh In

INCY has been the topic of several research analyst reports. Guggenheim lifted their target price on Incyte from $136.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Piper Sandler increased their price target on shares of Incyte from $110.00 to $130.00 and gave the stock an "overweight" rating in a research report on Monday, August 17th. Mizuho raised their price target on shares of Incyte from $121.00 to $137.00 and gave the stock an "outperform" rating in a report on Tuesday, August 4th. Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a research report on Tuesday, July 28th. Finally, Truist Financial upped their price objective on shares of Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a research note on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and thirteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Incyte presently has a consensus rating of "Moderate Buy" and a consensus price target of $124.05.

Insider Activity at Incyte

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the firm'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 transaction, 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 transaction was disclosed in a filing with the SEC, which is available 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 the firm's 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 completion of the transaction, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company's stock.

Incyte Company Profile

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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