Bank of America Corp DE Sells 87,913 Shares of Incyte Corporation $INCY

Key Points

• Bank of America reduced its Incyte stake by 8.8%, selling 87,913 shares during the first quarter while retaining 915,527 shares valued at approximately $86.2 million. Institutional investors collectively own 96.97% of Incyte.
• Incyte reported strong quarterly results, with EPS of $3.09 versus $2.15 expected and revenue of $1.67 billion, up 37.7% year over year and above analyst estimates.
• Analyst views remain mixed: the consensus rating is “Hold” with a $120.40 target price, although HC Wainwright and Mizuho raised their targets to $150 and $137, respectively. Incyte shares opened at $120.56, up 1.8%.

Bank of America Corp DE reduced its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 8.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 915,527 shares of the biopharmaceutical company's stock after selling 87,913 shares during the quarter. Bank of America Corp DE owned approximately 0.46% of Incyte worth $86,169,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in INCY. Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Incyte by 11.5% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 210,097 shares of the biopharmaceutical company's stock worth $20,719,000 after buying an additional 21,735 shares during the last quarter. Twin Capital Management Inc. bought a new position in shares of Incyte during the 1st quarter worth approximately $875,000. Northwestern Mutual Wealth Management Co. lifted its position in Incyte by 5,218.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company's stock valued at $58,950,000 after acquiring an additional 585,618 shares during the last quarter. GC Wealth Management RIA LLC purchased a new stake in Incyte during the fourth quarter valued at approximately $1,629,000. Finally, Sector Gamma AS boosted its stake in Incyte by 6.7% in 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. Institutional investors own 96.97% of the company's stock.

Insider Buying and Selling at Incyte

In other news, EVP Patrick A. Mayes sold 41,899 shares of the business'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 sale, the executive vice president directly owned 61,441 shares of the company's stock, valued at $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Incyte Stock Up 1.8%

INCY stock opened at $120.56 on Friday. The stock has a market capitalization of $24.44 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 3.79 and a beta of 0.76. Incyte Corporation has a 52 week low of $77.69 and a 52 week high of $132.60. The firm has a 50 day moving average of $111.78 and a 200 day moving average of $102.73.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.94. The business had revenue of $1.67 billion for 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 for the quarter was up 37.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.57 EPS. On average, equities research analysts expect that Incyte Corporation will post 2.64 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. TD Cowen reaffirmed a "hold" rating on shares of Incyte in a report on Tuesday, June 9th. HC Wainwright increased their price objective on Incyte from $140.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Oppenheimer reissued a "market perform" rating and issued a $120.00 price objective on shares of Incyte in a research report on Tuesday, July 28th. Mizuho boosted their target price on Incyte from $121.00 to $137.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings raised Incyte from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Ten analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $120.40.

Incyte Company Profile

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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