Bank of New York Mellon Corp Purchases New Shares in Incyte Corporation $INCY

Key Points

• Bank of New York Mellon acquired 972,825 Incyte shares worth approximately $110.3 million, giving it a 0.48% stake. Institutional investors and hedge funds collectively own 96.97% of the company.
• Incyte reported quarterly earnings of $3.09 per share, beating estimates of $2.15, while revenue reached $1.67 billion and rose 37.7% year over year.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $123.10, below the stock’s reported $127.98 price. Two company insiders also sold shares through pre-arranged trading plans.

Bank of New York Mellon Corp acquired a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 972,825 shares of the biopharmaceutical company's stock, valued at approximately $110,279,000. Bank of New York Mellon Corp owned about 0.48% of Incyte as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. NewEdge Advisors LLC raised its stake in shares of Incyte by 369.3% during the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company's stock worth $763,000 after purchasing an additional 9,913 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Incyte by 15.1% in the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company's stock valued at $299,000 after buying an additional 648 shares during the period. Goldman Sachs Group Inc. increased its stake in Incyte by 6.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company's stock valued at $49,322,000 after buying an additional 48,751 shares during the period. United Services Automobile Association purchased a new position in Incyte during the 1st quarter worth $219,000. Finally, Focus Partners Wealth raised its position in Incyte by 74.1% during the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company's stock worth $1,273,000 after buying an additional 8,951 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Trading Up 0.1%

INCY stock opened at $127.98 on Tuesday. The company has a market capitalization of $25.94 billion, a P/E ratio of 16.30, a PEG ratio of 4.05 and a beta of 0.76. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60. The firm has a 50 day simple moving average of $116.69 and a 200-day simple moving average of $104.37.

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 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 the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business's quarterly revenue was up 37.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.57 EPS. On average, research analysts predict that Incyte Corporation will post 2.61 EPS for the current year.

Insider Buying and Selling at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of the firm's stock in a transaction dated Friday, July 31st. The stock was 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 of the company's stock, valued at $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 183,200 shares in the company, valued at $23,002,592. This represents a 5.57% decrease in their position. 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 currently owned by company insiders.

Wall Street Analysts Forecast Growth

INCY has been the topic of a number of recent analyst reports. HC Wainwright reiterated a "buy" rating and set a $150.00 price target on shares of Incyte in a research note on Thursday, August 20th. BMO Capital Markets boosted their price objective on shares of Incyte from $112.00 to $130.00 and gave the stock a "market perform" rating in a report on Wednesday, July 29th. Weiss Ratings raised Incyte from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 29th. Piper Sandler increased their price target on shares of Incyte from $110.00 to $130.00 and gave the company an "overweight" rating in a research report on Monday, August 17th. 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. Twelve 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 $123.10.

Incyte 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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