BlackRock Inc. Takes $2.04 Billion Position in Incyte Corporation $INCY

Key Points

• BlackRock acquired 18.03 million Incyte shares worth approximately $2.04 billion, giving it an 8.9% stake. Institutional investors and hedge funds collectively own 96.97% of the company.
• Analyst sentiment remains mixed: Incyte has a consensus “Hold” rating and a $121.65 price target, although Mizuho and Leerink Partners recently raised their targets to $137 and $155, respectively.
• Incyte reported strong quarterly results, with EPS of $3.09 versus the $2.15 estimate and revenue of $1.67 billion, up 37.7% year over year. The stock was trading at $128.47, near its 12-month high of $132.60.

BlackRock Inc. purchased a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,032,718 shares of the biopharmaceutical company's stock, valued at approximately $2,044,189,000. BlackRock Inc. owned 8.90% of Incyte at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Elyxium Wealth LLC acquired a new position in shares of Incyte during the fourth quarter worth about $28,000. Smithfield Trust Co raised its holdings in Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock valued at $28,000 after acquiring an additional 162 shares in the last quarter. MUFG Securities EMEA plc purchased a new position in Incyte in the second quarter worth approximately $32,000. CYBER HORNET ETFs LLC purchased a new position in Incyte in the second quarter worth approximately $33,000. Finally, Leonteq Securities AG purchased a new position in Incyte in the fourth quarter worth approximately $35,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Mizuho increased their price objective on shares of Incyte from $121.00 to $137.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. Morgan Stanley set a $119.00 price objective on shares of Incyte in a research report on Wednesday, July 29th. Wall Street Zen downgraded shares of Incyte from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. BMO Capital Markets increased their target price on Incyte from $112.00 to $130.00 and gave the company a "market perform" rating in a report on Wednesday, July 29th. Finally, Leerink Partners raised their price target on Incyte from $131.00 to $155.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd. Ten investment analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $121.65.

Insider Transactions at Incyte

In other Incyte 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 transaction, the executive vice president 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. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Incyte Trading Up 4.0%

Shares of NASDAQ:INCY opened at $128.47 on Thursday. The firm has a 50 day simple moving average of $115.40 and a 200-day simple moving average of $103.81. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60. The company has a market capitalization of $26.04 billion, a PE ratio of 16.37, a P/E/G ratio of 3.91 and a beta of 0.76.

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, 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 firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the firm posted $1.57 EPS. The company's revenue was up 37.7% on a year-over-year basis. As a group, equities research analysts predict that Incyte Corporation will post 2.61 EPS for the current fiscal year.

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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