Callan Family Office LLC Invests $1.31 Million in Incyte Corporation $INCY

Key Points

• Callan Family Office acquired 11,538 Incyte shares worth approximately $1.31 million during the second quarter. Institutional investors and hedge funds collectively own 96.97% of the company.
• Incyte reported strong quarterly results, with adjusted EPS of $3.09 beating estimates of $2.15 and revenue of $1.67 billion exceeding the $1.50 billion consensus; revenue rose 37.7% year over year.
• Analyst sentiment remains mixed: the average rating is “Hold” with a $123.10 price target, while recent targets range from $120 to $130. Shares opened at $127.81, near the company’s 12-month high.

Callan Family Office LLC acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 11,538 shares of the biopharmaceutical company's stock, valued at approximately $1,308,000.

Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Incyte in the 2nd quarter valued at $2,044,189,000. Geode Capital Management LLC lifted its holdings in shares of Incyte by 11.3% during the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company's stock worth $491,500,000 after acquiring an additional 506,842 shares during the period. Invesco Ltd. boosted its position in shares of Incyte by 13.2% during the 4th quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company's stock valued at $343,105,000 after acquiring an additional 405,611 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Incyte by 13.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company's stock valued at $263,246,000 after acquiring an additional 373,298 shares in the last quarter. Finally, Morgan Stanley increased its stake in Incyte by 0.9% in the fourth quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company's stock valued at $263,106,000 after acquiring an additional 23,087 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Price Performance

Shares of Incyte stock opened at $127.81 on Monday. The stock has a market capitalization of $25.91 billion, a P/E ratio of 16.28, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76. The company has a 50-day simple moving average of $116.17 and a 200 day simple moving average of $104.18. 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 announced its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. The firm had revenue of $1.67 billion during 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 firm's quarterly revenue was up 37.7% on a year-over-year basis. During the same period last year, the firm posted $1.57 EPS. On average, equities analysts anticipate that Incyte Corporation will post 2.61 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. BMO Capital Markets increased their price target on shares of Incyte from $112.00 to $130.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 29th. Piper Sandler lifted their price objective on Incyte from $110.00 to $130.00 and gave the company an "overweight" rating in a report on Monday, August 17th. Benchmark reiterated a "buy" rating on shares of Incyte in a research note on Thursday. Oppenheimer reissued a "market perform" rating and issued a $120.00 target price on shares of Incyte in a report on Tuesday, July 28th. Finally, Weiss Ratings upgraded Incyte from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Twelve research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat, Incyte presently has an average rating of "Hold" and an average price target of $123.10.

Insider Activity at Incyte

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was 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 of the company's stock, valued at $23,002,592. The trade was a 5.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 that occurred on Friday, July 31st. The stock was 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 trade 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. Company insiders own 16.20% of the company's stock.

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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