Corient Private Wealth LP Has $3.78 Million Stake in Incyte Corporation $INCY

Key Points

• Corient Private Wealth reduced its Incyte stake by 29.1% in the second quarter, selling 13,697 shares and retaining 33,378 shares valued at approximately $3.78 million.
• Institutional investors and hedge funds own 96.97% of Incyte, while several firms recently initiated or increased positions. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $124.05.
• Incyte reported quarterly earnings of $3.09 per share, beating estimates by $0.94, while revenue rose 37.7% year over year to $1.67 billion. Shares opened at $125.31, near their 52-week high of $132.60.

Corient Private Wealth LP lowered its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 29.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,378 shares of the biopharmaceutical company's stock after selling 13,697 shares during the quarter. Corient Private Wealth LP's holdings in Incyte were worth $3,784,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Trails Edge Capital Partners LP bought a new position in shares of Incyte during the second quarter worth about $17,570,800. Twin Capital Management Inc. bought a new stake in Incyte in the first quarter valued at approximately $875,000. BlackRock Inc. acquired a new stake in Incyte during the 2nd quarter valued at approximately $2,044,189,000. Sector Gamma AS increased its position in Incyte by 6.7% during the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company's stock valued at $21,609,000 after purchasing an additional 13,669 shares during the period. Finally, Mediolanum International Funds Ltd raised its holdings in Incyte by 25.4% during the 1st quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company's stock worth $5,447,000 after purchasing an additional 12,227 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on INCY. JPMorgan Chase & Co. boosted their price target on shares of Incyte from $105.00 to $110.00 and gave the stock a "neutral" rating in a research report on Thursday, July 23rd. Barclays increased their price objective on shares of Incyte from $134.00 to $139.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Morgan Stanley set a $119.00 target price on shares of Incyte in a report on Wednesday, July 29th. Guggenheim upped their price target on shares of Incyte from $136.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings upgraded Incyte from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and thirteen have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $124.05.

Insider Buying and Selling at Incyte

In other news, insider Pablo Cagnoni sold 10,801 shares of Incyte stock in a transaction dated Wednesday, August 19th. The shares were 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 trade represents a 5.57% 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. Also, EVP Patrick Mayes sold 41,899 shares of the business'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 sale, the executive vice president directly owned 61,441 shares of the company's stock, valued at approximately $7,339,741.86. The trade was 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. Corporate insiders own 16.20% of the company's stock.

Incyte Price Performance

Shares of Incyte stock opened at $125.31 on Monday. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60. The firm has a market capitalization of $25.40 billion, a price-to-earnings ratio of 15.96, a PEG ratio of 3.64 and a beta of 0.77. The business has a 50-day simple moving average of $122.51 and a 200 day simple moving average of $107.54.

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

About Incyte

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.

Want to see what other hedge funds are holding INCY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Incyte Corporation (NASDAQ:INCY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.