Corient Private Wealth LP Makes New Investment in Incyte Corporation $INCY

Key Points

• Corient Private Wealth initiated a position in Incyte, purchasing 35,410 shares valued at approximately $4.0 million. Institutional investors collectively own 96.97% of the company.
• Incyte reported quarterly EPS of $3.09, beating estimates of $2.15, while revenue rose 37.7% year over year to $1.67 billion.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $123.10, while Incyte shares recently opened at $123.22.

Corient Private Wealth LP purchased a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 35,410 shares of the biopharmaceutical company's stock, valued at approximately $4,014,000.

A number of other large investors also recently modified their holdings of INCY. Bank of America Corp DE acquired a new stake in Incyte in the second quarter valued at $76,653,000. Freestone Grove Partners LP acquired a new position in Incyte in the second quarter valued at $456,000. Caisse de depot et placement du Quebec purchased a new position in shares of Incyte during the second quarter worth about $155,360,000. Man Group plc purchased a new position in shares of Incyte during the second quarter worth about $108,025,000. Finally, Trails Edge Capital Partners LP acquired a new stake in shares of Incyte during the second quarter worth about $17,570,800. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Price Performance

Incyte stock opened at $123.22 on Tuesday. The company has a market cap of $24.98 billion, a PE ratio of 15.70, a price-to-earnings-growth ratio of 3.91 and a beta of 0.76. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60. The stock's 50 day moving average price is $119.38 and its 200 day moving average price is $105.15.

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 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 business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the firm posted $1.57 EPS. The business's revenue was up 37.7% compared to the same quarter last year. On average, equities research analysts anticipate that Incyte Corporation will post 2.64 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the company's stock in a transaction 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 of the company's stock, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 the firm's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider owned 183,200 shares of the company's stock, valued at approximately $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 corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on INCY. Oppenheimer reissued a "market perform" rating and issued a $120.00 target price on shares of Incyte in a research report on Tuesday, July 28th. HC Wainwright reiterated a "buy" rating and issued a $150.00 price objective on shares of Incyte in a research note on Thursday, August 20th. Royal Bank Of Canada increased their price objective on Incyte from $99.00 to $109.00 and gave the company a "sector perform" rating in a report on Wednesday, July 29th. Stifel Nicolaus set a $145.00 target price on shares of Incyte in a research report on Tuesday, July 28th. Finally, Mizuho lifted their target price on shares of Incyte from $121.00 to $137.00 and gave the company an "outperform" rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Incyte currently has an average rating of "Moderate Buy" and an average 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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