Empowered Funds LLC Takes Position in Incyte Corporation $INCY

Key Points

• Empowered Funds LLC purchased 174,884 Incyte shares during the second quarter, valued at approximately $19.8 million and representing about 0.09% of the company. Institutional investors collectively own 96.97% of Incyte.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $123.10; Guggenheim raised its target to $150 and rated the stock a buy.
• Incyte reported strong quarterly results, including $3.09 in EPS versus the $2.15 estimate and $1.67 billion in revenue, up 37.7% year over year. Shares opened at $127.74, near the company’s 52-week high of $132.60.

Empowered Funds LLC purchased a new position in Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 174,884 shares of the biopharmaceutical company's stock, valued at approximately $19,825,000. Empowered Funds LLC owned about 0.09% of Incyte at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in INCY. Fiduciary Financial Advisors bought a new stake in shares of Incyte in the 2nd quarter worth $26,000. Elyxium Wealth LLC purchased a new stake in shares of Incyte during the fourth quarter valued at $28,000. Smithfield Trust Co boosted its position in shares of Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock valued at $28,000 after buying an additional 162 shares during the last quarter. MUFG Securities EMEA plc bought a new stake in Incyte in the 2nd quarter worth about $32,000. Finally, CYBER HORNET ETFs LLC bought a new stake in Incyte in the 2nd quarter worth about $33,000. Institutional investors own 96.97% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of Incyte from $105.00 to $110.00 and gave the stock a "neutral" rating in a research note on Thursday, July 23rd. Guggenheim lifted their target price on shares of Incyte from $136.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Oppenheimer reaffirmed a "market perform" rating and issued a $120.00 price objective on shares of Incyte in a report on Tuesday, July 28th. UBS Group increased their target price on Incyte from $103.00 to $113.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Finally, Sanford C. Bernstein reaffirmed a "market perform" rating and set a $104.00 price target on shares of Incyte in a research report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $123.10.

Incyte Price Performance

Shares of INCY opened at $127.74 on Friday. The firm has a market cap of $25.89 billion, a P/E ratio of 16.27, a price-to-earnings-growth ratio of 4.02 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 company has a 50 day simple moving average of $118.47 and a two-hundred day simple moving average of $104.88.

Incyte (NASDAQ:INCY - Get Free Report) last released its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping the consensus estimate 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 quarter in the previous year, the firm earned $1.57 earnings per share. The company's quarterly revenue was up 37.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Incyte Corporation will post 2.64 earnings per share for the current year.

Insider Buying and Selling at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the business'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 sale, the insider owned 183,200 shares in the company, valued at $23,002,592. The trade was a 5.57% decrease in their position. The sale was disclosed in a document filed 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 dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the transaction, the executive vice president directly owned 61,441 shares of the company's stock, valued at $7,339,741.86. This trade represents a 40.54% decrease in their position. 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. 16.20% of the stock is owned by insiders.

About Incyte

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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