Globeflex Capital L P Takes $981,000 Position in Incyte Corporation $INCY

Key Points

• Globeflex Capital purchased 8,654 Incyte shares worth approximately $981,000 during the second quarter. Institutional investors own 96.97% of the company, with BlackRock also initiating a significant position.
• Incyte reported quarterly EPS of $3.09, exceeding estimates of $2.15, while revenue rose 37.7% year over year to $1.67 billion. Shares opened at $127.98, near their 52-week high of $132.60.
• Analysts maintain a consensus “Hold” rating with a $123.10 target price, despite some firms raising their targets. Two executives recently sold shares under pre-arranged Rule 10b5-1 trading plans.

Globeflex Capital L P purchased a new position in Incyte Corporation (NASDAQ:INCY - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,654 shares of the biopharmaceutical company's stock, valued at approximately $981,000.

A number of other large investors also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Incyte in the 2nd quarter worth approximately $2,044,189,000. Geode Capital Management LLC grew its position 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 valued at $491,500,000 after purchasing an additional 506,842 shares in the last quarter. Invesco Ltd. grew 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 purchasing an additional 405,611 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Incyte by 13.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company's stock worth $263,246,000 after purchasing an additional 373,298 shares during the period. Finally, Morgan Stanley increased its holdings in shares of Incyte by 0.9% in the fourth quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company's stock worth $263,106,000 after purchasing an additional 23,087 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Incyte Stock Performance

Shares of NASDAQ:INCY opened at $127.98 on Tuesday. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60. The firm has a fifty day moving average of $116.69 and a 200 day moving average of $104.37. The firm has a market capitalization of $25.94 billion, a PE ratio of 16.30, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76.

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, beating 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 business had revenue of $1.67 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same quarter in the prior year, the firm earned $1.57 earnings per share. The firm's revenue was up 37.7% on a year-over-year basis. On average, sell-side analysts forecast that Incyte Corporation will post 2.61 EPS for the current fiscal year.

Insider Transactions at Incyte

In related 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 completion of 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 transaction was disclosed in a filing with the SEC, 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 company's 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 completion of the sale, the executive vice president directly owned 61,441 shares of the company's stock, valued at approximately $7,339,741.86. This 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 currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Oppenheimer reissued a "market perform" rating and set a $120.00 price objective on shares of Incyte in a research note on Tuesday, July 28th. Barclays upped their target price on Incyte from $134.00 to $139.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Truist Financial raised their price target on Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a report on Monday, June 22nd. Morgan Stanley set a $119.00 price target on Incyte in a research report on Wednesday, July 29th. Finally, Royal Bank Of Canada boosted their price objective on Incyte from $99.00 to $109.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 29th. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $123.10.

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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