HighTower Advisors LLC Boosts Stake in Incyte Corporation $INCY

Key Points

• HighTower Advisors increased its Incyte stake by 89.1% during the second quarter, owning 49,134 shares valued at approximately $5.57 million. Institutional investors and hedge funds collectively hold 96.97% of INCY shares.
• Incyte reported quarterly EPS of $3.09, exceeding 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 $124.05.
• Incyte shares opened at $123.28, down 2.2%, after trading between $81.09 and $132.60 over the past year. Two company executives sold shares under pre-arranged trading plans, while insiders retain a 16.20% ownership stake.

HighTower Advisors LLC grew its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 89.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,134 shares of the biopharmaceutical company's stock after acquiring an additional 23,145 shares during the quarter. HighTower Advisors LLC's holdings in Incyte were worth $5,570,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INCY. California State Teachers Retirement System lifted its stake in shares of Incyte by 11,644.8% in the 2nd quarter. California State Teachers Retirement System now owns 28,338,640 shares of the biopharmaceutical company's stock valued at $3,212,468,000 after purchasing an additional 28,097,353 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Incyte during the 2nd quarter worth about $2,044,189,000. Geode Capital Management LLC increased its position in 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 purchasing an additional 506,842 shares in the last quarter. Wellington Management Group LLP increased its position in Incyte by 9.5% during the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company's stock worth $405,321,000 after purchasing an additional 309,385 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Incyte by 13.2% in the fourth quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company's stock valued at $343,105,000 after buying an additional 405,611 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Down 2.2%

NASDAQ INCY opened at $123.28 on Friday. Incyte Corporation has a fifty-two week low of $81.09 and a fifty-two week high of $132.60. The business has a 50 day moving average price of $121.70 and a two-hundred day moving average price of $106.56. The stock has a market cap of $24.99 billion, a PE ratio of 15.70, a P/E/G ratio of 3.66 and a beta of 0.77.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the firm posted $1.57 earnings per share. The business's quarterly revenue was up 37.7% on a year-over-year basis. Sell-side analysts anticipate that Incyte Corporation will post 2.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the company's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the transaction, the executive vice president directly owned 61,441 shares of the company's stock, valued at $7,339,741.86. This represents a 40.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 dated 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 of the company's stock, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on INCY shares. Citigroup reaffirmed a "buy" rating on shares of Incyte in a research report on Monday, August 3rd. Guggenheim lifted their target price on shares of Incyte from $136.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Wall Street Zen raised shares of Incyte from a "hold" rating to a "buy" rating in a research report on Saturday, August 29th. Truist Financial increased 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. Finally, HC Wainwright reissued a "buy" rating and issued a $150.00 price objective on shares of Incyte in a research report on Thursday, August 20th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $124.05.

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.

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