Hsbc Holdings PLC Raises Position in Incyte Corporation $INCY

Key Points

• HSBC Holdings increased its Incyte stake by 124.6% in the second quarter, purchasing 725,375 additional shares to own 1.31 million shares valued at approximately $148.3 million. Institutional investors collectively own 96.97% of Incyte.
• Incyte reported quarterly EPS of $3.09, beating estimates of $2.15, while revenue rose 37.7% year over year to $1.67 billion. The stock opened at $129.72, near its 52-week high of $132.60.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $123.10, while several firms recently raised their targets. Two company insiders sold shares under pre-arranged Rule 10b5-1 trading plans, and insiders own 16.20% of the company.

Hsbc Holdings PLC increased its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 124.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,307,743 shares of the biopharmaceutical company's stock after purchasing an additional 725,375 shares during the period. Hsbc Holdings PLC owned 0.65% of Incyte worth $148,336,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in INCY. NewEdge Advisors LLC boosted its holdings in shares of Incyte by 369.3% in the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company's stock valued at $763,000 after acquiring an additional 9,913 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Incyte by 15.1% during the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company's stock worth $299,000 after purchasing an additional 648 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Incyte by 6.4% during the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company's stock valued at $49,322,000 after purchasing an additional 48,751 shares during the period. United Services Automobile Association acquired a new position in Incyte during the first quarter valued at $219,000. Finally, Focus Partners Wealth boosted its holdings in Incyte by 74.1% in the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company's stock valued at $1,273,000 after purchasing an additional 8,951 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Price Performance

NASDAQ INCY opened at $129.72 on Wednesday. The stock's 50 day simple moving average is $117.29 and its 200-day simple moving average is $104.56. The company has a market cap of $26.29 billion, a PE ratio of 16.52, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. Incyte's revenue was up 37.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.57 EPS. On average, equities research analysts anticipate that Incyte Corporation will post 2.61 EPS for the current fiscal year.

Wall Street Analyst Weigh In

INCY has been the topic of a number of recent research reports. Citigroup restated a "buy" rating on shares of Incyte in a research note on Monday, August 3rd. Mizuho upped their price objective on Incyte from $121.00 to $137.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 4th. BMO Capital Markets raised their price objective on shares of Incyte from $112.00 to $130.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 29th. Wall Street Zen lowered shares of Incyte from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Finally, Piper Sandler boosted their target price on shares of Incyte from $110.00 to $130.00 and gave the company an "overweight" rating in a research note on Monday, August 17th. One investment 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. According to data from MarketBeat.com, Incyte presently has a consensus rating of "Moderate Buy" and an average price target of $123.10.

Insider Buying and Selling

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the business's stock in a transaction on 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 transaction, the executive vice president 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. The transaction was disclosed in a filing with the SEC, 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 stock in a transaction that occurred on 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 sale, the insider directly owned 183,200 shares of the company's stock, valued at approximately $23,002,592. This trade represents a 5.57% 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. Company insiders own 16.20% of the company's stock.

Incyte Company 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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