Incyte Corporation $INCY Shares Newly Purchased by Compass Financial Management LLC

Key Points

• Compass Financial Management opened a new Incyte position, purchasing 19,594 shares worth approximately $2.38 million in the third quarter. Institutional investors collectively own about 96.97% of the company’s stock.
• Incyte’s quarterly results beat expectations: EPS was a loss of $3.60 versus the $3.93 loss analysts anticipated, while revenue of $1.56 billion topped estimates and rose 14% year over year.
• Analyst sentiment is mixed, with 12 Buy, 12 Hold, and one Sell rating; the consensus rating is Hold, with a $133.10 price target.

Compass Financial Management LLC bought a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 19,594 shares of the biopharmaceutical company's stock, valued at approximately $2,378,000.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Incyte during the 2nd quarter worth approximately $2,044,189,000. Wellington Management Group LLP lifted its position in shares of Incyte by 9.5% during the second 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. Dimensional Fund Advisors LP boosted its stake in shares of Incyte by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company's stock valued at $185,873,000 after purchasing an additional 187,354 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Incyte by 2.2% in the first quarter. Pacer Advisors Inc. now owns 1,741,061 shares of the biopharmaceutical company's stock valued at $163,869,000 after purchasing an additional 37,790 shares during the period. Finally, Legal & General Group Plc purchased a new position in shares of Incyte in the second quarter valued at $182,054,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Stock Up 4.5%

Shares of Incyte stock opened at $122.85 on Thursday. The firm has a market cap of $25.04 billion, a P/E ratio of 65.35, a P/E/G ratio of 4.28 and a beta of 0.78. Incyte Corporation has a fifty-two week low of $89.25 and a fifty-two week high of $132.60. The business has a 50-day moving average price of $119.99 and a 200 day moving average price of $108.37.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share for the quarter, beating analysts' consensus estimates of ($3.93) by $0.33. The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.46 billion. Incyte had a net margin of 6.71% and a return on equity of 7.92%. The company's revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.26 EPS. As a group, equities research analysts anticipate that Incyte Corporation will post 2.24 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently issued reports on INCY. Wall Street Zen downgraded shares of Incyte from a "buy" rating to a "hold" rating in a research note on Saturday, October 10th. JPMorgan Chase & Co. lifted their target price on Incyte from $120.00 to $123.00 and gave the stock a "neutral" rating in a research report on Monday, September 28th. Zacks Research cut Incyte from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 14th. Wells Fargo & Company lowered their price objective on Incyte from $128.00 to $127.00 and set an "equal weight" rating for the company in a research note on Friday, October 30th. Finally, Weiss Ratings lowered Incyte from a "buy (b+)" rating to a "buy (b)" rating in a research note on Friday, October 23rd. Twelve equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $133.10.

Insider Activity

In other news, insider Pablo Cagnoni sold 10,801 shares of the business's stock in a transaction 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 sale, the insider owned 183,200 shares of the company's stock, valued at approximately $23,002,592. The trade was a 5.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.

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