Incyte Corporation $INCY Stake Raised by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada increased its Incyte stake by 97,757.1% in the third quarter, ending with 75,350 shares valued at approximately $8.83 million. Institutional investors collectively own 96.97% of the company.
• Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $129.33; targets range from $115 to $152, while Zacks Research downgraded the stock to “Strong Sell.”
• Incyte reported quarterly EPS of $3.09, exceeding estimates of $2.15, while revenue rose 37.7% year over year to $1.67 billion. The stock opened at $113.07, compared with a 12-month range of $84.02 to $132.60.

TD Waterhouse Canada Inc. increased its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 97,757.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 75,350 shares of the biopharmaceutical company's stock after purchasing an additional 75,273 shares during the period. TD Waterhouse Canada Inc.'s holdings in Incyte were worth $8,831,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in INCY. BlackRock Inc. acquired a new position in Incyte during the second quarter worth $2,044,189,000. Legal & General Group Plc acquired a new stake in shares of Incyte in the second quarter valued at $182,054,000. Caisse de depot et placement du Quebec purchased a new stake in shares of Incyte in the 2nd quarter valued at $155,360,000. Deutsche Bank AG purchased a new stake in shares of Incyte in the 2nd quarter valued at $143,172,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Incyte in the 2nd quarter valued at $110,279,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Analysts Set New Price Targets

INCY has been the topic of several research reports. HC Wainwright reissued a "buy" rating and set a $152.00 target price on shares of Incyte in a research note on Tuesday, October 13th. Truist Financial lifted their target price on Incyte from $105.00 to $115.00 and gave the company a "hold" rating in a research report on Wednesday. Zacks Research lowered shares of Incyte from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 14th. JPMorgan Chase & Co. boosted their price target on shares of Incyte from $120.00 to $123.00 and gave the stock a "neutral" rating in a research note on Monday, September 28th. Finally, Guggenheim increased their price target 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. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Incyte has an average rating of "Hold" and an average price target of $129.33.

Insider Buying and Selling

In other Incyte news, 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 value of $1,356,173.56. Following the sale, the insider directly owned 183,200 shares of the company's stock, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the firm's stock in a transaction dated 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 sale, the executive vice president directly owned 61,441 shares in the company, valued at $7,339,741.86. This trade represents a 40.54% decrease in their position. 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 corporate insiders.

Incyte Stock Performance

NASDAQ:INCY opened at $113.07 on Monday. The firm has a market cap of $22.92 billion, a PE ratio of 14.40, a price-to-earnings-growth ratio of 4.04 and a beta of 0.74. The stock has a fifty day moving average price of $121.96 and a 200 day moving average price of $110.91. Incyte Corporation has a 12-month low of $84.02 and a 12-month high of $132.60.

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. The firm had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%. Incyte's revenue for the quarter was up 37.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.57 EPS. Equities analysts forecast that Incyte Corporation will post 2.28 EPS for the current year.

About Incyte

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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