Jupiter Topco LLC Takes $2.08 Million Position in Incyte Corporation $INCY

Key Points

• Jupiter Topco LLC acquired 18,373 Incyte shares during the second quarter, establishing a position valued at approximately $2.08 million. Institutional investors collectively own 96.97% of the company.
• Incyte reported quarterly earnings of $3.09 per share, beating estimates of $2.15, while revenue rose 37.7% year over year to $1.67 billion. Shares opened at $128, near their 52-week high of $132.60.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $124.05 price target; Leerink Partners recently raised its target to $155. Company insiders, however, sold shares through pre-arranged trading plans.

Jupiter Topco LLC acquired a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 18,373 shares of the biopharmaceutical company's stock, valued at approximately $2,083,000.

A number of other large investors have also recently bought and sold shares of the business. NewEdge Advisors LLC lifted its position in shares of Incyte by 369.3% in the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company's stock worth $763,000 after buying an additional 9,913 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company's stock valued at $299,000 after acquiring an additional 648 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company's stock valued at $49,322,000 after acquiring an additional 48,751 shares during the last quarter. United Services Automobile Association bought a new position in shares of Incyte in the 1st quarter valued at approximately $219,000. Finally, Focus Partners Wealth lifted its holdings in Incyte by 74.1% in the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company's stock worth $1,273,000 after purchasing an additional 8,951 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Stock Down 0.6%

Shares of NASDAQ:INCY opened at $128.00 on Friday. The company has a market cap of $25.95 billion, a price-to-earnings ratio of 16.31, a PEG ratio of 3.74 and a beta of 0.77. The business has a 50 day moving average price of $120.61 and a 200 day moving average price of $105.72. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly 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. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the business posted $1.57 EPS. The company's revenue for the quarter was up 37.7% on a year-over-year basis. Analysts anticipate that Incyte Corporation will post 2.64 EPS for the current year.

Insider Buying and Selling at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction 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 completion of the sale, the insider directly owned 183,200 shares of the company's stock, valued at $23,002,592. This represents a 5.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 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 completion of the sale, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This represents a 40.54% 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. Company insiders own 16.20% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on INCY shares. Leerink Partners upped their target price on Incyte from $131.00 to $155.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. Citigroup reissued a "buy" rating on shares of Incyte in a research report on Monday, August 3rd. Weiss Ratings upgraded shares of Incyte from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 29th. Benchmark reaffirmed a "buy" rating on shares of Incyte in a report on Thursday, August 20th. Finally, Piper Sandler raised 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 analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, Incyte has a consensus rating of "Moderate Buy" and a consensus price target of $124.05.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source