Nan Fung Group Holdings Ltd Buys New Shares in Incyte Corporation $INCY

Key Points

• Nan Fung Group Holdings acquired 53,742 shares of Incyte during the second quarter, making the biopharmaceutical company its fifth-largest holding at 4.6% of the portfolio. Institutional investors collectively own 96.97% of INCY.
• Analyst sentiment remains mixed: 12 analysts rate Incyte a Buy and 13 recommend Hold, resulting in an average rating of “Hold” and an average price target of $123.10. Recent targets range from $104 to $150.
• Incyte exceeded quarterly expectations with $3.09 in earnings per share and $1.67 billion in revenue, up 37.7% year over year. The stock opened at $127.98, near its 12-month high, while two insiders sold shares through pre-arranged trading plans.

Nan Fung Group Holdings Ltd purchased a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 53,742 shares of the biopharmaceutical company's stock, valued at approximately $6,092,193,000. Incyte comprises 4.6% of Nan Fung Group Holdings Ltd's holdings, making the stock its 5th largest holding.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in INCY. Elyxium Wealth LLC acquired a new stake in shares of Incyte in the fourth quarter valued at about $28,000. Smithfield Trust Co raised its holdings in Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 162 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in Incyte during the fourth quarter valued at approximately $35,000. Atlas Capital Advisors Inc. acquired a new position in Incyte during the fourth quarter valued at approximately $35,000. Finally, Leonteq Securities AG acquired a new position in Incyte during the fourth quarter valued at approximately $35,000. 96.97% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on INCY. Piper Sandler boosted their price target on Incyte from $110.00 to $130.00 and gave the stock an "overweight" rating in a research report on Monday, August 17th. Sanford C. Bernstein reissued a "market perform" rating and issued a $104.00 price objective on shares of Incyte in a report on Thursday, August 13th. HC Wainwright reissued a "buy" rating and issued a $150.00 price objective on shares of Incyte in a report on Thursday, August 20th. Wall Street Zen cut shares of Incyte from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, BMO Capital Markets increased their price target on shares of Incyte from $112.00 to $130.00 and gave the company a "market perform" rating in a research note on Wednesday, July 29th. Twelve research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $123.10.

Incyte Stock Up 0.1%

INCY opened at $127.98 on Tuesday. Incyte Corporation has a 12-month low of $81.09 and a 12-month high of $132.60. The business has a 50 day moving average of $116.69 and a 200-day moving average of $104.37. The stock has a market cap of $25.94 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 4.05 and a beta of 0.76.

Incyte (NASDAQ:INCY - Get Free Report) last posted its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the firm earned $1.57 EPS. The firm's revenue was up 37.7% compared to the same quarter last year. As a group, analysts expect that Incyte Corporation will post 2.61 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Patrick A. Mayes sold 41,899 shares of the 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 stock was sold at an average price of $125.56, for a total transaction 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. This represents a 5.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company's stock.

About Incyte

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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