NewEdge Advisors LLC Acquires 14,189 Shares of Incyte Corporation $INCY

Key Points

• NewEdge Advisors increased its Incyte stake by 69.5% in the second quarter, acquiring 14,189 shares and bringing its total holdings to 34,605 shares valued at approximately $3.92 million.
• Institutional investors own 96.97% of Incyte, while two insiders sold shares through pre-arranged Rule 10b5-1 plans. Corporate insiders retain a 16.20% ownership stake.
• Incyte reported quarterly EPS of $3.09, beating estimates by $0.94, while revenue rose 37.7% year over year to $1.67 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $124.05.

NewEdge Advisors LLC lifted its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 69.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,605 shares of the biopharmaceutical company's stock after purchasing an additional 14,189 shares during the quarter. NewEdge Advisors LLC's holdings in Incyte were worth $3,923,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fiduciary Financial Advisors bought a new stake in Incyte in the second quarter worth $26,000. Elyxium Wealth LLC bought a new position in Incyte during the fourth quarter valued at about $28,000. Smithfield Trust Co lifted its position in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after buying an additional 162 shares during the last quarter. Continuum Advisory LLC acquired a new stake in shares of Incyte in the second quarter worth about $36,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Incyte during the 4th quarter valued at about $35,000. Institutional investors own 96.97% of the company's stock.

Insiders Place Their Bets

In other Incyte news, EVP Patrick Mayes sold 41,899 shares of the firm's stock in a transaction on 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 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo Cagnoni sold 10,801 shares of the business'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 transaction, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was 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. 16.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on INCY shares. Royal Bank Of Canada upped their target price on Incyte from $99.00 to $109.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 29th. Morgan Stanley set a $119.00 price target on shares of Incyte in a research report on Wednesday, July 29th. JPMorgan Chase & Co. boosted their price objective on shares of Incyte from $105.00 to $110.00 and gave the stock a "neutral" rating in a research note on Thursday, July 23rd. Cantor Fitzgerald reiterated a "neutral" rating on shares of Incyte in a research note on Friday. Finally, Guggenheim boosted their target price 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 equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and thirteen have issued a Hold rating to the company's stock. According to MarketBeat, Incyte has a consensus rating of "Moderate Buy" and an average target price of $124.05.

Incyte Trading Down 0.4%

INCY opened at $121.74 on Wednesday. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60. The stock has a market capitalization of $24.68 billion, a price-to-earnings ratio of 15.51, a P/E/G ratio of 3.55 and a beta of 0.77. The business has a 50 day moving average of $122.00 and a 200-day moving average of $107.01.

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, topping the consensus estimate of $2.15 by $0.94. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. Incyte's quarterly revenue was up 37.7% on a year-over-year basis. During the same quarter last year, the company posted $1.57 earnings per share. Equities analysts predict that Incyte Corporation will post 2.64 EPS for the current year.

Incyte Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte's commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.

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