Nisa Investment Advisors LLC Acquires 20,465 Shares of Incyte Corporation $INCY

Key Points

• Nisa Investment Advisors increased its Incyte stake by 77.3% in the third quarter, purchasing 20,465 additional shares for a total holding of 46,944 shares valued at $5.7 million. Institutional investors and hedge funds collectively own 96.97% of the company.
• Incyte reported quarterly EPS of $3.09, beating estimates of $2.15, while revenue reached $1.67 billion, up 37.7% year over year and above analyst expectations.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $129.90; insiders have sold 55,342 shares worth approximately $6.66 million over the past 90 days.

Nisa Investment Advisors LLC grew its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 77.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 46,944 shares of the biopharmaceutical company's stock after purchasing an additional 20,465 shares during the quarter. Nisa Investment Advisors LLC's holdings in Incyte were worth $5,697,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Trails Edge Capital Partners LP acquired a new position in Incyte in the second quarter worth $17,570,800. Twin Capital Management Inc. acquired a new stake in shares of Incyte during the first quarter worth $875,000. BlackRock Inc. acquired a new stake in shares of Incyte during the second quarter worth $2,044,189,000. Mediolanum International Funds Ltd raised its holdings in shares of Incyte by 25.4% during the first quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company's stock worth $5,447,000 after purchasing an additional 12,227 shares during the period. Finally, State of Wyoming bought a new position in shares of Incyte in the 2nd quarter worth about $4,027,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Stock Performance

INCY opened at $115.71 on Friday. The business has a 50 day moving average price of $121.40 and a 200 day moving average price of $111.50. Incyte Corporation has a twelve month low of $84.02 and a twelve month high of $132.60. The firm has a market cap of $23.45 billion, a P/E ratio of 14.74, a price-to-earnings-growth ratio of 4.32 and a beta of 0.74.

Incyte (NASDAQ:INCY - Get Free Report) last posted its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.94. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. Incyte's revenue was up 37.7% compared to the same quarter last year. During the same period last year, the business posted $1.57 EPS. As a group, analysts anticipate that Incyte Corporation will post 2.20 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Incyte news, EVP Patrick Mayes sold 41,899 shares of the business'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 owned 61,441 shares of the company's stock, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo Cagnoni sold 2,642 shares of the company's stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $112.71, for a total transaction of $297,779.82. Following the completion of the sale, the insider directly owned 183,200 shares in the company, valued at approximately $20,648,472. The trade was a 1.42% 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. Over the last 90 days, insiders have sold 55,342 shares of company stock worth $6,659,208. 16.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

INCY has been the subject of a number of analyst reports. Sanford C. Bernstein restated a "market perform" rating and set a $104.00 price objective on shares of Incyte in a research report on Thursday, August 13th. Wall Street Zen lowered Incyte from a "buy" rating to a "hold" rating in a research note on Saturday, October 10th. Royal Bank Of Canada lifted their price objective on shares of Incyte from $109.00 to $114.00 and gave the stock a "sector perform" rating in a research note on Thursday, October 8th. Canaccord Genuity Group assumed coverage on Incyte in a research report on Thursday, August 20th. They set a "buy" rating and a $152.00 target price on the stock. Finally, Barclays upped their price target on shares of Incyte from $134.00 to $139.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Twelve equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Incyte currently has a consensus rating of "Hold" and an average price target of $129.90.

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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