State of Wyoming Acquires New Holdings in Incyte Corporation $INCY

Key Points

• State of Wyoming acquired 35,525 Incyte shares worth approximately $4.0 million in the second quarter, making INCY its 13th-largest portfolio holding. Institutional investors collectively own 96.97% of the company.
• Incyte reported strong quarterly results, with EPS of $3.09 versus the $2.15 consensus and revenue of $1.67 billion, up 37.7% year over year and above expectations.
• Analyst sentiment remains mixed: price targets were raised by Barclays and Guggenheim, while the overall consensus rating is “Hold” with a target price of $120.65. An executive also sold 41,899 shares for roughly $5.0 million under a Rule 10b5-1 plan.

State of Wyoming acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 35,525 shares of the biopharmaceutical company's stock, valued at approximately $4,027,000. Incyte accounts for approximately 0.4% of State of Wyoming's investment portfolio, making the stock its 13th biggest position.

Several other large investors have also recently bought and sold shares of the company. Geode Capital Management LLC increased its position in shares of Incyte by 11.3% in the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company's stock valued at $491,500,000 after buying an additional 506,842 shares in the last quarter. Invesco Ltd. lifted its holdings in Incyte by 13.2% during the fourth quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company's stock worth $343,105,000 after acquiring an additional 405,611 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Incyte by 13.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company's stock worth $263,246,000 after acquiring an additional 373,298 shares in the last quarter. Morgan Stanley grew its stake in Incyte by 0.9% in the fourth quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company's stock valued at $263,106,000 after acquiring an additional 23,087 shares during the period. Finally, Los Angeles Capital Management LLC grew its stake in Incyte by 30.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,288,874 shares of the biopharmaceutical company's stock valued at $211,927,000 after acquiring an additional 527,703 shares during the period. Institutional investors own 96.97% of the company's stock.

Insider Buying and Selling

In related news, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction that occurred 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 transaction, the executive vice president directly owned 61,441 shares of the company's stock, valued at approximately $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 SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on INCY shares. Barclays raised their price target on Incyte from $134.00 to $139.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Wall Street Zen lowered Incyte from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Citigroup reiterated a "buy" rating on shares of Incyte in a research report on Monday, August 3rd. Guggenheim increased their target price on Incyte from $136.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. raised their target price on shares of Incyte from $105.00 to $110.00 and gave the stock a "neutral" rating in a report on Thursday, July 23rd. Ten equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $120.65.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $120.16 on Friday. The company's 50-day moving average price is $114.08 and its two-hundred day moving average price is $103.32. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60. The stock has a market capitalization of $24.36 billion, a PE ratio of 15.31, a price-to-earnings-growth ratio of 3.77 and a beta of 0.76.

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 for the quarter, beating the consensus estimate of $2.15 by $0.94. The company 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% compared to the same quarter last year. During the same quarter last year, the company earned $1.57 EPS. On average, analysts anticipate that Incyte Corporation will post 2.64 earnings per share for the current fiscal year.

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.

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