Tidal Investments LLC Acquires 25,768 Shares of Incyte Corporation $INCY

Key Points

• Tidal Investments increased its Incyte stake by 33.4% in the second quarter, acquiring 25,768 shares to bring its total holdings to 102,834 shares valued at approximately $11.7 million.
• Incyte reported stronger-than-expected quarterly results, with EPS of $3.09 versus the $2.15 consensus estimate and revenue of $1.67 billion, up 37.7% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $124.05 price target, while shares recently traded at $121.47; insiders also sold shares under pre-arranged trading plans.

Tidal Investments LLC grew its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 33.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 102,834 shares of the biopharmaceutical company's stock after acquiring an additional 25,768 shares during the quarter. Tidal Investments LLC owned 0.05% of Incyte worth $11,657,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in INCY. Fiduciary Financial Advisors bought a new position in shares of Incyte during the 2nd quarter valued at $26,000. Elyxium Wealth LLC bought a new stake in Incyte in the fourth quarter worth $28,000. Smithfield Trust Co lifted its stake in 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 purchasing an additional 162 shares during the last quarter. MUFG Securities EMEA plc purchased a new stake in Incyte during the second quarter valued at about $32,000. Finally, CYBER HORNET ETFs LLC bought a new position in shares of Incyte during the second quarter valued at about $33,000. 96.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on INCY shares. TD Cowen upgraded Incyte to a "strong-buy" rating in a report on Monday, August 24th. Cantor Fitzgerald restated a "neutral" rating on shares of Incyte in a research report on Friday. Benchmark reaffirmed a "buy" rating on shares of Incyte in a research note on Thursday, August 20th. Royal Bank Of Canada boosted their price objective on Incyte from $99.00 to $109.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. increased their price objective on Incyte from $105.00 to $110.00 and gave the company a "neutral" rating in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and thirteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Incyte presently has an average rating of "Moderate Buy" and a consensus target price of $124.05.

Incyte Trading Down 1.5%

Incyte stock opened at $121.47 on Friday. The firm has a market cap of $24.62 billion, a P/E ratio of 15.47, a P/E/G ratio of 3.58 and a beta of 0.77. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60. The firm has a 50-day moving average of $121.80 and a 200-day moving average of $106.66.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly 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. 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 quarter in the previous year, the business earned $1.57 EPS. Incyte's revenue was up 37.7% compared to the same quarter last year. Research analysts forecast that Incyte Corporation will post 2.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the firm's stock in a transaction dated Wednesday, August 19th. The shares were 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 $23,002,592. This trade represents a 5.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through 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 business's stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction 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. The trade was a 40.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

About Incyte

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.

Want to see what other hedge funds are holding INCY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Incyte Corporation (NASDAQ:INCY - Free Report).

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.