Twin Lakes Capital Management LLC Invests $2.27 Million in Incyte Corporation $INCY

Twin Lakes Capital Management LLC acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 20,000 shares of the biopharmaceutical company's stock, valued at approximately $2,267,000. Incyte makes up about 0.9% of Twin Lakes Capital Management LLC's holdings, making the stock its 29th largest position.

Other hedge funds also recently made changes to their positions in the company. Rakuten Investment Management Inc. bought a new stake in Incyte in the 2nd quarter valued at $3,156,000. North Star Asset Management Inc. purchased a new position in shares of Incyte during the second quarter valued at about $1,630,000. Empowered Funds LLC purchased a new position in shares of Incyte during the second quarter valued at about $19,825,000. United Capital Financial Advisors LLC bought a new stake in shares of Incyte in the second quarter worth about $779,000. Finally, FSA Advisors Inc. purchased a new stake in shares of Incyte in the second quarter worth about $324,000. 96.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on INCY shares. Canaccord Genuity Group assumed coverage on Incyte in a research note on Thursday, August 20th. They issued a "buy" rating and a $152.00 price objective on the stock. Truist Financial increased their target price on Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a research report on Monday, June 22nd. Guggenheim raised their target price on shares of Incyte from $136.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Piper Sandler boosted their price target on shares of Incyte from $110.00 to $130.00 and gave the stock an "overweight" rating in a research report on Monday, August 17th. Finally, JPMorgan Chase & Co. lifted 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. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $123.10.

Incyte Trading Down 2.6%

Incyte stock opened at $124.37 on Friday. Incyte Corporation has a 12-month low of $81.09 and a 12-month high of $132.60. The firm has a 50-day moving average price of $118.99 and a 200-day moving average price of $105.01. The firm has a market capitalization of $25.21 billion, a PE ratio of 15.84, a price-to-earnings-growth ratio of 4.01 and a beta of 0.76.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data 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. The company 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%. The firm's revenue for the quarter was up 37.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.57 EPS. As a group, sell-side analysts predict that Incyte Corporation will post 2.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, EVP Patrick A. 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 transaction of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares of the company's stock, valued at approximately $7,339,741.86. The trade was 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 company'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 completion of 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate 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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