Two Sigma Securities LLC Sells 9,161 Shares of Incyte Corporation $INCY

Key Points

• Two Sigma Securities cut its Incyte stake by 77.8% in the second quarter, selling 9,161 shares and retaining 2,611 shares valued at approximately $296,000. Institutional investors collectively own 96.97% of Incyte’s stock.
• Incyte reported strong quarterly results, with earnings of $3.09 per share versus the $2.15 consensus estimate and revenue of $1.67 billion, up 37.7% year over year.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $124.05; however, two company insiders also sold shares under pre-arranged Rule 10b5-1 trading plans.

Two Sigma Securities LLC lowered its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 77.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,611 shares of the biopharmaceutical company's stock after selling 9,161 shares during the quarter. Two Sigma Securities LLC's holdings in Incyte were worth $296,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. NewEdge Advisors LLC grew its stake in Incyte by 369.3% in the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company's stock valued at $763,000 after purchasing an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company's stock worth $299,000 after purchasing an additional 648 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Incyte by 6.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company's stock valued at $49,322,000 after buying an additional 48,751 shares during the last quarter. United Services Automobile Association bought a new position in shares of Incyte in the first quarter valued at $219,000. Finally, Focus Partners Wealth grew its stake in shares of Incyte by 74.1% in the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company's stock valued at $1,273,000 after buying an additional 8,951 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

Incyte Price Performance

INCY stock opened at $128.00 on Friday. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60. The stock has a market cap of $25.95 billion, a price-to-earnings ratio of 16.31, a price-to-earnings-growth ratio of 3.74 and a beta of 0.77. The company has a fifty day moving average price of $120.61 and a two-hundred day moving average price of $105.72.

Incyte (NASDAQ:INCY - Get Free Report) last issued 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 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 company's revenue was up 37.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.57 earnings per share. Research analysts anticipate that Incyte Corporation will post 2.64 EPS for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, EVP Patrick Mayes sold 41,899 shares of the stock in a transaction dated 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 transaction, the executive vice president directly owned 61,441 shares of the company's stock, valued at $7,339,741.86. This represents a 40.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 that occurred on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the sale, the insider owned 183,200 shares of the company's stock, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on INCY. Canaccord Genuity Group initiated coverage on shares of Incyte in a research report on Thursday, August 20th. They set a "buy" rating and a $152.00 price target on the stock. Morgan Stanley set a $119.00 price objective on shares of Incyte in a research report on Wednesday, July 29th. Oppenheimer restated a "market perform" rating and set a $120.00 price objective on shares of Incyte in a research note on Tuesday, July 28th. HC Wainwright reaffirmed a "buy" rating and issued a $150.00 target price on shares of Incyte in a report on Thursday, August 20th. Finally, BMO Capital Markets reiterated a "market perform" rating on shares of Incyte in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and twelve have assigned a Hold rating to the company's stock. According to MarketBeat.com, Incyte presently has a consensus rating of "Moderate Buy" and an average target price of $124.05.

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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