Wellington Management Group LLP Acquires 309,385 Shares of Incyte Corporation $INCY

Key Points

• Wellington Management increased its Incyte stake by 9.5% in the second quarter, acquiring 309,385 shares and bringing its holdings to 3.58 million shares worth approximately $405.3 million.
• Institutional investors own 96.97% of Incyte, while company insiders recently sold shares under pre-arranged Rule 10b5-1 plans, including a $5.0 million sale by EVP Patrick Mayes and a $1.36 million sale by Pablo Cagnoni.
• Incyte reported quarterly EPS of $3.09, well above the $2.15 consensus estimate, while revenue rose 37.7% year over year to $1.67 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $123.10.

Wellington Management Group LLP grew its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 9.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,575,521 shares of the biopharmaceutical company's stock after purchasing an additional 309,385 shares during the quarter. Wellington Management Group LLP owned approximately 1.76% of Incyte worth $405,321,000 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 stake in Incyte during the 2nd quarter valued at about $26,000. Elyxium Wealth LLC bought a new position in Incyte in the 4th quarter worth about $28,000. Smithfield Trust Co increased its position in shares of Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 162 shares during the period. MUFG Securities EMEA plc purchased a new position in shares of Incyte during the second quarter worth approximately $32,000. Finally, CYBER HORNET ETFs LLC purchased a new position in shares of Incyte during the second quarter worth approximately $33,000. 96.97% of the stock is currently owned by institutional investors.

Insider Transactions at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of the 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 completion of the sale, the executive vice president owned 61,441 shares of the company's stock, valued at $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 stock in a transaction that occurred on 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 directly owned 183,200 shares of the company's stock, valued at $23,002,592. The trade was a 5.57% decrease in their position. 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 currently owned by company insiders.

Incyte Price Performance

Shares of NASDAQ INCY opened at $124.37 on Friday. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60. The business has a fifty day moving average price of $118.99 and a 200 day moving average price of $105.01. The stock has a market capitalization of $25.21 billion, a P/E ratio of 15.84, a price-to-earnings-growth ratio of 3.91 and a beta of 0.76.

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 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 return on equity of 29.93% and a net margin of 27.71%.The firm's quarterly revenue was up 37.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.57 earnings per share. As a group, equities research analysts anticipate that Incyte Corporation will post 2.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on INCY. BMO Capital Markets increased their price objective on Incyte from $112.00 to $130.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 29th. Weiss Ratings raised Incyte from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Benchmark reiterated a "buy" rating on shares of Incyte in a report on Thursday, August 20th. Oppenheimer reissued a "market perform" rating and set a $120.00 price target on shares of Incyte in a research report on Tuesday, July 28th. Finally, HC Wainwright restated a "buy" rating and set a $150.00 price target on shares of Incyte in a research note on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $123.10.

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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