Ieq Capital LLC Buys New Position in Incyte Corporation $INCY

Ieq Capital LLC bought a new stake in shares of Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 424,682 shares of the biopharmaceutical company’s stock, valued at approximately $48,142,000.

Several other large investors have also added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Incyte during the 2nd quarter worth approximately $2,044,189,000. Geode Capital Management LLC increased its stake 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 acquiring an additional 506,842 shares in the last quarter. Invesco Ltd. increased its stake in shares of Incyte by 13.2% in the 4th quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock valued at $343,105,000 after acquiring an additional 405,611 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Incyte by 13.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock valued at $263,246,000 after acquiring an additional 373,298 shares during the period. Finally, Morgan Stanley lifted its position in shares of Incyte by 0.9% during the 4th 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. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Buying and Selling

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the company’s stock in a transaction on 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 sale, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 stock in a transaction on 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 completion of the sale, 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.

Incyte Price Performance

NASDAQ:INCY opened at $127.81 on Friday. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60. The company has a market cap of $25.91 billion, a PE ratio of 16.28, a PEG ratio of 4.03 and a beta of 0.76. The firm has a 50-day moving average of $116.17 and a 200-day moving average of $104.17.

Incyte (NASDAQ:INCY) last released 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. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company’s quarterly revenue was up 37.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.57 EPS. On average, equities research analysts expect that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on INCY shares. Morgan Stanley set a $119.00 price target on shares of Incyte in a report on Wednesday, July 29th. Guggenheim upped their price objective on shares of Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. HC Wainwright reissued a “buy” rating and set a $150.00 price objective on shares of Incyte in a research report on Thursday. Weiss Ratings upgraded Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Finally, Benchmark reaffirmed a “buy” rating on shares of Incyte in a research report on Thursday. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $123.10.

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.