Twin Lakes Capital Management LLC Makes New Investment in Incyte Corporation $INCY

Twin Lakes Capital Management LLC bought a new stake in shares of Incyte Corporation (NASDAQ:INCY) in the second quarter, HoldingsChannel reports. The institutional investor bought 20,000 shares of the biopharmaceutical company’s stock, valued at approximately $2,267,000. Incyte accounts for approximately 0.9% of Twin Lakes Capital Management LLC’s portfolio, making the stock its 29th largest position.

Several other hedge funds have also made changes to their positions in the company. NewEdge Advisors LLC raised its holdings in shares of 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 acquiring an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in 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 acquiring an additional 648 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after acquiring an additional 48,751 shares in the last quarter. United Services Automobile Association purchased a new position in Incyte during the 1st quarter valued at about $219,000. Finally, Focus Partners Wealth increased its position in Incyte by 74.1% during the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after purchasing an additional 8,951 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

INCY has been the subject of several research reports. Barclays upped their price target on shares of Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Piper Sandler upped their target price on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. Oppenheimer reaffirmed a “market perform” rating and set a $120.00 target price on shares of Incyte in a research report on Tuesday, July 28th. Weiss Ratings upgraded shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Finally, Guggenheim boosted their price target on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $123.10.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the business’s 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 completion of the sale, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was a 5.57% decrease in their position. The sale was disclosed in a filing 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, EVP Patrick A. Mayes sold 41,899 shares of the business’s 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 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. 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 owned by corporate insiders.

Incyte Trading Down 2.6%

INCY 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 stock has a market cap of $25.21 billion, a price-to-earnings ratio of 15.84, a PEG ratio of 4.01 and a beta of 0.76. The business’s 50-day moving average is $118.99 and its 200 day moving average is $105.01.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the firm earned $1.57 EPS. Incyte’s quarterly revenue was up 37.7% on a year-over-year basis. As a group, equities analysts forecast that Incyte Corporation will post 2.64 EPS for the current fiscal year.

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.