HighTower Advisors LLC Boosts Stock Position in Incyte Corporation $INCY

HighTower Advisors LLC raised its holdings in Incyte Corporation (NASDAQ:INCY) by 89.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 49,134 shares of the biopharmaceutical company’s stock after purchasing an additional 23,145 shares during the period. HighTower Advisors LLC’s holdings in Incyte were worth $5,570,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Incyte during the second quarter worth approximately $61,824,000. California State Teachers Retirement System increased its stake in shares of Incyte by 11,644.8% in the second quarter. California State Teachers Retirement System now owns 28,338,640 shares of the biopharmaceutical company’s stock worth $3,212,468,000 after buying an additional 28,097,353 shares during the last quarter. Saudi Central Bank raised its holdings in Incyte by 92.2% in the second quarter. Saudi Central Bank now owns 11,842 shares of the biopharmaceutical company’s stock valued at $1,342,000 after acquiring an additional 5,682 shares in the last quarter. AlphaGrep UK Ltd acquired a new stake in Incyte in the second quarter valued at $487,000. Finally, Munich Reinsurance Co Stock Corp in Munich bought a new position in Incyte during the 2nd quarter valued at $6,471,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Price Performance

INCY stock opened at $123.28 on Friday. The firm has a market cap of $24.99 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 3.66 and a beta of 0.77. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60. The firm has a fifty day moving average price of $121.70 and a two-hundred day moving average price of $106.56.

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

Analyst Ratings Changes

INCY has been the subject of several recent analyst reports. Truist Financial raised their price objective on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. Leerink Partners upped their target price on shares of Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Citigroup reaffirmed a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. Barclays lifted their price target on Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Finally, Stifel Nicolaus set a $145.00 price objective on Incyte in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $124.05.

Insider Activity at Incyte

In related news, insider Pablo J. 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 transaction of $1,356,173.56. Following the completion of the transaction, the insider owned 183,200 shares in the company, valued at $23,002,592. The trade was a 5.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the transaction, the executive vice president 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. 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 corporate insiders.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte’s commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.