Trails Edge Capital Partners LP Invests $17.57 Billion in Incyte Corporation $INCY

Trails Edge Capital Partners LP bought a new stake in Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 155,000 shares of the biopharmaceutical company’s stock, valued at approximately $17,570,800,000. Incyte comprises 2.8% of Trails Edge Capital Partners LP’s investment portfolio, making the stock its 17th biggest position.

Other large investors also recently made changes to their positions in the company. Fiduciary Financial Advisors bought a new stake in shares of Incyte in the second quarter valued at about $26,000. Elyxium Wealth LLC bought a new position in Incyte during the fourth quarter worth about $28,000. Smithfield Trust Co increased its position in 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. Atlas Capital Advisors Inc. acquired a new stake in Incyte in the 4th quarter worth about $35,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in Incyte in the 4th quarter worth about $35,000. Institutional investors own 96.97% of the company’s stock.

Insider Activity at Incyte

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 insiders.

Incyte Price Performance

Shares of NASDAQ INCY opened at $129.72 on Wednesday. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60. The stock has a market capitalization of $26.29 billion, a P/E ratio of 16.52, a P/E/G ratio of 4.05 and a beta of 0.76. The company has a 50-day moving average price of $117.29 and a 200-day moving average price of $104.56.

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. As a group, equities research analysts anticipate that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on INCY shares. Weiss Ratings upgraded shares of 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 research report on Thursday, August 20th. Wall Street Zen cut Incyte from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Mizuho increased their price target on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Finally, Piper Sandler increased their price target on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” 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.