Oppenheimer & Co. Inc. Acquires New Position in Incyte Corporation $INCY

Oppenheimer & Co. Inc. acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,517 shares of the biopharmaceutical company’s stock, valued at approximately $669,000.

Several other large investors also recently added to or reduced their stakes in INCY. BlackRock Inc. acquired a new position in shares of Incyte in the second quarter valued at $2,044,189,000. Wellington Management Group LLP raised its holdings in shares of Incyte by 9.5% in the second quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock valued at $405,321,000 after purchasing an additional 309,385 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Incyte by 10.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock worth $185,873,000 after purchasing an additional 187,354 shares in the last quarter. Pacer Advisors Inc. raised its stake in Incyte by 2.2% in the first quarter. Pacer Advisors Inc. now owns 1,741,061 shares of the biopharmaceutical company’s stock valued at $163,869,000 after buying an additional 37,790 shares during the period. Finally, Legal & General Group Plc acquired a new position in Incyte in the 2nd quarter valued at about $182,054,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Incyte

In other news, insider Pablo Cagnoni sold 2,642 shares of the stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $112.71, for a total value of $297,779.82. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at approximately $20,648,472. This represents a 1.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Incyte Trading Up 4.5%

Shares of NASDAQ INCY opened at $122.85 on Thursday. The company has a market cap of $25.04 billion, a price-to-earnings ratio of 65.35, a PEG ratio of 4.28 and a beta of 0.78. Incyte Corporation has a 12 month low of $89.25 and a 12 month high of $132.60. The stock has a 50-day moving average price of $119.99 and a two-hundred day moving average price of $108.37.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.93) by $0.33. Incyte had a net margin of 6.71% and a return on equity of 7.92%. The company had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same period last year, the company posted $2.26 EPS. The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. On average, sell-side analysts predict that Incyte Corporation will post 2.24 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on INCY shares. Leerink Partners increased their target price on shares of Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Guggenheim upped their target price on Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Canaccord Genuity Group began coverage on Incyte in a research note on Thursday, August 20th. They issued a “buy” rating and a $152.00 price target for the company. UBS Group set a $152.00 price objective on shares of Incyte in a research report on Friday, October 30th. Finally, Oppenheimer set a $152.00 price objective on shares of Incyte in a research note on Tuesday, October 27th. Twelve analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Incyte has an average rating of “Hold” and a consensus price target of $133.10.

Incyte Profile

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.