Jupiter Topco LLC acquired a new position in shares of Incyte Corporation (NASDAQ:INCY – Free Report) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 18,373 shares of the biopharmaceutical company’s stock, valued at approximately $2,083,000.
A number of other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. bought a new position in Incyte in the second quarter worth $2,044,189,000. Geode Capital Management LLC increased its holdings in 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 buying an additional 506,842 shares during the period. Invesco Ltd. raised 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 buying an additional 405,611 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Incyte by 13.7% in 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 buying an additional 373,298 shares in the last quarter. Finally, Morgan Stanley lifted its holdings 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 worth $263,106,000 after acquiring an additional 23,087 shares during the period. 96.97% of the stock is currently owned by institutional investors.
Incyte Stock Performance
Shares of NASDAQ INCY opened at $128.00 on Friday. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60. The business has a fifty day moving average of $120.61 and a two-hundred day moving average of $105.72. The stock has a market cap of $25.95 billion, a PE ratio of 16.31, a PEG ratio of 3.74 and a beta of 0.77.
Insider Transactions at Incyte
In other news, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 Incyte stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the transaction, the executive vice president owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This trade represents a 40.54% decrease in their position. 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 insiders.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on INCY. Citigroup reiterated a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. TD Cowen raised shares of Incyte to a “strong-buy” rating in a research report on Monday, August 24th. Sanford C. Bernstein restated a “market perform” rating and set a $104.00 price target on shares of Incyte in a research note on Thursday, August 13th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Incyte in a report on Tuesday. Finally, HC Wainwright reiterated a “buy” rating and issued a $150.00 price objective on shares of Incyte in a research note on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $124.05.
Get Our Latest Research Report on INCY
Incyte 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.
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