Incyte Corporation $INCY Shares Acquired by Wellington Management Group LLP

Wellington Management Group LLP lifted its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 9.5% during the second quarter, Holdings Channel.com reports. The fund owned 3,575,521 shares of the biopharmaceutical company’s stock after acquiring an additional 309,385 shares during the period. Wellington Management Group LLP’s holdings in Incyte were worth $405,321,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Fiduciary Financial Advisors acquired a new stake in Incyte in the 2nd quarter worth approximately $26,000. Elyxium Wealth LLC acquired a new position in Incyte during the 4th quarter valued at approximately $28,000. Smithfield Trust Co increased its stake in Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares in the last quarter. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Incyte in the fourth quarter worth $35,000. Finally, Atlas Capital Advisors Inc. purchased a new position in shares of Incyte in the fourth quarter worth $35,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Activity

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the sale, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction dated 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 transaction, the insider owned 183,200 shares of the company’s stock, valued at $23,002,592. The trade was a 5.57% 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 currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on INCY. Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a report on Tuesday, July 28th. Piper Sandler raised their target price on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a research note on Monday, August 17th. HC Wainwright reaffirmed a “buy” rating and set a $150.00 price target on shares of Incyte in a research report on Thursday, August 20th. Morgan Stanley set a $119.00 price target on Incyte in a research note on Wednesday, July 29th. Finally, Barclays increased their price objective on Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $123.10.

Incyte Price Performance

INCY stock opened at $124.37 on Friday. The company has a market capitalization of $25.21 billion, a P/E ratio of 15.84, a price-to-earnings-growth ratio of 3.91 and a beta of 0.76. Incyte Corporation has a 12 month low of $81.09 and a 12 month high of $132.60. The firm’s fifty day simple moving average is $118.99 and its 200-day simple moving average is $105.01.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.94. The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm’s revenue was up 37.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.57 earnings per share. As a group, sell-side analysts forecast that Incyte Corporation will post 2.64 earnings per share for the current year.

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.