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

Oppenheimer & Co. Inc. acquired a new stake in Incyte Corporation (NASDAQ:INCY) during the third quarter, HoldingsChannel.com reports. The fund acquired 5,517 shares of the biopharmaceutical company’s stock, valued at approximately $669,000.

A number of other hedge funds have also bought and sold shares of INCY. Trails Edge Capital Partners LP acquired a new stake in Incyte in the second quarter valued at approximately $17,570,800. Twin Capital Management Inc. acquired a new position in shares of Incyte during the first quarter worth approximately $875,000. Tidal Investments LLC lifted its holdings in shares of Incyte by 33.4% in the 2nd quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company’s stock worth $11,657,000 after purchasing an additional 25,768 shares in the last quarter. BlackRock Inc. acquired a new stake in Incyte in the 2nd quarter valued at $2,044,189,000. Finally, Mediolanum International Funds Ltd grew its position in Incyte by 25.4% in the 1st quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company’s stock valued at $5,447,000 after purchasing an additional 12,227 shares during the period. Institutional investors own 96.97% of the company’s stock.

Incyte Trading Up 4.5%

Shares of Incyte stock opened at $122.85 on Thursday. The firm has a market capitalization of $25.04 billion, a P/E ratio of 65.35, a P/E/G ratio of 4.28 and a beta of 0.78. The business has a fifty day simple moving average of $119.99 and a two-hundred day simple moving average of $108.37. Incyte Corporation has a 12 month low of $89.25 and a 12 month high of $132.60.

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

Insider Transactions at Incyte

In related news, insider Pablo Cagnoni sold 10,801 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on INCY shares. Leerink Partners boosted 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. Mizuho increased their price objective on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a report on Friday, September 11th. Weiss Ratings cut Incyte from a “buy (b+)” rating to a “buy (b)” rating in a research report on Friday, October 23rd. Finally, Canaccord Genuity Group initiated coverage on shares of Incyte in a research report on Thursday, August 20th. They issued a “buy” rating and a $152.00 price objective for the company. Twelve research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Incyte presently has a consensus rating of “Hold” and a consensus price target of $133.10.

About Incyte

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.