Tidal Investments LLC Increases Stock Holdings in Incyte Corporation $INCY

Tidal Investments LLC grew its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 33.4% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 102,834 shares of the biopharmaceutical company’s stock after purchasing an additional 25,768 shares during the quarter. Tidal Investments LLC’s holdings in Incyte were worth $11,657,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. California State Teachers Retirement System boosted its holdings in shares of Incyte by 11,644.8% in the second quarter. California State Teachers Retirement System now owns 28,338,640 shares of the biopharmaceutical company’s stock worth $3,212,468,000 after buying an additional 28,097,353 shares during the last quarter. BlackRock Inc. purchased a new stake in Incyte during the second quarter valued at approximately $2,044,189,000. Legal & General Group Plc purchased a new stake in Incyte during the second quarter valued at approximately $182,054,000. Caisse de depot et placement du Quebec bought a new position in Incyte in the second quarter worth approximately $155,360,000. Finally, Deutsche Bank AG bought a new position in Incyte in the second quarter worth approximately $143,172,000. Institutional investors own 96.97% of the company’s stock.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction that occurred 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 sale, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 business’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the transaction, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. 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 company insiders.

Incyte Price Performance

INCY opened at $121.47 on Friday. The company has a 50 day simple moving average of $121.80 and a two-hundred day simple moving average of $106.66. The firm has a market cap of $24.62 billion, a P/E ratio of 15.47, a PEG ratio of 3.58 and a beta of 0.77. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the firm earned $1.57 EPS. The company’s revenue was up 37.7% on a year-over-year basis. Equities analysts anticipate that Incyte Corporation will post 2.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on INCY shares. Weiss Ratings raised shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Mizuho raised their target price on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Benchmark reiterated a “buy” rating on shares of Incyte in a research report on Thursday, August 20th. Morgan Stanley set a $119.00 price target on Incyte in a report on Wednesday, July 29th. Finally, Leerink Partners upped their price target on Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $124.05.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte’s commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.