Pallas Capital Advisors LLC Buys New Stake in Incyte Corporation $INCY

Pallas Capital Advisors LLC bought a new position in shares of Incyte Corporation (NASDAQ:INCY) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 32,151 shares of the biopharmaceutical company’s stock, valued at approximately $3,645,000.

A number of other hedge funds also recently bought and sold shares of the company. Deutsche Bank AG bought a new position in shares of Incyte in the second quarter worth about $143,172,000. Perigon Wealth Management LLC acquired a new stake in Incyte in the 2nd quarter valued at approximately $460,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Incyte in the 2nd quarter valued at approximately $46,734,000. Plato Investment Management Ltd bought a new position in Incyte in the 2nd quarter worth approximately $1,674,000. Finally, Global Retirement Partners LLC acquired a new position in shares of Incyte during the second quarter worth approximately $312,000. 96.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on INCY. Weiss Ratings upgraded shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. UBS Group upped their target price on shares of Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Mizuho raised their price target on shares of Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Truist Financial boosted their price objective on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. Finally, Barclays upped their price objective on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. Based on data from MarketBeat, Incyte has an average rating of “Hold” and a consensus target price of $121.65.

Incyte Stock Performance

NASDAQ:INCY opened at $123.50 on Tuesday. The company has a 50-day moving average of $114.53 and a 200-day moving average of $103.46. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60. The company has a market capitalization of $25.03 billion, a price-to-earnings ratio of 15.73, a PEG ratio of 3.77 and a beta of 0.76.

Incyte (NASDAQ:INCY) last posted its quarterly 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 analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.57 earnings per share. Sell-side analysts forecast that Incyte Corporation will post 2.64 EPS for the current year.

Insiders Place Their Bets

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction on 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 completion of the transaction, the executive vice president directly owned 61,441 shares in the company, valued at $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

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.