Incyte Corporation $INCY Shares Acquired by Hsbc Holdings PLC

Hsbc Holdings PLC raised its stake in Incyte Corporation (NASDAQ:INCY) by 124.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,307,743 shares of the biopharmaceutical company’s stock after purchasing an additional 725,375 shares during the period. Hsbc Holdings PLC’s holdings in Incyte were worth $148,336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on INCY shares. Barclays upped their price target on shares of Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Canaccord Genuity Group initiated coverage on shares of Incyte in a research report on Thursday, August 20th. They set a “buy” rating and a $152.00 target price on the stock. BMO Capital Markets increased their target price on shares of Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Piper Sandler lifted their price target on shares of Incyte from $110.00 to $130.00 and gave the company an “overweight” rating in a research report on Monday, August 17th. Finally, Truist Financial boosted their price target on Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research note on Monday, June 22nd. One 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. Based on data from MarketBeat.com, Incyte currently has a consensus rating of “Moderate Buy” and a consensus price target of $123.10.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction 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 in the company, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. The sale was disclosed in a filing 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 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 of the company’s stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

Incyte Stock Up 1.4%

NASDAQ:INCY opened at $129.72 on Wednesday. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60. The stock has a fifty day simple moving average of $117.29 and a 200-day simple moving average of $104.56. The company has a market capitalization of $26.29 billion, a PE ratio of 16.52, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share 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 during the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the firm posted $1.57 EPS. The firm’s revenue for the quarter was up 37.7% on a year-over-year basis. As a group, equities analysts anticipate that Incyte Corporation will post 2.61 earnings per share for the current year.

About Incyte

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.