Trails Edge Capital Partners LP Invests $17.57 Billion in Incyte Corporation $INCY

Trails Edge Capital Partners LP acquired a new position in shares of Incyte Corporation (NASDAQ:INCY) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 155,000 shares of the biopharmaceutical company’s stock, valued at approximately $17,570,800,000. Incyte accounts for 2.8% of Trails Edge Capital Partners LP’s portfolio, making the stock its 17th largest position. Trails Edge Capital Partners LP owned about 0.08% of Incyte as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in INCY. Invst LLC bought a new position in Incyte during the 2nd quarter worth about $501,000. Jupiter Topco LLC bought a new stake in shares of Incyte in the second quarter valued at about $2,083,000. Hsbc Holdings PLC boosted its position in shares of Incyte by 124.6% during the second quarter. Hsbc Holdings PLC now owns 1,307,743 shares of the biopharmaceutical company’s stock worth $148,336,000 after buying an additional 725,375 shares during the period. EFG International AG bought a new position in shares of Incyte during the second quarter worth about $285,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Incyte in the 2nd quarter valued at approximately $50,162,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the sale, the insider owned 183,200 shares in the company, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. The trade was 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 insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on INCY shares. Benchmark reaffirmed a “buy” rating on shares of Incyte in a research report on Thursday, August 20th. Mizuho increased their target price on shares of Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Oppenheimer reaffirmed a “market perform” rating and issued a $120.00 target price on shares of Incyte in a research report on Tuesday, July 28th. Guggenheim lifted their price target on shares of Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Finally, Barclays raised 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 analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $123.10.

Incyte Trading Up 1.4%

NASDAQ INCY opened at $129.72 on Wednesday. The firm has a market capitalization of $26.29 billion, a P/E ratio of 16.52, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76. The firm’s fifty day moving average price is $117.29 and its two-hundred day moving average price is $104.56. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion for 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%. Incyte’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.57 EPS. On average, research analysts anticipate that Incyte Corporation will post 2.61 EPS for the current fiscal year.

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.