Trails Edge Capital Partners LP Purchases Shares of 155,000 Incyte Corporation $INCY

Trails Edge Capital Partners LP acquired a new stake in Incyte Corporation (NASDAQ:INCY) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 155,000 shares of the biopharmaceutical company’s stock, valued at approximately $17,570,800. Incyte comprises 0.0% of Trails Edge Capital Partners LP’s investment portfolio, making the stock its 17th largest holding. Trails Edge Capital Partners LP owned 0.08% of Incyte at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Fiduciary Financial Advisors acquired a new position in shares of Incyte in the second quarter valued at approximately $26,000. Elyxium Wealth LLC bought a new stake in shares of Incyte during the fourth quarter valued at approximately $28,000. Smithfield Trust Co lifted its position in Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Incyte during the fourth quarter worth about $35,000. Finally, Atlas Capital Advisors Inc. purchased a new position in Incyte during the 4th quarter valued at $35,000. Institutional investors own 96.97% of the company’s stock.

Incyte Trading Down 2.6%

NASDAQ INCY traded down $3.37 on Friday, hitting $124.37. 1,214,951 shares of the company’s stock were exchanged, compared to its average volume of 1,736,678. The stock has a 50-day moving average of $118.47 and a 200-day moving average of $104.88. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60. The stock has a market cap of $25.21 billion, a price-to-earnings ratio of 15.84, a P/E/G ratio of 4.02 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the firm posted $1.57 EPS. The business’s revenue for the quarter was up 37.7% compared to the same quarter last year. As a group, analysts predict that Incyte Corporation will post 2.64 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Patrick A. Mayes sold 41,899 shares of the company’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 sale, the executive vice president 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 sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction dated 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 completion of the transaction, the insider owned 183,200 shares in the company, valued at $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on INCY. Wall Street Zen lowered Incyte from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Leerink Partners lifted their price objective on shares of Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Stifel Nicolaus set a $145.00 price target on shares of Incyte in a research note on Tuesday, July 28th. Morgan Stanley set a $119.00 target price on shares of Incyte in a report on Wednesday, July 29th. Finally, Weiss Ratings upgraded shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $123.10.

Incyte Company 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.