Itau Unibanco Holding S.A. Acquires New Position in Incyte Co. (NASDAQ:INCY)

Itau Unibanco Holding S.A. bought a new position in Incyte Co. (NASDAQ:INCY) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 596 shares of the biopharmaceutical company’s stock, valued at approximately $36,000.

Other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. raised its holdings in shares of Incyte by 17,460.4% during the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock worth $163,200,000 after acquiring an additional 2,676,851 shares in the last quarter. KBC Group NV raised its stake in shares of Incyte by 842.2% during the 4th quarter. KBC Group NV now owns 955,749 shares of the biopharmaceutical company’s stock worth $60,011,000 after purchasing an additional 854,311 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Incyte by 28.0% during the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after buying an additional 779,243 shares during the last quarter. Swedbank AB bought a new stake in shares of Incyte in the 1st quarter valued at approximately $37,440,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in Incyte by 122.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock worth $54,116,000 after buying an additional 490,680 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Performance

NASDAQ INCY opened at $65.74 on Monday. The company’s fifty day moving average is $64.37 and its two-hundred day moving average is $59.80. Incyte Co. has a 52-week low of $50.27 and a 52-week high of $70.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. The firm has a market capitalization of $14.76 billion, a price-to-earnings ratio of 19.92, a P/E/G ratio of 5.03 and a beta of 0.73.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the business posted $0.77 EPS. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. Equities research analysts forecast that Incyte Co. will post 0.67 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. JMP Securities reiterated a “market perform” rating on shares of Incyte in a research note on Tuesday, September 17th. Oppenheimer decreased their price objective on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a report on Friday, July 26th. JPMorgan Chase & Co. raised their target price on Incyte from $59.00 to $61.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Guggenheim increased their price objective on Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, Bank of America boosted their target price on Incyte from $66.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $73.24.

Insiders Place Their Bets

In other news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the transaction, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Thomas Tray sold 572 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,047 shares of company stock worth $2,225,626. 17.50% of the stock is currently owned by company insiders.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.