Traders Buy Shares of Incyte Corporation (INCY) on Weakness

Traders bought shares of Incyte Corporation (NASDAQ:INCY) on weakness during trading on Monday. $119.89 million flowed into the stock on the tick-up and $102.67 million flowed out of the stock on the tick-down, for a money net flow of $17.22 million into the stock. Of all companies tracked, Incyte Corporation had the 19th highest net in-flow for the day. Incyte Corporation traded down ($4.51) for the day and closed at $124.95

A number of brokerages have issued reports on INCY. BidaskClub lowered Incyte Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. BMO Capital Markets reaffirmed an “outperform” rating and set a $163.00 price target (down from $172.00) on shares of Incyte Corporation in a research note on Monday. Credit Suisse Group reaffirmed a “buy” rating on shares of Incyte Corporation in a research note on Saturday, June 10th. Cowen and Company reaffirmed an “outperform” rating and set a $130.00 price target on shares of Incyte Corporation in a research note on Monday, July 3rd. Finally, J P Morgan Chase & Co set a $149.00 price target on Incyte Corporation and gave the company a “buy” rating in a research note on Tuesday, August 1st. Seven equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $140.81.

The company has a 50 day moving average of $129.00 and a 200 day moving average of $130.50. The firm’s market capitalization is $25.33 billion.

Incyte Corporation (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Incyte Corporation had a negative net margin of 11.77% and a negative return on equity of 21.57%. The firm had revenue of $326.40 million during the quarter, compared to analyst estimates of $318.45 million. During the same period last year, the firm earned $0.18 EPS. Incyte Corporation’s quarterly revenue was up 32.5% on a year-over-year basis. Equities analysts expect that Incyte Corporation will post ($0.86) EPS for the current year.

In other news, EVP Steven H. Stein sold 9,883 shares of the business’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $125.00, for a total value of $1,235,375.00. Following the completion of the transaction, the executive vice president now owns 18,518 shares of the company’s stock, valued at approximately $2,314,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Bros. Advisors Lp Baker purchased 100,000 shares of the firm’s stock in a transaction dated Friday, September 8th. The stock was purchased at an average cost of $132.00 per share, with a total value of $13,200,000.00. The disclosure for this purchase can be found here. Insiders sold a total of 53,538 shares of company stock valued at $7,118,269 in the last three months. 17.70% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the company. D. Scott Neal Inc. acquired a new position in shares of Incyte Corporation in the 2nd quarter valued at $103,000. Tower Research Capital LLC TRC acquired a new position in shares of Incyte Corporation in the 1st quarter valued at $105,000. Cornerstone Advisors Inc. grew its holdings in shares of Incyte Corporation by 19.6% in the 2nd quarter. Cornerstone Advisors Inc. now owns 884 shares of the biopharmaceutical company’s stock valued at $111,000 after buying an additional 145 shares during the period. Exane Asset Management acquired a new position in shares of Incyte Corporation in the 2nd quarter valued at $126,000. Finally, Seven Eight Capital LP acquired a new position in shares of Incyte Corporation in the 2nd quarter valued at $129,000. 91.06% of the stock is owned by institutional investors.

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About Incyte Corporation

Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).

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