Insight Wealth Strategies LLC bought a new stake in shares of Incyte Corporation (NASDAQ:INCY – Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 62,175 shares of the biopharmaceutical company’s stock, valued at approximately $7,076,000.
Other hedge funds have also made changes to their positions in the company. Elyxium Wealth LLC bought a new stake in shares of Incyte in the fourth quarter worth $28,000. Smithfield Trust Co boosted its stake in Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 162 shares during the last quarter. MUFG Securities EMEA plc bought a new position in Incyte during the 2nd quarter valued at $32,000. CYBER HORNET ETFs LLC acquired a new position in Incyte during the 2nd quarter worth $33,000. Finally, Leonteq Securities AG bought a new stake in shares of Incyte in the 4th quarter worth about $35,000. Institutional investors and hedge funds own 96.97% of the company’s stock.
Analyst Upgrades and Downgrades
INCY has been the topic of several research analyst reports. Sanford C. Bernstein began coverage on shares of Incyte in a research report on Thursday, May 21st. They set a “market perform” rating and a $99.00 price target on the stock. Morgan Stanley set a $119.00 price objective on shares of Incyte in a report on Wednesday, July 29th. BMO Capital Markets boosted their price target on shares of Incyte from $112.00 to $130.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. TD Cowen reaffirmed a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Finally, HC Wainwright raised their price objective on shares of Incyte from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $120.40.
Insider Activity
In other news, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction 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 transaction, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.
Incyte Stock Performance
Shares of NASDAQ:INCY opened at $121.07 on Wednesday. The company has a market capitalization of $24.54 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 3.82 and a beta of 0.76. The stock has a fifty day moving average of $112.88 and a 200-day moving average of $102.96. Incyte Corporation has a one year low of $79.33 and a one year high of $132.60.
Incyte (NASDAQ:INCY – Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the business posted $1.57 EPS. Incyte’s revenue was up 37.7% on a year-over-year basis. As a group, research analysts forecast that Incyte Corporation will post 2.64 EPS for the current fiscal 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.
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