State of Wyoming Purchases Shares of 35,525 Incyte Corporation $INCY

State of Wyoming acquired a new stake in Incyte Corporation (NASDAQ:INCY – Free Report) in the second quarter, HoldingsChannel reports. The fund acquired 35,525 shares of the biopharmaceutical company’s stock, valued at approximately $4,027,000. Incyte comprises 0.4% of State of Wyoming’s holdings, making the stock its 13th largest position.

Several other institutional investors also recently modified their holdings of INCY. Elyxium Wealth LLC acquired a new stake in Incyte in the 4th quarter valued at about $28,000. Smithfield Trust Co increased its position in Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 162 shares during the last quarter. Atlas Capital Advisors Inc. acquired a new position in Incyte during the fourth quarter worth approximately $35,000. University of Texas Texas AM Investment Management Co. acquired a new position in Incyte during the fourth quarter worth approximately $35,000. Finally, Leonteq Securities AG bought a new stake in Incyte in the fourth quarter valued at approximately $35,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

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Insider Buying and Selling

In related news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction 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 trade represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Barclays raised their price objective on Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Morgan Stanley set a $119.00 target price on Incyte in a report on Wednesday, July 29th. Wall Street Zen cut Incyte from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Truist Financial raised their price target on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Finally, Mizuho lifted their price objective on shares of Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Ten research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $120.65.

Read Our Latest Stock Analysis on Incyte

Incyte Trading Down 0.3%

NASDAQ:INCY opened at $120.16 on Friday. The stock has a 50 day simple moving average of $114.08 and a 200 day simple moving average of $103.32. The stock has a market cap of $24.36 billion, a P/E ratio of 15.31, a PEG ratio of 3.77 and a beta of 0.76. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60.

Incyte (NASDAQ:INCY – Get Free Report) last posted its 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. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company’s revenue was up 37.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.57 earnings per share. As a group, sell-side analysts forecast that Incyte Corporation will post 2.64 EPS for the current year.

About Incyte

(Free Report)

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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