Great Lakes Advisors LLC bought a new stake in shares of Incyte Corporation (NASDAQ:INCY – Free Report) in the second quarter, Holdings Channel reports. The fund bought 7,575 shares of the biopharmaceutical company’s stock, valued at approximately $859,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Elyxium Wealth LLC purchased a new stake in shares of Incyte in the fourth quarter worth about $28,000. Smithfield Trust Co grew its stake 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 acquiring an additional 162 shares in the last quarter. MUFG Securities EMEA plc purchased a new position in Incyte during the second quarter valued at approximately $32,000. CYBER HORNET ETFs LLC purchased a new position in Incyte during the second quarter valued at approximately $33,000. Finally, Leonteq Securities AG bought a new stake in Incyte during the 4th quarter worth approximately $35,000. 96.97% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several analysts have issued reports on INCY shares. UBS Group increased their target price on shares of Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Benchmark reaffirmed a “buy” rating on shares of Incyte in a report on Thursday. Oppenheimer reaffirmed a “market perform” rating and issued a $120.00 price target on shares of Incyte in a report on Tuesday, July 28th. Weiss Ratings upgraded Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Finally, Mizuho boosted their target price on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Twelve investment analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $123.10.
Incyte Price Performance
INCY stock opened at $127.81 on Friday. The firm has a 50 day simple moving average of $116.17 and a two-hundred day simple moving average of $104.17. The stock has a market cap of $25.91 billion, a PE ratio of 16.28, a P/E/G ratio of 4.05 and a beta of 0.76. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60.
Incyte (NASDAQ:INCY – Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. 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 company posted $1.57 EPS. The business’s quarterly revenue was up 37.7% on a year-over-year basis. On average, research analysts expect that Incyte Corporation will post 2.61 EPS for the current fiscal year.
Insiders Place Their Bets
In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the sale, the executive vice president owned 61,441 shares of the company’s stock, valued at $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the company’s 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 of the company’s stock, valued at $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.
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.
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