United Capital Financial Advisors LLC acquired a new position in shares of Incyte Corporation (NASDAQ:INCY – Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,876 shares of the biopharmaceutical company’s stock, valued at approximately $779,000.
Several other hedge funds also recently modified their holdings of INCY. Trails Edge Capital Partners LP bought a new stake in Incyte during the 2nd quarter worth about $17,570,800. Twin Capital Management Inc. bought a new stake in Incyte in the first quarter valued at approximately $875,000. BlackRock Inc. acquired a new position in shares of Incyte in the 2nd quarter valued at $2,044,189,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Incyte by 5,218.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock valued at $58,950,000 after buying an additional 585,618 shares during the period. Finally, Sector Gamma AS increased its position in shares of Incyte by 6.7% in the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock valued at $21,609,000 after buying an additional 13,669 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.
Insider Buying and Selling
In other news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president directly owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This trade represents a 40.54% decrease in their position. The sale 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. Also, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, the insider owned 183,200 shares in the company, valued at $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.
Incyte Price Performance
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 (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The business 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%.Incyte’s quarterly revenue was up 37.7% on a year-over-year basis. During the same period last year, the company earned $1.57 earnings per share. On average, equities analysts expect that Incyte Corporation will post 2.64 EPS for the current year.
Analysts Set New Price Targets
INCY has been the subject of a number of research analyst reports. Barclays boosted their target price on Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Stifel Nicolaus set a $145.00 target price on Incyte in a research note on Tuesday, July 28th. Leerink Partners raised their target price on shares of Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $104.00 price target on shares of Incyte in a research note on Thursday, August 13th. Finally, Canaccord Genuity Group assumed coverage on shares of Incyte in a report on Thursday, August 20th. They issued a “buy” rating and a $152.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat, Incyte presently has an average rating of “Moderate Buy” and a consensus target price of $123.10.
Read Our Latest Stock Report on INCY
Incyte 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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