Praxis Investment Management Inc. Buys 3,150 Shares of Incyte Corporation $INCY

Praxis Investment Management Inc. grew its stake in shares of Incyte Corporation (NASDAQ:INCY) by 82.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,980 shares of the biopharmaceutical company’s stock after acquiring an additional 3,150 shares during the period. Praxis Investment Management Inc.’s holdings in Incyte were worth $475,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Banque Transatlantique SA purchased a new stake in shares of Incyte during the 1st quarter valued at approximately $26,000. Hilltop National Bank purchased a new stake in shares of Incyte during the 2nd quarter valued at approximately $37,000. SVB Wealth LLC purchased a new stake in shares of Incyte during the 1st quarter valued at approximately $39,000. Geneos Wealth Management Inc. lifted its stake in shares of Incyte by 350.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock valued at $46,000 after buying an additional 588 shares in the last quarter. Finally, WPG Advisers LLC purchased a new stake in shares of Incyte during the 1st quarter valued at approximately $47,000. 96.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Bank of America upped their price target on shares of Incyte from $90.00 to $104.00 and gave the company a “buy” rating in a research note on Thursday, September 4th. UBS Group restated a “neutral” rating and set a $68.00 price target (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Stifel Nicolaus upped their price target on shares of Incyte from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. JPMorgan Chase & Co. increased their target price on shares of Incyte from $73.00 to $89.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. Finally, BMO Capital Markets reiterated an “underperform” rating and issued a $60.00 target price (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Incyte currently has an average rating of “Hold” and an average target price of $84.79.

Insider Activity at Incyte

In other news, EVP Steven H. Stein sold 3,706 shares of the stock in a transaction on Monday, July 21st. The shares were sold at an average price of $67.94, for a total value of $251,785.64. Following the transaction, the executive vice president owned 102,886 shares of the company’s stock, valued at $6,990,074.84. This represents a 3.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders have sold 4,261 shares of company stock valued at $298,482. 17.80% of the stock is owned by corporate insiders.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $87.57 on Friday. The company’s fifty day moving average price is $85.20 and its 200-day moving average price is $72.54. The firm has a market capitalization of $17.10 billion, a price-to-earnings ratio of 19.90, a PEG ratio of 0.68 and a beta of 0.73. Incyte Corporation has a one year low of $53.56 and a one year high of $92.86. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78.

Incyte Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.