Vise Technologies Inc. bought a new position in Incyte Corporation (NASDAQ:INCY – Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 7,156 shares of the biopharmaceutical company’s stock, valued at approximately $811,000.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Incyte during the second quarter valued at about $217,000. E Fund Management Co. Ltd. purchased a new stake in shares of Incyte in the second quarter valued at $825,000. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Incyte in the second quarter valued at $838,000. DCF Advisers LLC acquired a new stake in shares of Incyte in the second quarter worth $4,704,000. Finally, West Family Investments Inc. acquired a new stake in shares of Incyte in the second quarter worth $245,000. 96.97% of the stock is owned by institutional investors and hedge funds.
Incyte Stock Performance
Shares of NASDAQ:INCY opened at $127.81 on Monday. The stock’s 50-day moving average is $116.17 and its 200-day moving average is $104.18. The company has a market cap of $25.91 billion, a P/E ratio of 16.28, a P/E/G ratio of 4.05 and a beta of 0.76. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60.
Insider Activity at Incyte
In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction that occurred on 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 transaction, the insider directly owned 183,200 shares of the company’s stock, valued at $23,002,592. The trade was a 5.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the transaction, the executive vice president 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.
Analyst Upgrades and Downgrades
INCY has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their price objective on Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. BMO Capital Markets upped their target price on Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. TD Cowen reiterated a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. Guggenheim upped their price objective on shares of Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Finally, Royal Bank Of Canada lifted their price objective on Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 29th. Twelve analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $123.10.
View Our Latest Research 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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