GK Wealth Management LLC Acquires New Position in Incyte Corporation $INCY

GK Wealth Management LLC acquired a new position in shares of Incyte Corporation (NASDAQ:INCY) during the second quarter, HoldingsChannel reports. The fund acquired 6,188 shares of the biopharmaceutical company’s stock, valued at approximately $701,000.

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

Incyte Stock Up 1.8%

Shares of NASDAQ:INCY opened at $120.60 on Wednesday. The company has a market capitalization of $24.45 billion, a P/E ratio of 15.36, a P/E/G ratio of 3.80 and a beta of 0.76. Incyte Corporation has a 52-week low of $76.45 and a 52-week high of $132.60. The stock’s fifty day simple moving average is $110.44 and its 200-day simple moving average is $102.42.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the business posted $1.57 EPS. The firm’s quarterly revenue was up 37.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Incyte Corporation will post 2.58 earnings per share for the current year.

Analyst Ratings Changes

INCY has been the subject of several research analyst reports. Oppenheimer reaffirmed a “market perform” rating and issued a $120.00 price objective on shares of Incyte in a research note on Tuesday, July 28th. Stifel Nicolaus set a $145.00 target price on Incyte in a report on Tuesday, July 28th. TD Cowen restated a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Sanford C. Bernstein initiated coverage on Incyte in a research note on Thursday, May 21st. They set a “market perform” rating and a $99.00 price target for the company. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Ten equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $120.40.

Insider Activity

In other Incyte 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

About Incyte

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.