Ieq Capital LLC Invests $48.14 Million in Incyte Corporation $INCY

Ieq Capital LLC purchased a new stake in Incyte Corporation (NASDAQ:INCY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 424,682 shares of the biopharmaceutical company’s stock, valued at approximately $48,142,000. Ieq Capital LLC owned approximately 0.21% of Incyte at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. NewEdge Advisors LLC increased its position in Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after purchasing an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp boosted its position in Incyte by 15.1% in the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock valued at $299,000 after buying an additional 648 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Incyte by 6.4% during the first quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after buying an additional 48,751 shares during the last quarter. United Services Automobile Association bought a new stake in shares of Incyte during the first quarter worth $219,000. Finally, Focus Partners Wealth increased its holdings in shares of Incyte by 74.1% during the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after buying an additional 8,951 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Incyte 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 owned 61,441 shares in the company, valued at approximately $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 can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the transaction, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. The trade was a 5.57% decrease in their position. 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 insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. increased their price target on Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. HC Wainwright restated a “buy” rating and set a $150.00 price objective on shares of Incyte in a research report on Thursday. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $104.00 target price on shares of Incyte in a report on Thursday, August 13th. TD Cowen reiterated a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Finally, Canaccord Genuity Group initiated coverage on Incyte in a research note on Thursday. They issued a “buy” rating and a $152.00 price objective for the company. Twelve analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat.com, Incyte has a consensus rating of “Hold” and an average price target of $123.10.

Incyte Stock Up 0.5%

NASDAQ INCY opened at $127.81 on Friday. The company has a market capitalization of $25.91 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 4.03 and a beta of 0.76. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60. The stock has a fifty day simple moving average of $116.17 and a 200 day simple moving average of $104.17.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping the consensus estimate of $2.15 by $0.94. The firm had revenue of $1.67 billion for 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%.The business’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.57 EPS. Research analysts expect that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

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.