Invst LLC Takes Position in Incyte Corporation $INCY

Invst LLC purchased a new position in Incyte Corporation (NASDAQ:INCY) in the 2nd quarter, HoldingsChannel reports. The fund purchased 4,423 shares of the biopharmaceutical company’s stock, valued at approximately $501,000.

A number of other hedge funds also recently bought and sold shares of INCY. Fiduciary Financial Advisors purchased a new stake in Incyte during the 2nd quarter valued at about $26,000. Elyxium Wealth LLC purchased a new position in Incyte in the fourth quarter worth about $28,000. Smithfield Trust Co raised its holdings in Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 162 shares during the last quarter. MUFG Securities EMEA plc bought a new position in shares of Incyte in the second quarter worth approximately $32,000. Finally, CYBER HORNET ETFs LLC purchased a new stake in shares of Incyte during the second quarter valued at approximately $33,000. Institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

INCY has been the subject of several analyst reports. Weiss Ratings raised shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Stifel Nicolaus set a $145.00 target price on Incyte in a research note on Tuesday, July 28th. Sanford C. Bernstein reissued a “market perform” rating and issued a $104.00 target price on shares of Incyte in a report on Thursday, August 13th. Citigroup restated a “buy” rating on shares of Incyte in a research note on Monday, August 3rd. Finally, Truist Financial upped their price target on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $123.10.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction 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 directly owned 183,200 shares of the company’s stock, valued at $23,002,592. This represents a 5.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction 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 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 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. 16.20% of the stock is owned by corporate insiders.

Incyte Stock Up 1.4%

INCY opened at $129.72 on Wednesday. The stock has a market capitalization of $26.29 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 4.05 and a beta of 0.76. The firm has a 50 day moving average price of $117.29 and a 200-day moving average price of $104.56. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the company posted $1.57 earnings per share. The firm’s quarterly revenue was up 37.7% on a year-over-year basis. As a group, analysts expect that Incyte Corporation will post 2.61 earnings per share for the current year.

Incyte Company 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.