16,485 Shares in Incyte Corporation $INCY Bought by Bank of Nova Scotia

Bank of Nova Scotia acquired a new stake in Incyte Corporation (NASDAQ:INCY) during the second quarter, according to its most recent filing with the SEC. The firm acquired 16,485 shares of the biopharmaceutical company’s stock, valued at approximately $1,869,000.

Several other institutional investors also recently bought and sold shares of INCY. Elyxium Wealth LLC acquired a new stake in shares of Incyte in the 4th quarter worth $28,000. Smithfield Trust Co boosted its holdings in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 162 shares in the last quarter. MUFG Securities EMEA plc acquired a new position in shares of Incyte during the second quarter worth about $32,000. CYBER HORNET ETFs LLC acquired a new position in shares of Incyte during the second quarter worth about $33,000. Finally, Leonteq Securities AG purchased a new position in Incyte during the fourth quarter worth about $35,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Incyte

In related news, 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 sale, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This represents a 40.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the company’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 value of $1,356,173.56. Following the completion of the sale, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. 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 insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on INCY. UBS Group raised their price objective on shares of Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Weiss Ratings upgraded Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. increased their target price on Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. Sanford C. Bernstein reissued a “market perform” rating and issued a $104.00 price target on shares of Incyte in a report on Thursday, August 13th. Finally, TD Cowen upgraded Incyte to a “strong-buy” rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, Incyte currently has a consensus rating of “Moderate Buy” and an average price target of $123.10.

Incyte Stock Down 1.2%

Shares of NASDAQ INCY opened at $128.12 on Thursday. The stock has a market capitalization of $25.97 billion, a price-to-earnings ratio of 16.32, a price-to-earnings-growth ratio of 4.11 and a beta of 0.76. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60. The firm has a 50-day moving average price of $117.87 and a 200 day moving average price of $104.74.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share 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 analyst estimates of $1.50 billion. During the same period in the prior year, the business posted $1.57 earnings per share. The firm’s revenue for the quarter was up 37.7% compared to the same quarter last year. Equities research analysts expect that Incyte Corporation will post 2.61 EPS for the current fiscal year.

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.