North Star Asset Management Inc. Buys Shares of 14,383 Incyte Corporation $INCY

North Star Asset Management Inc. purchased a new position in Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, Holdings Channel reports. The fund purchased 14,383 shares of the biopharmaceutical company’s stock, valued at approximately $1,630,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Empowered Funds LLC bought a new position in shares of Incyte during the 2nd quarter valued at approximately $19,825,000. United Capital Financial Advisors LLC bought a new stake in Incyte during the 2nd quarter worth approximately $779,000. FSA Advisors Inc. bought a new stake in Incyte during the 2nd quarter worth approximately $324,000. Coastal Bridge Advisors LLC purchased a new position in Incyte during the second quarter valued at approximately $2,473,000. Finally, Jefferies Financial Group Inc. purchased a new position in Incyte during the second quarter valued at approximately $17,321,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

INCY has been the subject of several recent analyst reports. Piper Sandler increased their price target on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a research note on Monday, August 17th. Benchmark restated a “buy” rating on shares of Incyte in a research report on Thursday, August 20th. Weiss Ratings upgraded Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Barclays upped their price objective on Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Finally, Morgan Stanley set a $119.00 target price on Incyte in a research report on Wednesday, July 29th. One research 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’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $123.10.

Incyte Stock Performance

NASDAQ INCY opened at $127.74 on Friday. The company has a market cap of $25.89 billion, a P/E ratio of 16.27, a P/E/G ratio of 4.02 and a beta of 0.76. The business’s 50 day moving average price is $118.47 and its 200-day moving average price is $104.88. Incyte Corporation has a fifty-two week low of $81.09 and a fifty-two week high of $132.60.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm’s revenue was up 37.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.57 EPS. As a group, equities analysts predict that Incyte Corporation will post 2.64 EPS for the current year.

Insider Buying and Selling

In other Incyte news, 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 transaction of $5,005,254.54. Following the transaction, the executive vice president directly owned 61,441 shares in the company, 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 SEC, which is available through the SEC website. 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 on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the transaction, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

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.