Grandfield & Dodd LLC Acquires New Shares in Incyte Corporation $INCY

Grandfield & Dodd LLC purchased a new position in Incyte Corporation (NASDAQ:INCY) in the second quarter, Holdings Channel reports. The fund purchased 20,822 shares of the biopharmaceutical company’s stock, valued at approximately $2,360,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in Incyte during the 2nd quarter worth $2,044,189,000. Geode Capital Management LLC lifted its position in shares of Incyte by 11.3% in the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after acquiring an additional 506,842 shares during the period. Invesco Ltd. lifted its position in Incyte by 13.2% in the fourth quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock worth $343,105,000 after purchasing an additional 405,611 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Incyte by 13.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock worth $263,246,000 after acquiring an additional 373,298 shares during the period. Finally, Morgan Stanley lifted its stake in Incyte by 0.9% during the fourth quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock worth $263,106,000 after purchasing an additional 23,087 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Performance

Shares of Incyte stock opened at $123.50 on Tuesday. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60. The firm has a market cap of $25.03 billion, a PE ratio of 15.73, a P/E/G ratio of 3.77 and a beta of 0.76. The business’s 50 day simple moving average is $114.53 and its 200 day simple moving average is $103.46.

Incyte (NASDAQ:INCY) last announced 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 net margin of 27.71% and a return on equity of 29.93%. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the firm posted $1.57 earnings per share. The firm’s revenue for the quarter was up 37.7% on a year-over-year basis. As a group, equities research analysts predict that Incyte Corporation will post 2.64 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Morgan Stanley set a $119.00 target price on shares of Incyte in a research note on Wednesday, July 29th. Barclays increased their price objective on Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. lifted their price target 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. Royal Bank Of Canada lifted their price objective on Incyte from $99.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 29th. Finally, Mizuho upped their target price on shares of Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Ten equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat.com, Incyte currently has an average rating of “Hold” and an average price target of $121.65.

Insider Activity

In other 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 transaction 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 sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently 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.