Perigon Wealth Management LLC Takes $460,000 Position in Incyte Corporation $INCY

Perigon Wealth Management LLC purchased a new stake in Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 4,062 shares of the biopharmaceutical company’s stock, valued at approximately $460,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in Incyte by 11.5% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 210,097 shares of the biopharmaceutical company’s stock worth $20,719,000 after acquiring an additional 21,735 shares during the period. Twin Capital Management Inc. acquired a new position in shares of Incyte in the 1st quarter valued at $875,000. GC Wealth Management RIA LLC acquired a new position in shares of Incyte in the 4th quarter valued at $1,629,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Incyte by 5,218.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock worth $58,950,000 after purchasing an additional 585,618 shares during the last quarter. Finally, Sector Gamma AS grew its stake in shares of Incyte by 6.7% during the fourth quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock worth $21,609,000 after purchasing an additional 13,669 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Up 4.0%

Shares of INCY opened at $128.47 on Thursday. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60. The stock has a market capitalization of $26.04 billion, a P/E ratio of 16.37, a P/E/G ratio of 3.91 and a beta of 0.76. The company has a 50 day moving average of $115.40 and a 200-day moving average of $103.81.

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. On average, sell-side analysts anticipate that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Mizuho upped their price objective on Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Truist Financial boosted their target price on Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Monday, June 22nd. JPMorgan Chase & Co. upped 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. Barclays increased their price target on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Finally, Citigroup restated a “buy” rating on shares of Incyte in a report on Monday, August 3rd. Ten research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $121.65.

Insider Transactions at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the sale, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

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.