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

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

A number of other hedge funds have also recently bought and sold shares of the company. Elyxium Wealth LLC acquired a new stake in Incyte in the 4th quarter valued at about $28,000. Smithfield Trust Co grew its stake in shares of Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 162 shares during the last quarter. MUFG Securities EMEA plc bought a new stake in shares of Incyte in the 2nd quarter worth approximately $32,000. CYBER HORNET ETFs LLC acquired a new stake in Incyte during the second quarter valued at approximately $33,000. Finally, Leonteq Securities AG acquired a new stake in Incyte during the fourth quarter valued at approximately $35,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Incyte

In other Incyte 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 completion of the transaction, the executive vice president owned 61,441 shares of the company’s stock, 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 link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Incyte Price Performance

NASDAQ:INCY opened at $128.47 on Thursday. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60. The company has a fifty day moving average price of $115.40 and a 200 day moving average price of $103.81. The stock has a market cap of $26.04 billion, a P/E ratio of 16.37, a PEG ratio of 3.91 and a beta of 0.76.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data 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 the consensus estimate of $1.50 billion. During the same quarter in the previous year, the firm posted $1.57 EPS. The business’s revenue was up 37.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Incyte Corporation will post 2.61 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. TD Cowen restated a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Leerink Partners increased their price objective on Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Weiss Ratings raised Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. UBS Group lifted their target price on Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Finally, Barclays boosted their target price on Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $121.65.

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.