Wealthfront Advisers LLC Invests $1.11 Million in Incyte Corporation $INCY

Wealthfront Advisers LLC bought a new stake in shares of Incyte Corporation (NASDAQ:INCY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 9,753 shares of the biopharmaceutical company’s stock, valued at approximately $1,106,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Elyxium Wealth LLC acquired a new position in Incyte in the 4th quarter worth about $28,000. Smithfield Trust Co grew its holdings in 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 purchasing an additional 162 shares during the period. MUFG Securities EMEA plc acquired a new stake in Incyte in the second quarter valued at approximately $32,000. CYBER HORNET ETFs LLC purchased a new stake in shares of Incyte in the second quarter valued at approximately $33,000. Finally, Leonteq Securities AG acquired a new position in shares of Incyte during the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

INCY has been the topic of a number of recent analyst reports. Stifel Nicolaus set a $145.00 target price on Incyte in a research report on Tuesday, July 28th. Citigroup reissued a “buy” rating on shares of Incyte in a report on Monday, August 3rd. Barclays upped their price objective on shares of Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Mizuho increased their price objective on shares of Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. Twelve analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat.com, Incyte presently has a consensus rating of “Hold” and a consensus price target of $123.10.

Incyte Stock Performance

NASDAQ INCY opened at $127.81 on Friday. The stock’s fifty day moving average is $116.17 and its two-hundred day moving average is $104.17. The firm has a market capitalization of $25.91 billion, a P/E ratio of 16.28, a price-to-earnings-growth ratio of 4.03 and a beta of 0.76. 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 earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the company earned $1.57 EPS. The company’s revenue for the quarter was up 37.7% on a year-over-year basis. As a group, sell-side analysts forecast that Incyte Corporation will post 2.61 EPS for the current year.

Insider Transactions at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction dated 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 completion of the sale, the executive vice president owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 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 dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the sale, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Incyte Company 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.