Signal Advisors Wealth LLC Makes New Investment in Incyte Corporation $INCY

Signal Advisors Wealth LLC acquired a new position in Incyte Corporation (NASDAQ:INCY) during the third quarter, Holdings Channel reports. The firm acquired 6,987 shares of the biopharmaceutical company’s stock, valued at approximately $848,000.

Several other large investors also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Incyte during the second quarter worth about $2,044,189,000. Wellington Management Group LLP increased its stake in Incyte by 9.5% in the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock worth $405,321,000 after acquiring an additional 309,385 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Incyte by 10.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock worth $185,873,000 after acquiring an additional 187,354 shares during the last quarter. Legal & General Group Plc bought a new position in Incyte in the 2nd quarter worth about $182,054,000. Finally, Pacer Advisors Inc. increased its stake in Incyte by 36.4% in the 4th quarter. Pacer Advisors Inc. now owns 1,703,271 shares of the biopharmaceutical company’s stock worth $168,232,000 after acquiring an additional 454,629 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on INCY shares. Truist Financial raised their price target on Incyte from $105.00 to $115.00 and gave the company a “hold” rating in a report on Wednesday. Piper Sandler boosted their price objective on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. Canaccord Genuity Group began coverage on Incyte in a report on Thursday, August 20th. They set a “buy” rating and a $152.00 price objective for the company. Sanford C. Bernstein restated a “market perform” rating and issued a $104.00 price objective on shares of Incyte in a research report on Thursday, August 13th. Finally, TD Cowen raised shares of Incyte to a “strong-buy” rating in a research note on Monday, August 24th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $128.20.

Incyte Stock Performance

Shares of NASDAQ:INCY opened at $113.27 on Friday. The firm has a market capitalization of $22.96 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 3.78 and a beta of 0.74. Incyte Corporation has a 52-week low of $84.02 and a 52-week high of $132.60. The firm has a fifty day moving average of $122.11 and a 200 day moving average of $110.75.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the business posted $1.57 earnings per share. The company’s revenue for the quarter was up 37.7% on a year-over-year basis. On average, sell-side analysts forecast that Incyte Corporation will post 2.40 EPS for the current fiscal year.

Insider Activity

In other news, EVP Patrick Mayes sold 41,899 shares of the company’s stock in a transaction dated 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 directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo Cagnoni sold 10,801 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider owned 183,200 shares of the company’s stock, valued at $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte’s marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.