GK Wealth Management LLC Invests $701,000 in Incyte Corporation $INCY

GK Wealth Management LLC bought a new stake in Incyte Corporation (NASDAQ:INCY) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 6,188 shares of the biopharmaceutical company’s stock, valued at approximately $701,000.

A number of other large investors have also recently made changes to their positions in INCY. Elyxium Wealth LLC acquired a new position in Incyte during the fourth quarter worth approximately $28,000. Smithfield Trust Co boosted its holdings in shares of 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 acquiring an additional 162 shares during the period. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Incyte in the fourth quarter valued at approximately $35,000. Atlas Capital Advisors Inc. purchased a new position in shares of Incyte during the fourth quarter worth approximately $35,000. Finally, Leonteq Securities AG purchased a new position in shares of Incyte during the fourth quarter worth approximately $35,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of Incyte 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 sale, the executive vice president owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Incyte Price Performance

Incyte stock opened at $120.60 on Wednesday. Incyte Corporation has a 12 month low of $76.45 and a 12 month high of $132.60. The business has a 50 day simple moving average of $110.44 and a 200-day simple moving average of $102.42. The stock has a market capitalization of $24.45 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 3.80 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating 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 business 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 earned $1.57 earnings per share. The business’s quarterly revenue was up 37.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Incyte Corporation will post 2.58 EPS for the current year.

Analyst Ratings Changes

Several research firms recently commented on INCY. JPMorgan Chase & Co. upped their price target 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. Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a research report on Tuesday, July 28th. Wall Street Zen lowered shares of Incyte from a “buy” rating to a “hold” rating in a research note on Saturday. Morgan Stanley set a $119.00 target price on shares of Incyte in a report on Wednesday, July 29th. Finally, Leerink Partners increased their target price on shares of Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research note on Monday. Ten analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, Incyte has a consensus rating of “Hold” and a consensus target price of $120.40.

Incyte 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.