Grandfield & Dodd LLC Acquires Shares of 20,822 Incyte Corporation $INCY

Grandfield & Dodd LLC acquired a new stake in Incyte Corporation (NASDAQ:INCY) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 20,822 shares of the biopharmaceutical company’s stock, valued at approximately $2,360,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Elyxium Wealth LLC acquired a new stake in shares of Incyte during the 4th quarter worth about $28,000. Smithfield Trust Co boosted its position in Incyte by 135.0% during 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 period. MUFG Securities EMEA plc purchased a new stake in shares of Incyte in the second quarter worth about $32,000. CYBER HORNET ETFs LLC purchased a new position in Incyte in the 2nd quarter worth approximately $33,000. Finally, Leonteq Securities AG acquired a new stake in Incyte during the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Sanford C. Bernstein restated a “market perform” rating and set a $104.00 price objective on shares of Incyte in a research note on Thursday. Wall Street Zen downgraded shares of Incyte from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. TD Cowen reaffirmed a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Oppenheimer restated a “market perform” rating and issued a $120.00 price target on shares of Incyte in a research note on Tuesday, July 28th. Finally, HC Wainwright raised their price target on Incyte from $140.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Ten analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $121.65.

Incyte Trading Up 2.8%

NASDAQ INCY opened at $123.50 on Tuesday. The company has a market cap of $25.03 billion, a PE ratio of 15.73, a PEG ratio of 3.77 and a beta of 0.76. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60. The stock’s 50-day moving average price is $114.53 and its two-hundred day moving average price is $103.46.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share 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 firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the previous year, the company posted $1.57 EPS. The company’s quarterly revenue was up 37.7% compared to the same quarter last year. Research analysts forecast that Incyte Corporation will post 2.64 EPS for the current fiscal year.

Insider Activity

In related news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 owned by company insiders.

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.