Plato Investment Management Ltd Makes New $1.67 Million Investment in Incyte Corporation $INCY

Plato Investment Management Ltd purchased a new stake in Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, HoldingsChannel reports. The firm purchased 14,856 shares of the biopharmaceutical company’s stock, valued at approximately $1,674,000.

A number of other institutional investors have also made changes to their positions in INCY. Elyxium Wealth LLC bought a new stake in Incyte during the 4th quarter valued at approximately $28,000. Smithfield Trust Co increased its position in 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 buying an additional 162 shares during the period. MUFG Securities EMEA plc acquired a new position in shares of Incyte during the second quarter worth approximately $32,000. CYBER HORNET ETFs LLC acquired a new position in shares of Incyte during the second quarter worth approximately $33,000. Finally, Leonteq Securities AG bought a new stake in shares of Incyte in the fourth quarter valued at approximately $35,000. 96.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

INCY has been the topic of several research analyst reports. Wall Street Zen downgraded shares of Incyte from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Mizuho increased their price target on shares of Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Truist Financial raised their price target on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Monday, June 22nd. Weiss Ratings upgraded shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Finally, Leerink Partners upped their price objective on shares of Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Ten analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $121.65.

Incyte Trading Up 2.8%

INCY opened at $123.50 on Tuesday. The stock has a market cap of $25.03 billion, a PE ratio of 15.73, a P/E/G 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 simple moving average is $114.53 and its 200-day simple moving average is $103.46.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period last year, the business earned $1.57 earnings per share. Incyte’s quarterly revenue was up 37.7% compared to the same quarter last year. Equities analysts forecast that Incyte Corporation will post 2.64 earnings per share for the current fiscal year.

Insider Activity at Incyte

In other news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 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.