Invst LLC Purchases New Stake in Incyte Corporation $INCY

Invst LLC purchased a new stake in shares of Incyte Corporation (NASDAQ:INCY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,423 shares of the biopharmaceutical company’s stock, valued at approximately $501,000.

A number of other large investors have also added to or reduced their stakes in the company. Twin Capital Management Inc. bought a new position in Incyte during the 1st quarter valued at approximately $875,000. GC Wealth Management RIA LLC bought a new stake in shares of Incyte in the 4th quarter worth approximately $1,629,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Incyte by 5,218.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock worth $58,950,000 after buying an additional 585,618 shares during the last quarter. Sector Gamma AS increased its stake in shares of Incyte by 6.7% during the fourth quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock valued at $21,609,000 after buying an additional 13,669 shares during the period. Finally, BlackRock Inc. purchased a new position in shares of Incyte during the second quarter valued at approximately $2,044,189,000. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Up 1.4%

Shares of INCY stock opened at $129.72 on Wednesday. The business’s fifty day moving average is $117.29 and its 200 day moving average is $104.56. The stock has a market cap of $26.29 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 4.05 and a beta of 0.76. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating 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 business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the firm posted $1.57 earnings per share. The company’s revenue for the quarter was up 37.7% on a year-over-year basis. Equities research analysts expect that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares of the company’s stock, valued at $23,002,592. This trade represents a 5.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the sale, the executive vice president directly owned 61,441 shares in the company, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently commented on INCY shares. Mizuho raised their price target on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. Leerink Partners boosted 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. Weiss Ratings upgraded shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Citigroup reaffirmed a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. Finally, Oppenheimer reaffirmed a “market perform” rating and set a $120.00 target price on shares of Incyte in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat, Incyte presently has a consensus rating of “Moderate Buy” and an average price target of $123.10.

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.