4,972 Incyte Corporation $INCY Shares Purchased by Inspire Investing LLC

Inspire Investing LLC grew its position in Incyte Corporation (NASDAQ:INCY) by 14.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 38,721 shares of the biopharmaceutical company’s stock after purchasing an additional 4,972 shares during the quarter. Inspire Investing LLC’s holdings in Incyte were worth $4,699,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in INCY. Trails Edge Capital Partners LP bought a new position in Incyte in the second quarter valued at approximately $17,570,800. Twin Capital Management Inc. acquired a new position in shares of Incyte during the 1st quarter worth approximately $875,000. BlackRock Inc. acquired a new position in shares of Incyte during the 2nd quarter worth approximately $2,044,189,000. Mediolanum International Funds Ltd raised its stake in shares of Incyte by 25.4% during the 1st quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company’s stock worth $5,447,000 after purchasing an additional 12,227 shares in the last quarter. Finally, Tidal Investments LLC raised its stake in shares of Incyte by 33.4% during the 2nd quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company’s stock worth $11,657,000 after purchasing an additional 25,768 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Trading Down 1.0%

Shares of NASDAQ INCY opened at $115.71 on Friday. The company has a market capitalization of $23.45 billion, a P/E ratio of 14.74, a P/E/G ratio of 4.32 and a beta of 0.74. Incyte Corporation has a 12 month low of $84.02 and a 12 month high of $132.60. The stock has a 50 day moving average of $121.40 and a 200-day moving average of $111.50.

Incyte (NASDAQ:INCY) last posted 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 analysts’ expectations of $1.50 billion. During the same quarter in the prior year, the business earned $1.57 EPS. The firm’s revenue for the quarter was up 37.7% on a year-over-year basis. Analysts predict that Incyte Corporation will post 2.20 EPS for the current fiscal year.

Insider Transactions at Incyte

In related news, EVP Patrick Mayes sold 41,899 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the transaction, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their position. The sale was disclosed in a 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. Also, insider Pablo Cagnoni sold 10,801 shares of the business’s stock in a transaction that occurred on 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 sale, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This represents a 5.57% 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. In the last quarter, insiders sold 55,342 shares of company stock worth $6,659,208. 16.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on INCY shares. JPMorgan Chase & Co. increased their price objective on Incyte from $120.00 to $123.00 and gave the company a “neutral” rating in a report on Monday, September 28th. Sanford C. Bernstein restated a “market perform” rating and set a $104.00 target price on shares of Incyte in a report on Thursday, August 13th. Wall Street Zen lowered shares of Incyte from a “buy” rating to a “hold” rating in a research report on Saturday, October 10th. HC Wainwright reiterated a “buy” rating and issued a $152.00 price target on shares of Incyte in a research note on Tuesday, October 13th. Finally, Oppenheimer reiterated a “market perform” rating and issued a $120.00 price target on shares of Incyte in a research note on Tuesday, July 28th. Twelve analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $129.90.

Incyte Profile

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.