84,502 Shares in Incyte Corporation $INCY Bought by Beacon Pointe Advisors LLC

Key Points

• Beacon Pointe Advisors acquired 84,502 Incyte shares worth approximately $9.6 million, while institutional investors collectively own 96.97% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $123.10 price target; individual targets range as high as $119 in the cited reports.
• Incyte exceeded quarterly expectations, reporting $3.09 in EPS and $1.67 billion in revenue, up 37.7% year over year, while the stock opened at $124.37 after a reported 2.6% decline.

Beacon Pointe Advisors LLC bought a new position in Incyte Corporation (NASDAQ:INCY - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 84,502 shares of the biopharmaceutical company's stock, valued at approximately $9,579,000.

Several other large investors have also recently bought and sold shares of the company. Fiduciary Financial Advisors acquired a new position in shares of Incyte in the second quarter valued at approximately $26,000. Elyxium Wealth LLC acquired a new stake in Incyte during the 4th quarter worth approximately $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 buying an additional 162 shares during the period. MUFG Securities EMEA plc bought a new stake in Incyte during the 2nd quarter worth approximately $32,000. Finally, CYBER HORNET ETFs LLC bought a new stake in Incyte during the 2nd quarter worth approximately $33,000. 96.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on INCY shares. UBS Group raised their price target on shares of Incyte from $103.00 to $113.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Morgan Stanley set a $119.00 price objective on shares of Incyte in a research note on Wednesday, July 29th. Truist Financial increased their price objective on Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a report on Monday, June 22nd. Wall Street Zen raised Incyte from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Citigroup reaffirmed a "buy" rating on shares of Incyte in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $123.10.

Incyte Stock Down 2.6%

INCY stock opened at $124.37 on Friday. The firm has a market cap of $25.21 billion, a PE ratio of 15.84, a P/E/G ratio of 4.01 and a beta of 0.76. The business has a 50 day moving average of $118.99 and a 200-day moving average of $105.01. Incyte Corporation has a 12-month low of $81.09 and a 12-month high of $132.60.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping 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 analyst estimates of $1.50 billion. During the same period last year, the company posted $1.57 earnings per share. Incyte's quarterly revenue was up 37.7% compared to the same quarter last year. On average, research analysts expect that Incyte Corporation will post 2.64 earnings per share for the current year.

Insider Buying and Selling at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of the business'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 directly 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the 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 transaction, the insider owned 183,200 shares of the company's stock, valued at approximately $23,002,592. The trade was a 5.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company's stock.

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.

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