Augustine Asset Management Inc. Makes New Investment in Incyte Corporation $INCY

Key Points

• Augustine Asset Management Inc. has acquired 3,043 shares of Incyte Corporation, valued at approximately $207,000, marking a new investment in the biopharmaceutical company during the second quarter.
• Incyte's shares have increased by 1.3%, with a market capitalization of $16.15 billion and a current PE ratio of 18.80.
• Multiple analysts have recently adjusted their target prices for Incyte, with Stifel Nicolaus increasing their price objective from $110.00 to $115.00 and rating the stock a "buy."

Augustine Asset Management Inc. acquired a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,043 shares of the biopharmaceutical company's stock, valued at approximately $207,000.

Other large investors have also recently added to or reduced their stakes in the company. Banque Transatlantique SA bought a new stake in Incyte during the first quarter worth about $26,000. SVB Wealth LLC acquired a new position in shares of Incyte during the first quarter worth approximately $39,000. Geneos Wealth Management Inc. lifted its position in shares of Incyte by 350.0% during the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company's stock worth $46,000 after purchasing an additional 588 shares in the last quarter. WPG Advisers LLC acquired a new position in shares of Incyte during the first quarter worth approximately $47,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Incyte by 161.2% during the first quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock worth $52,000 after purchasing an additional 527 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

Incyte Stock Up 1.3%

Shares of NASDAQ:INCY opened at $82.70 on Friday. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $87.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. The company has a market capitalization of $16.15 billion, a PE ratio of 18.80, a PEG ratio of 0.64 and a beta of 0.75. The company has a 50 day moving average price of $81.65 and a two-hundred day moving average price of $70.03.

Insider Activity

In other Incyte news, EVP Barry P. Flannelly sold 1,192 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $83,273.12. Following the completion of the sale, the executive vice president owned 37,630 shares of the company's stock, valued at approximately $2,628,831.80. This represents a 3.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Steven H. Stein sold 3,706 shares of the company's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $67.94, for a total transaction of $251,785.64. Following the completion of the sale, the executive vice president directly owned 102,886 shares of the company's stock, valued at $6,990,074.84. The trade was a 3.48% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,376 shares of company stock worth $3,859,312 over the last three months. Company insiders own 17.80% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on INCY. UBS Group reiterated a "neutral" rating and set a $68.00 target price (up from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. BMO Capital Markets reiterated an "underperform" rating and set a $60.00 target price (up from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. JPMorgan Chase & Co. increased their price objective on shares of Incyte from $67.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, August 22nd. Wells Fargo & Company upgraded shares of Incyte from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $67.00 to $89.00 in a report on Wednesday, August 6th. Finally, Stifel Nicolaus increased their price objective on shares of Incyte from $110.00 to $115.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Incyte has a consensus rating of "Hold" and a consensus price target of $83.67.

Incyte Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.

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