DCF Advisers LLC Takes Position in Incyte Corporation $INCY

Key Points

• DCF Advisers LLC purchased 41,500 Incyte shares worth approximately $4.7 million in the second quarter, making the stock 0.8% of its portfolio. Institutional investors collectively own 96.97% of Incyte.
• Incyte reported quarterly earnings of $3.09 per share, beating estimates of $2.15, while revenue rose 37.7% year over year to $1.67 billion. Shares opened at $128.47, near their 12-month high of $132.60.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $121.65; Guggenheim raised its target to $150, while an Incyte executive sold shares worth roughly $5.0 million under a pre-arranged trading plan.

DCF Advisers LLC purchased a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 41,500 shares of the biopharmaceutical company's stock, valued at approximately $4,704,000. Incyte accounts for approximately 0.8% of DCF Advisers LLC's investment portfolio, making the stock its 20th biggest position.

Other institutional investors have also recently bought and sold shares of the company. Elyxium Wealth LLC purchased a new stake in Incyte during the fourth quarter valued at about $28,000. Smithfield Trust Co increased its position in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 162 shares in the last quarter. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Incyte in the fourth quarter worth approximately $35,000. Atlas Capital Advisors Inc. acquired a new stake in shares of Incyte during the fourth quarter valued at approximately $35,000. Finally, Leonteq Securities AG acquired a new stake in shares of Incyte during the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Stock Up 4.0%

Shares of NASDAQ:INCY opened at $128.47 on Thursday. The firm has a fifty day moving average of $115.40 and a two-hundred day moving average of $103.81. The firm has a market capitalization of $26.04 billion, a P/E ratio of 16.37, a price-to-earnings-growth ratio of 3.91 and a beta of 0.76. 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 posted its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the business posted $1.57 earnings per share. Incyte's revenue for the quarter was up 37.7% compared to the same quarter last year. Equities research analysts expect that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Incyte news, 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 value of $5,005,254.54. Following the transaction, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Guggenheim raised their price objective on shares of Incyte from $136.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Morgan Stanley set a $119.00 target price on shares of Incyte in a research note on Wednesday, July 29th. Citigroup restated a "buy" rating on shares of Incyte in a report on Monday, August 3rd. Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $104.00 target price on shares of Incyte in a research report on Thursday, August 13th. Finally, Weiss Ratings upgraded Incyte from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 29th. Ten analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat.com, Incyte presently has a consensus rating of "Hold" and a consensus price target of $121.65.

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.

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