Focus Partners Advisor Solutions LLC bought a new position in Incyte Corporation (NASDAQ:INCY - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 28,722 shares of the biopharmaceutical company's stock, valued at approximately $3,256,000.
Other institutional investors have also modified their holdings of the company. State of Wyoming bought a new stake in shares of Incyte during the second quarter valued at approximately $4,027,000. Summit Global Investments purchased a new position in Incyte during the 2nd quarter worth $6,277,000. Bryn Mawr Trust Advisors LLC purchased a new position in Incyte during the 2nd quarter worth $324,000. Plan Group Financial LLC bought a new stake in Incyte during the 2nd quarter valued at $406,000. Finally, Insight Wealth Strategies LLC bought a new stake in Incyte during the 2nd quarter valued at $7,076,000. 96.97% of the stock is owned by hedge funds and other institutional investors.
Incyte Trading Down 0.3%
INCY opened at $120.16 on Friday. The firm has a market cap of $24.36 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 3.77 and a beta of 0.76. Incyte Corporation has a 12 month low of $81.09 and a 12 month high of $132.60. The stock has a fifty day moving average price of $114.08 and a 200-day moving average price of $103.32.
Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings data 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 return on equity of 29.93% and a net margin of 27.71%.The firm had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the prior year, the business posted $1.57 EPS. The firm's quarterly revenue was up 37.7% on a year-over-year basis. On average, equities research analysts forecast that Incyte Corporation will post 2.64 EPS for the current year.
Analysts Set New Price Targets
INCY has been the topic of a number of recent research reports. HC Wainwright increased their price target on Incyte from $140.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Morgan Stanley set a $119.00 price objective on Incyte in a report on Wednesday, July 29th. Truist Financial upped their price objective on shares of Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a research note on Monday, June 22nd. Guggenheim increased their target price on shares of Incyte from $136.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Finally, Oppenheimer reissued a "market perform" rating and set a $120.00 target price on shares of Incyte in a research report on Tuesday, July 28th. Ten equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $120.65.
Get Our Latest Analysis on INCY
Insider Buying and Selling
In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares of the company's stock, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company's stock.
Incyte Profile
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Free Report)
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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