Insight Wealth Strategies LLC Acquires New Position in Incyte Corporation $INCY

Key Points

• Insight Wealth Strategies acquired 62,175 Incyte shares worth approximately $7.1 million in the second quarter, while institutional investors collectively own 96.97% of the company.
• Incyte reported quarterly EPS of $3.09, exceeding estimates of $2.15, while revenue rose 37.7% year over year to $1.67 billion.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with a $120.40 price target, despite several firms raising targets and issuing bullish ratings.

Insight Wealth Strategies LLC acquired a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 62,175 shares of the biopharmaceutical company's stock, valued at approximately $7,076,000.

A number of other institutional investors also recently added to or reduced their stakes in INCY. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of Incyte by 11.5% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 210,097 shares of the biopharmaceutical company's stock worth $20,719,000 after purchasing an additional 21,735 shares during the period. Twin Capital Management Inc. acquired a new stake in shares of Incyte in the 1st quarter worth $875,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Incyte by 5,218.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company's stock valued at $58,950,000 after acquiring an additional 585,618 shares in the last quarter. GC Wealth Management RIA LLC purchased a new position in Incyte during the fourth quarter worth about $1,629,000. Finally, Sector Gamma AS lifted its position in Incyte by 6.7% in the fourth quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company's stock valued at $21,609,000 after purchasing an additional 13,669 shares during the period. Hedge funds and other institutional investors own 96.97% of the company's stock.

Insider Buying and Selling at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of the firm's stock in a transaction on 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 trade represents a 40.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Citigroup restated a "buy" rating on shares of Incyte in a research note on Monday, August 3rd. Mizuho upped their price target on shares of Incyte from $121.00 to $137.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 4th. Truist Financial upped their target price on shares of Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a research report on Monday, June 22nd. Stifel Nicolaus set a $145.00 price target on Incyte in a research note on Tuesday, July 28th. Finally, Barclays raised their target price on shares of Incyte from $134.00 to $139.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Ten analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat, Incyte presently has an average rating of "Hold" and a consensus target price of $120.40.

Incyte Stock Performance

Shares of NASDAQ:INCY opened at $121.07 on Wednesday. The business's 50-day simple moving average is $112.88 and its 200 day simple moving average is $102.96. The company has a market cap of $24.54 billion, a P/E ratio of 15.42, a PEG ratio of 3.82 and a beta of 0.76. Incyte Corporation has a one year low of $79.33 and a one year high of $132.60.

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 (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. Incyte's revenue for the quarter was up 37.7% on a year-over-year basis. During the same quarter last year, the company earned $1.57 earnings per share. Analysts predict that Incyte Corporation will post 2.64 earnings per share for the current year.

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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