North Star Asset Management Inc. Takes $1.63 Million Position in Incyte Corporation $INCY

Key Points

• North Star Asset Management acquired 14,383 Incyte shares worth approximately $1.63 million in the second quarter. Institutional investors collectively own 96.97% of Incyte’s outstanding stock.
• Analyst sentiment is broadly positive, with Incyte receiving a consensus “Moderate Buy” rating and an average price target of $123.10; targets range from $104 to $150.
• Incyte reported stronger-than-expected quarterly results, including EPS of $3.09 versus $2.15 expected and revenue of $1.67 billion, up 37.7% year over year.

North Star Asset Management Inc. acquired a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 14,383 shares of the biopharmaceutical company's stock, valued at approximately $1,630,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Fiduciary Financial Advisors bought a new stake in shares of Incyte during the 2nd quarter valued at about $26,000. Elyxium Wealth LLC bought a new position in Incyte in the fourth quarter worth about $28,000. Smithfield Trust Co raised its stake in 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 buying an additional 162 shares in the last quarter. University of Texas Texas AM Investment Management Co. purchased a new stake in Incyte in the fourth quarter worth about $35,000. Finally, Atlas Capital Advisors Inc. purchased a new stake in Incyte in the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Insider Buying and Selling at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value 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. This represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the firm'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 completion of the transaction, the executive vice president directly 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Mizuho upped their target price on Incyte from $121.00 to $137.00 and gave the stock an "outperform" rating in a report on Tuesday, August 4th. Citigroup restated a "buy" rating on shares of Incyte in a research note on Monday, August 3rd. HC Wainwright restated a "buy" rating and set a $150.00 price target on shares of Incyte in a research report on Thursday, August 20th. Weiss Ratings upgraded Incyte from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Finally, Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $104.00 price target on shares of Incyte in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $123.10.

Incyte Price Performance

Shares of Incyte stock opened at $127.74 on Friday. The stock has a market cap of $25.89 billion, a price-to-earnings ratio of 16.27, a PEG ratio of 4.02 and a beta of 0.76. The firm's 50-day moving average is $118.47 and its 200 day moving average is $104.88. Incyte Corporation has a 1 year low of $81.09 and a 1 year 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 EPS for the quarter, beating 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 firm had revenue of $1.67 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same quarter in the prior year, the company posted $1.57 earnings per share. The business's revenue for the quarter was up 37.7% on a year-over-year basis. On average, equities analysts expect that Incyte Corporation will post 2.64 EPS for the current fiscal year.

Incyte 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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