Procyon Advisors LLC Buys 20,117 Shares of Incyte Corporation $INCY

Key Points

• Procyon Advisors LLC increased its stake in Incyte by 718.5% in the first quarter, buying an additional 20,117 shares and bringing its total holdings to 22,917 shares worth about $2.16 million.
• Incyte reported strong quarterly results, with EPS of $1.81 versus $1.38 expected and revenue of $1.27 billion, topping estimates and rising 20.9% year over year.
• Despite the earnings beat, the stock was trading down 2.1% and Wall Street’s view remains mixed, with a consensus rating of Hold and an average price target of $109.10.

Procyon Advisors LLC boosted its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 718.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,917 shares of the biopharmaceutical company's stock after purchasing an additional 20,117 shares during the period. Procyon Advisors LLC's holdings in Incyte were worth $2,157,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of INCY. Elyxium Wealth LLC purchased a new position in shares of Incyte during the 4th quarter valued at $28,000. Smithfield Trust Co grew its stake in shares of Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 162 shares during the period. MUFG Securities EMEA plc purchased a new stake in Incyte in the 2nd quarter worth about $32,000. CYBER HORNET ETFs LLC purchased a new stake in Incyte in the 2nd quarter worth about $33,000. Finally, Leonteq Securities AG bought a new stake in Incyte in the 4th quarter valued at about $35,000. 96.97% of the stock is owned by institutional investors.

Incyte Trading Down 2.1%

Shares of INCY opened at $114.23 on Tuesday. Incyte Corporation has a twelve month low of $67.17 and a twelve month high of $118.97. The stock has a market cap of $22.82 billion, a PE ratio of 16.13, a P/E/G ratio of 1.07 and a beta of 0.76. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. The business's 50-day moving average price is $103.58 and its 200-day moving average price is $100.59.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating analysts' consensus estimates of $1.38 by $0.43. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. Incyte's revenue was up 20.9% compared to the same quarter last year. During the same period last year, the business earned $1.16 earnings per share. On average, equities analysts forecast that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the firm's stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the transaction, the insider directly owned 262,692 shares of the company's stock, valued at $25,349,778. This trade represents a 6.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

INCY has been the topic of several recent research reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Incyte in a report on Monday, June 29th. HC Wainwright reiterated a "buy" rating and issued a $140.00 target price on shares of Incyte in a research note on Wednesday, June 24th. Royal Bank Of Canada boosted their price target on shares of Incyte from $95.00 to $99.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 7th. TD Cowen restated a "hold" rating on shares of Incyte in a research note on Tuesday, June 9th. Finally, Truist Financial raised their price objective on shares of Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a report on Monday, June 22nd. Eight investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to MarketBeat, Incyte has a consensus rating of "Hold" and an average target price of $109.10.

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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