Sanctuary Advisors LLC Invests $1.78 Million in Incyte Corporation $INCY

Key Points

• Sanctuary Advisors acquired 15,733 Incyte shares in the second quarter, valued at approximately $1.78 million. Institutional investors collectively own 96.97% of the company.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $123.10, while several firms recently raised their targets as high as $137.
• Incyte reported quarterly earnings of $3.09 per share, beating estimates by $0.94, while revenue rose 37.7% year over year to $1.67 billion. Separately, two insiders sold shares through pre-arranged trading plans.

Sanctuary Advisors LLC acquired a new position in Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 15,733 shares of the biopharmaceutical company's stock, valued at approximately $1,783,000.

A number of other hedge funds also recently bought and sold shares of INCY. Meiji Yasuda Asset Management Co Ltd. purchased a new position in Incyte in the second quarter worth about $578,000. Forefront Analytics LLC purchased a new stake in shares of Incyte during the 2nd quarter valued at about $577,000. Globeflex Capital L P bought a new position in shares of Incyte in the 2nd quarter worth approximately $981,000. Bank of Nova Scotia bought a new position in shares of Incyte in the 2nd quarter worth approximately $1,869,000. Finally, Kendall Capital Management purchased a new position in shares of Incyte in the second quarter worth approximately $1,449,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on INCY. Truist Financial upped their target price on shares of Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a report on Monday, June 22nd. Wall Street Zen downgraded shares of Incyte from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Mizuho upped their price objective on Incyte from $121.00 to $137.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 4th. BMO Capital Markets raised their target price on Incyte from $112.00 to $130.00 and gave the stock a "market perform" rating in a report on Wednesday, July 29th. Finally, Piper Sandler lifted their target price on Incyte from $110.00 to $130.00 and gave the company an "overweight" rating in a research report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $123.10.

Insider Activity

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 transaction, the executive vice president owned 61,441 shares of the company's stock, valued at $7,339,741.86. This represents a 40.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the firm's stock in a transaction dated Wednesday, August 19th. The shares were 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. The trade was a 5.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Incyte Price Performance

Incyte stock opened at $128.12 on Thursday. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60. The firm's 50 day moving average price is $117.87 and its 200-day moving average price is $104.74. The stock has a market cap of $25.97 billion, a P/E ratio of 16.32, a PEG ratio of 4.11 and a beta of 0.76.

Incyte (NASDAQ:INCY - Get Free Report) last issued its 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. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates 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 in the prior year, the business earned $1.57 earnings per share. As a group, equities analysts expect that Incyte Corporation will post 2.61 EPS for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source