waypoint wealth counsel Purchases New Shares in Incyte Corporation $INCY

Key Points

• Waypoint Wealth Counsel purchased 5,447 shares of Incyte Corporation valued at approximately $371,000 during the second quarter, marking a new investment in the biopharmaceutical company.
• Incyte's stock has seen price target increases from multiple analysts, with Wells Fargo upgrading the rating and lifting the price target to $89.00, indicating positive sentiment in the market.
• Insider sales have occurred, with Executive Vice President Steven H. Stein selling 14,952 shares for over $1 million, reflecting a 13.30% decrease in their ownership, which may influence investor perception.

waypoint wealth counsel bought a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 5,447 shares of the biopharmaceutical company's stock, valued at approximately $371,000.

Several other large investors also recently modified their holdings of the business. Assenagon Asset Management S.A. grew its stake in Incyte by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company's stock valued at $612,000 after purchasing an additional 147 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Incyte by 10.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company's stock valued at $116,000 after purchasing an additional 156 shares in the last quarter. Advisory Alpha LLC grew its position in shares of Incyte by 2.1% during the first quarter. Advisory Alpha LLC now owns 8,056 shares of the biopharmaceutical company's stock worth $488,000 after buying an additional 166 shares in the last quarter. Blackhawk Capital Partners LLC. grew its position in shares of Incyte by 4.4% during the first quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company's stock worth $250,000 after buying an additional 175 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in shares of Incyte by 2.0% during the first quarter. Fifth Third Bancorp now owns 9,103 shares of the biopharmaceutical company's stock worth $551,000 after buying an additional 179 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Trading Down 1.1%

NASDAQ:INCY opened at $83.80 on Friday. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $88.66. The firm has a market capitalization of $16.36 billion, a P/E ratio of 19.05, a P/E/G ratio of 0.65 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. The business has a 50 day simple moving average of $84.32 and a 200 day simple moving average of $71.64.

Wall Street Analyst Weigh In

INCY has been the subject of several recent analyst reports. Royal Bank Of Canada raised their price objective on shares of Incyte from $72.00 to $81.00 and gave the stock a "sector perform" rating in a report on Wednesday, September 24th. Wells Fargo & Company upgraded Incyte from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. UBS Group reiterated a "neutral" rating and issued a $68.00 target price (up previously from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. JPMorgan Chase & Co. lifted their target price on Incyte from $73.00 to $89.00 and gave the stock a "neutral" rating in a research report on Thursday. Finally, Stifel Nicolaus lifted their target price on Incyte from $110.00 to $115.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Five investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Incyte presently has an average rating of "Hold" and a consensus price target of $84.79.

Insider Activity

In other news, EVP Steven H. Stein sold 14,952 shares of the business's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $68.47, for a total transaction of $1,023,763.44. Following the completion of the transaction, the executive vice president owned 97,466 shares of the company's stock, valued at approximately $6,673,497.02. The trade was a 13.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 1,192 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $83,273.12. Following the transaction, the executive vice president directly owned 37,630 shares of the company's stock, valued at $2,628,831.80. The trade was a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,257 shares of company stock valued at $2,487,927. 17.80% of the stock is currently owned by company insiders.

About Incyte

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.

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