Beacon Investment Advisory Services Inc. Buys Shares of 5,608 Incyte Corporation $INCY

Beacon Investment Advisory Services Inc. bought a new stake in Incyte Corporation (NASDAQ:INCY) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,608 shares of the biopharmaceutical company’s stock, valued at approximately $636,000.

Several other hedge funds and other institutional investors have also modified their holdings of INCY. Norges Bank purchased a new position in shares of Incyte during the fourth quarter valued at $122,893,000. Caisse de depot et placement du Quebec lifted its stake in Incyte by 264.5% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock worth $127,046,000 after acquiring an additional 1,087,091 shares in the last quarter. Marshall Wace LLP lifted its stake in Incyte by 6,586.4% in the 4th quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock worth $105,930,000 after acquiring an additional 1,056,451 shares in the last quarter. Wellington Management Group LLP boosted its position in Incyte by 3,406.8% during the 4th quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock worth $73,028,000 after acquiring an additional 718,294 shares during the period. Finally, SEB Asset Management AB acquired a new stake in Incyte during the 1st quarter worth about $60,817,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Transactions at Incyte

In other news, 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

INCY has been the topic of several research analyst reports. JPMorgan Chase & Co. lifted their target price on Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Wall Street Zen lowered shares of Incyte from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Barclays raised their price target on shares of Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. BMO Capital Markets upped their price objective on shares of Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a research note on Wednesday, July 29th. Finally, Truist Financial upped their price objective on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a research note on Monday, June 22nd. Ten equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. Based on data from MarketBeat, Incyte currently has a consensus rating of “Hold” and an average price target of $120.40.

Incyte Trading Up 1.8%

NASDAQ INCY opened at $120.56 on Friday. The company has a fifty day simple moving average of $111.78 and a 200 day simple moving average of $102.73. The company has a market cap of $24.44 billion, a P/E ratio of 15.36, a P/E/G ratio of 3.79 and a beta of 0.76. Incyte Corporation has a 1 year low of $77.69 and a 1 year high of $132.60.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping the consensus estimate of $2.15 by $0.94. The firm had revenue of $1.67 billion for 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%. The business’s quarterly revenue was up 37.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.57 EPS. Equities research analysts forecast that Incyte Corporation will post 2.64 EPS for the current fiscal 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.