Heron Bay Capital Management Makes New Investment in Incyte Corporation $INCY

Heron Bay Capital Management acquired a new stake in Incyte Corporation (NASDAQ:INCY) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 44,562 shares of the biopharmaceutical company’s stock, valued at approximately $5,052,000.

Other large investors have also recently bought and sold shares of the company. Jacobi Capital Management LLC boosted its holdings in shares of Incyte by 0.9% in the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock valued at $1,048,000 after acquiring an additional 99 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in Incyte by 0.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after acquiring an additional 100 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Incyte by 7.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock worth $161,000 after purchasing an additional 113 shares during the period. Bank of Nova Scotia boosted its holdings in Incyte by 0.7% during the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after buying an additional 124 shares in the last quarter. Finally, Perbak Capital Partners LLP grew its position in Incyte by 2.5% during the third quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock valued at $449,000 after buying an additional 129 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

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 value of $5,005,254.54. Following the completion of the sale, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, 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. Company insiders own 16.20% of the company’s stock.

Incyte Stock Performance

NASDAQ INCY opened at $127.81 on Friday. The business has a fifty day moving average price of $116.17 and a 200 day moving average price of $104.17. The company has a market cap of $25.91 billion, a P/E ratio of 16.28, a P/E/G ratio of 4.03 and a beta of 0.76. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the company posted $1.57 EPS. The firm’s quarterly revenue was up 37.7% on a year-over-year basis. As a group, sell-side analysts predict that Incyte Corporation will post 2.61 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on INCY shares. Barclays lifted their price objective on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Mizuho lifted their price target on Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Benchmark restated a “buy” rating on shares of Incyte in a research note on Thursday. JPMorgan Chase & Co. upped their price target on Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, July 23rd. Finally, HC Wainwright reiterated a “buy” rating and set a $150.00 price target on shares of Incyte in a research report on Thursday. Twelve analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Incyte has a consensus rating of “Hold” and a consensus target price of $123.10.

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.