21,815 Shares in Incyte Corporation $INCY Bought by Coastal Bridge Advisors LLC

Coastal Bridge Advisors LLC purchased a new position in Incyte Corporation (NASDAQ:INCY) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 21,815 shares of the biopharmaceutical company’s stock, valued at approximately $2,473,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Fiduciary Financial Advisors bought a new stake in Incyte in the 2nd quarter valued at about $26,000. Elyxium Wealth LLC bought a new position in Incyte in the fourth quarter worth approximately $28,000. Smithfield Trust Co grew its stake in Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 162 shares during the period. MUFG Securities EMEA plc acquired a new stake in Incyte in the second quarter valued at approximately $32,000. Finally, CYBER HORNET ETFs LLC bought a new stake in shares of Incyte during the second quarter valued at approximately $33,000. 96.97% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the sale, the insider directly owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction on 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 transaction, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on INCY shares. Truist Financial upped their target price on Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Monday, June 22nd. Guggenheim lifted their price target on shares of Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. BMO Capital Markets boosted their price target 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. HC Wainwright restated a “buy” rating and set a $150.00 price objective on shares of Incyte in a report on Thursday, August 20th. Finally, Royal Bank Of Canada raised their price objective on shares of Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, Incyte has an average rating of “Moderate Buy” and an average price target of $123.10.

Incyte Stock Performance

Shares of INCY opened at $127.74 on Friday. The firm has a market capitalization of $25.89 billion, a P/E ratio of 16.27, a P/E/G ratio of 4.02 and a beta of 0.76. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60. The stock has a 50 day moving average price of $118.47 and a two-hundred day moving average price of $104.88.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same quarter last year, the company earned $1.57 earnings per share. On average, equities analysts forecast that Incyte Corporation will post 2.64 earnings per share 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.