Proficio Capital Partners LLC Buys New Holdings in Incyte Corporation $INCY

Proficio Capital Partners LLC purchased a new position in shares of Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 4,483 shares of the biopharmaceutical company’s stock, valued at approximately $508,000.

A number of other large investors have also bought and sold shares of INCY. Jacobi Capital Management LLC boosted its stake in shares of Incyte by 0.9% during the fourth quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock valued at $1,048,000 after purchasing an additional 99 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in shares of Incyte by 0.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock worth $1,864,000 after purchasing an additional 100 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Incyte by 7.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock worth $161,000 after buying an additional 113 shares during the period. Bank of Nova Scotia increased its stake in shares of Incyte by 0.7% in 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 during the period. Finally, Perbak Capital Partners LLP raised its holdings in Incyte by 2.5% during the 3rd 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 last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

INCY has been the subject of several analyst reports. Stifel Nicolaus set a $145.00 price target on shares of Incyte in a research report on Tuesday, July 28th. JPMorgan Chase & Co. boosted their price objective on shares of Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. Wall Street Zen downgraded shares of Incyte from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Morgan Stanley set a $119.00 target price on shares of Incyte in a report on Wednesday, July 29th. Finally, TD Cowen raised Incyte to a “strong-buy” rating in a research note on Monday. 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 presently has a consensus rating of “Moderate Buy” and an average price target of $123.10.

Insider Activity

In other Incyte news, 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 completion of the sale, the insider directly owned 183,200 shares in the company, valued at $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction that occurred 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 sale, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

Incyte Stock Down 0.3%

NASDAQ:INCY opened at $127.74 on Friday. The stock has a market cap of $25.89 billion, a P/E ratio of 16.27, a price-to-earnings-growth ratio of 4.02 and a beta of 0.76. The firm’s fifty day simple moving average is $118.47 and its 200 day simple moving average is $104.88. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 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 business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the business earned $1.57 EPS. The company’s revenue for the quarter was up 37.7% on a year-over-year basis. On average, analysts expect that Incyte Corporation will post 2.64 EPS for the current fiscal 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.