Sanders Morris Harris LLC Purchases 5,000 Shares of Incyte Corporation $INCY

Sanders Morris Harris LLC purchased a new position in Incyte Corporation (NASDAQ:INCY) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,000 shares of the biopharmaceutical company’s stock, valued at approximately $607,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Fiduciary Financial Advisors bought a new position in Incyte during the second quarter valued at $26,000. Continuum Advisory LLC purchased a new stake in shares of Incyte in the second quarter valued at $36,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Incyte in the fourth quarter valued at $35,000. Quantbot Technologies LP bought a new stake in shares of Incyte in the 2nd quarter worth about $52,000. Finally, Contravisory Investment Management Inc. bought a new stake in shares of Incyte in the 3rd quarter worth about $82,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the company’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 transaction, the insider directly owned 183,200 shares in the company, valued at $23,002,592. This represents a 5.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the transaction, the executive vice president directly 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on INCY shares. Canaccord Genuity Group initiated coverage on shares of Incyte in a research note on Thursday, August 20th. They set a “buy” rating and a $152.00 price target for the company. Morgan Stanley set a $119.00 price objective on shares of Incyte in a research report on Wednesday, July 29th. BMO Capital Markets reissued a “market perform” rating on shares of Incyte in a research report on Tuesday, September 1st. Sanford C. Bernstein reissued a “market perform” rating and issued a $104.00 price objective on shares of Incyte in a research note on Thursday, August 13th. Finally, Piper Sandler raised their price objective on shares of Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a research note on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.20.

Incyte Stock Up 2.7%

INCY stock opened at $111.57 on Thursday. The business’s fifty day simple moving average is $122.21 and its two-hundred day simple moving average is $110.59. Incyte Corporation has a twelve month low of $84.02 and a twelve month high of $132.60. The firm has a market cap of $22.62 billion, a price-to-earnings ratio of 13.68, a PEG ratio of 3.68 and a beta of 0.74.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.94. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%. The business’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same period last year, the company earned $1.57 earnings per share. Research analysts expect that Incyte Corporation will post 2.40 EPS for the current year.

Incyte Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte’s marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.