VCI Wealth Management LLC Invests $969,000 in Incyte Corporation $INCY

VCI Wealth Management LLC purchased a new stake in Incyte Corporation (NASDAQ:INCY) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 10,299 shares of the biopharmaceutical company’s stock, valued at approximately $969,000.

Other hedge funds have also modified their holdings of the company. AustralianSuper Pty Ltd bought a new position in Incyte in the third quarter valued at approximately $18,085,000. Nordea Investment Management AB raised its holdings in shares of Incyte by 941.8% during the fourth quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock worth $31,874,000 after acquiring an additional 291,293 shares during the period. Toth Financial Advisory Corp acquired a new stake in shares of Incyte during the fourth quarter worth $1,213,000. Fairvoy Private Wealth LLC lifted its position in Incyte by 468.8% in the 4th quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company’s stock valued at $2,980,000 after acquiring an additional 24,865 shares in the last quarter. Finally, Swiss Life Asset Management Ltd lifted its position in Incyte by 180.8% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 85,480 shares of the biopharmaceutical company’s stock valued at $7,250,000 after acquiring an additional 55,039 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

INCY has been the subject of a number of research reports. BMO Capital Markets upgraded Incyte from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $75.00 to $94.00 in a report on Monday. Citigroup restated a “market perform” rating on shares of Incyte in a report on Tuesday, June 2nd. Barclays reaffirmed an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Weiss Ratings raised Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. Finally, Oppenheimer restated a “market perform” rating and issued a $107.00 target price on shares of Incyte in a research note on Monday, June 8th. Eight investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $107.85.

Incyte Stock Up 5.8%

Shares of INCY stock opened at $113.75 on Friday. The firm’s fifty day moving average price is $99.28 and its two-hundred day moving average price is $99.17. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 1 year low of $66.83 and a 1 year high of $115.56. The firm has a market capitalization of $22.72 billion, a P/E ratio of 16.07, a PEG ratio of 1.05 and a beta of 0.79.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the company earned $1.16 EPS. Incyte’s revenue for the quarter was up 20.9% compared to the same quarter last year. On average, equities analysts predict that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the sale, the insider owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. This represents a 6.63% 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. 16.20% of the stock is currently owned by corporate insiders.

Incyte Company 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.