E Fund Management Co. Ltd. Takes Position in Incyte Corporation $INCY

E Fund Management Co. Ltd. bought a new position in shares of Incyte Corporation (NASDAQ:INCY) in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 7,280 shares of the biopharmaceutical company’s stock, valued at approximately $825,000.

A number of other hedge funds and other institutional investors have also modified their holdings of INCY. NewEdge Advisors LLC boosted its position in shares of Incyte by 369.3% in the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock valued at $763,000 after acquiring an additional 9,913 shares during the period. Jones Financial Companies Lllp boosted its position in Incyte by 15.1% during the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock valued at $299,000 after acquiring an additional 648 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after buying an additional 48,751 shares during the period. United Services Automobile Association bought a new stake in shares of Incyte during the first quarter valued at approximately $219,000. Finally, Focus Partners Wealth raised its stake in shares of Incyte by 74.1% in the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after purchasing an additional 8,951 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Activity at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction on Friday, July 31st. The stock was 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 directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Up 4.0%

Shares of INCY stock opened at $128.47 on Thursday. The firm has a market capitalization of $26.04 billion, a PE ratio of 16.37, a P/E/G ratio of 3.91 and a beta of 0.76. The company has a 50 day moving average price of $115.40 and a 200-day moving average price of $103.81. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm’s revenue was up 37.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.57 EPS. Analysts anticipate that Incyte Corporation will post 2.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. BMO Capital Markets upped their target price on Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Morgan Stanley set a $119.00 target price on Incyte in a research note on Wednesday, July 29th. HC Wainwright upped their price target on shares of Incyte from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $104.00 price objective on shares of Incyte in a report on Thursday, August 13th. Finally, Guggenheim lifted their target price on shares of Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Ten equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $121.65.

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.