Evolve Private Wealth LLC Purchases New Stake in Incyte Corporation $INCY

Evolve Private Wealth LLC purchased a new position in Incyte Corporation (NASDAQ:INCY) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 16,774 shares of the biopharmaceutical company’s stock, valued at approximately $1,902,000.

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

Insider Buying and Selling at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was a 5.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 company’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 sale, the executive vice president owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. 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

INCY has been the topic of a number of research analyst reports. Benchmark reissued a “buy” rating on shares of Incyte in a research report on Thursday. Leerink Partners boosted their price target on shares of Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Guggenheim raised their price objective on shares of Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $104.00 price objective on shares of Incyte in a research report on Thursday, August 13th. Finally, Royal Bank Of Canada increased their target price on Incyte from $99.00 to $109.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 29th. Twelve investment analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $123.10.

Incyte Price Performance

Shares of Incyte stock opened at $127.81 on Friday. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60. The firm’s 50-day moving average is $116.17 and its 200 day moving average is $104.17. The stock has a market cap of $25.91 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 4.05 and a beta of 0.76.

Incyte (NASDAQ:INCY) last released its quarterly earnings data 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 business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. Incyte’s revenue was up 37.7% compared to the same quarter last year. During the same period last year, the business earned $1.57 EPS. On average, equities analysts expect that Incyte Corporation will post 2.61 EPS for the current fiscal year.

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.