Sanctuary Advisors LLC Purchases New Shares in Incyte Corporation $INCY

Sanctuary Advisors LLC bought a new position in Incyte Corporation (NASDAQ:INCY) during the second quarter, HoldingsChannel.com reports. The fund bought 15,733 shares of the biopharmaceutical company’s stock, valued at approximately $1,783,000.

Several other institutional investors have also modified their holdings of the stock. Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of Incyte in the 2nd quarter worth approximately $578,000. Forefront Analytics LLC purchased a new stake in Incyte during the 2nd quarter valued at $577,000. Globeflex Capital L P bought a new stake in Incyte in the second quarter worth $981,000. Bank of Nova Scotia bought a new stake in Incyte in the second quarter worth $1,869,000. Finally, Kendall Capital Management purchased a new position in Incyte during the second quarter worth $1,449,000. 96.97% of the stock is owned by institutional investors.

Incyte Price Performance

Shares of INCY stock opened at $128.12 on Thursday. The company has a market capitalization of $25.97 billion, a P/E ratio of 16.32, a P/E/G ratio of 4.11 and a beta of 0.76. The company’s 50-day simple moving average is $117.87 and its two-hundred day simple moving average is $104.74. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the business earned $1.57 earnings per share. Incyte’s quarterly revenue was up 37.7% on a year-over-year basis. On average, research analysts expect that Incyte Corporation will post 2.61 EPS for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction 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 completion of the sale, the executive vice president directly owned 61,441 shares of the company’s stock, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was 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 owned 183,200 shares of the company’s stock, valued at $23,002,592. This represents a 5.57% 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. Insiders own 16.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on INCY. Morgan Stanley set a $119.00 target price on shares of Incyte in a research note on Wednesday, July 29th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $104.00 price target on shares of Incyte in a research note on Thursday, August 13th. Citigroup reiterated a “buy” rating on shares of Incyte in a report on Monday, August 3rd. Barclays raised their price objective on shares of Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Finally, Royal Bank Of Canada boosted their target price on Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $123.10.

About Incyte

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.