Proficio Capital Partners LLC Acquires Shares of 4,483 Incyte Corporation $INCY

Proficio Capital Partners LLC acquired a new position in shares of Incyte Corporation (NASDAQ:INCY) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 4,483 shares of the biopharmaceutical company’s stock, valued at approximately $508,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its stake in shares of Incyte by 62.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 53,309 shares of the biopharmaceutical company’s stock worth $6,043,000 after purchasing an additional 20,582 shares during the last quarter. Greenleaf Trust grew its position in Incyte by 2.8% in the 2nd quarter. Greenleaf Trust now owns 3,358 shares of the biopharmaceutical company’s stock valued at $381,000 after buying an additional 93 shares during the last quarter. Trustmark Bank Trust Department increased its stake in Incyte by 4.8% in the 2nd quarter. Trustmark Bank Trust Department now owns 15,786 shares of the biopharmaceutical company’s stock valued at $1,790,000 after buying an additional 723 shares during the period. New Mexico Educational Retirement Board increased its stake in Incyte by 10.6% in the 2nd quarter. New Mexico Educational Retirement Board now owns 8,350 shares of the biopharmaceutical company’s stock valued at $947,000 after buying an additional 800 shares during the period. Finally, Toth Financial Advisory Corp raised its position in Incyte by 15.1% during the 2nd quarter. Toth Financial Advisory Corp now owns 15,760 shares of the biopharmaceutical company’s stock worth $1,787,000 after buying an additional 2,065 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction that occurred on 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 owned 183,200 shares of the company’s stock, valued at $23,002,592. The trade was a 5.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 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 completion of the transaction, the executive vice president directly owned 61,441 shares in the company, valued at $7,339,741.86. This represents a 40.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $128.83 on Thursday. The business has a 50-day moving average of $120.20 and a two-hundred day moving average of $105.53. The firm has a market capitalization of $26.11 billion, a PE ratio of 16.41, a P/E/G ratio of 3.63 and a beta of 0.77. Incyte Corporation has a 12 month low of $81.09 and a 12 month high of $132.60.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the company posted $1.57 earnings per share. The firm’s revenue was up 37.7% on a year-over-year basis. As a group, research analysts anticipate that Incyte Corporation will post 2.64 earnings per share for the current year.

Analyst Ratings Changes

INCY has been the subject of a number of analyst reports. Truist Financial increased their target price on Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research note on Monday, June 22nd. Guggenheim upped their price objective on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Leerink Partners increased their price objective on Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Benchmark reissued a “buy” rating on shares of Incyte in a report on Thursday, August 20th. Finally, Wall Street Zen upgraded shares of Incyte from a “hold” rating to a “buy” rating in a research report on Saturday, August 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $123.10.

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.