NewEdge Advisors LLC Boosts Stock Position in Incyte Corporation $INCY

NewEdge Advisors LLC increased its holdings in Incyte Corporation (NASDAQ:INCY) by 55.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,416 shares of the biopharmaceutical company’s stock after purchasing an additional 7,292 shares during the period. NewEdge Advisors LLC’s holdings in Incyte were worth $1,922,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of INCY. Elyxium Wealth LLC purchased a new position in shares of Incyte in the 4th quarter worth $28,000. Smithfield Trust Co raised its position in shares of Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 162 shares in the last quarter. MUFG Securities EMEA plc purchased a new stake in shares of Incyte during the 2nd quarter valued at about $32,000. CYBER HORNET ETFs LLC bought a new position in shares of Incyte in the 2nd quarter valued at about $33,000. Finally, Leonteq Securities AG bought a new position in shares of Incyte in the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

Incyte stock opened at $120.16 on Friday. The firm has a market capitalization of $24.36 billion, a P/E ratio of 15.31, a price-to-earnings-growth ratio of 3.77 and a beta of 0.76. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60. The company’s 50-day moving average is $114.08 and its 200 day moving average is $103.32.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 29.93% and a net margin of 27.71%.The company’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.57 earnings per share. Research analysts anticipate that Incyte Corporation will post 2.64 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction that occurred 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 approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on INCY. Sanford C. Bernstein reissued a “market perform” rating and set a $104.00 price objective on shares of Incyte in a research note on Thursday. HC Wainwright raised their price objective on Incyte from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. BMO Capital Markets lifted their target price on Incyte from $112.00 to $130.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. Wall Street Zen downgraded Incyte from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Guggenheim raised their price target on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $120.65.

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.