L2 Asset Management LLC Buys New Stake in Incyte Corporation $INCY

L2 Asset Management LLC bought a new stake in Incyte Corporation (NASDAQ:INCY) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 61,784 shares of the biopharmaceutical company’s stock, valued at approximately $7,004,000.

Several other institutional investors and hedge funds have also bought and sold shares of INCY. Jacobi Capital Management LLC increased its position in shares of Incyte by 0.9% during the fourth quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after purchasing an additional 99 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Incyte by 0.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock worth $1,864,000 after purchasing an additional 100 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Incyte by 7.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock worth $161,000 after purchasing an additional 113 shares in the last quarter. Bank of Nova Scotia boosted its position in shares of Incyte by 0.7% in the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after purchasing an additional 124 shares in the last quarter. Finally, Perbak Capital Partners LLP grew its stake in Incyte by 2.5% during the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock worth $449,000 after buying an additional 129 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Price Performance

NASDAQ INCY opened at $127.98 on Tuesday. The stock’s fifty day moving average price is $116.69 and its 200 day moving average price is $104.37. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60. The company has a market cap of $25.94 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 4.05 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the business posted $1.57 EPS. The firm’s quarterly revenue was up 37.7% on a year-over-year basis. Research analysts expect that Incyte Corporation will post 2.61 earnings per share for the current year.

Insider Transactions at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction dated 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 owned 61,441 shares of the company’s stock, valued at $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through 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 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 completion of the sale, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Piper Sandler upped their target price on Incyte from $110.00 to $130.00 and gave the company an “overweight” rating in a research report on Monday, August 17th. HC Wainwright reissued a “buy” rating and issued a $150.00 price target on shares of Incyte in a report on Thursday, August 20th. JPMorgan Chase & Co. boosted their price target on Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. Wall Street Zen downgraded shares of Incyte from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $104.00 price objective on shares of Incyte in a research report on Thursday, August 13th. Twelve analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $123.10.

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.