United Capital Financial Advisors LLC Purchases New Holdings in Incyte Corporation $INCY

United Capital Financial Advisors LLC purchased a new stake in Incyte Corporation (NASDAQ:INCY) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 6,876 shares of the biopharmaceutical company’s stock, valued at approximately $779,000.

Other institutional investors have also recently made changes to their positions in the company. FSA Advisors Inc. acquired a new stake in shares of Incyte in the 2nd quarter valued at approximately $324,000. Coastal Bridge Advisors LLC bought a new position in shares of Incyte in the second quarter valued at $2,473,000. Jefferies Financial Group Inc. acquired a new position in Incyte during the second quarter worth $17,321,000. Public Employees Retirement System of Ohio acquired a new position in Incyte during the second quarter worth $6,507,000. Finally, Proficio Capital Partners LLC bought a new stake in Incyte during the second quarter worth $508,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. The sale was disclosed in a 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. Also, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction 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 approximately $7,339,741.86. This represents a 40.54% 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. Company insiders own 16.20% of the company’s stock.

Incyte Stock Performance

INCY opened at $124.37 on Monday. The stock’s fifty day simple moving average is $118.99 and its 200 day simple moving average is $104.99. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60. The stock has a market cap of $25.21 billion, a PE ratio of 15.84, a price-to-earnings-growth ratio of 3.91 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 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 analysts’ expectations of $1.50 billion. During the same period in the previous year, the business posted $1.57 earnings per share. The company’s revenue for the quarter was up 37.7% compared to the same quarter last year. Equities analysts forecast that Incyte Corporation will post 2.64 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on INCY. BMO Capital Markets increased their price target on shares of Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a research note on Wednesday, July 29th. Sanford C. Bernstein restated a “market perform” rating and set a $104.00 price objective on shares of Incyte in a research note on Thursday, August 13th. Wall Street Zen raised shares of Incyte from a “hold” rating to a “buy” rating in a report on Saturday. Royal Bank Of Canada raised their target price on shares of Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 29th. Finally, Piper Sandler lifted their price target on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. One 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.