Fifth Third Wealth Advisors LLC Acquires 18,430 Shares of Incyte Corporation $INCY

Fifth Third Wealth Advisors LLC boosted its position in shares of Incyte Corporation (NASDAQ:INCY) by 97.3% in the third quarter, Holdings Channel.com reports. The firm owned 37,373 shares of the biopharmaceutical company’s stock after acquiring an additional 18,430 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Incyte were worth $4,535,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Fiduciary Financial Advisors acquired a new position in Incyte during the 2nd quarter worth $26,000. Continuum Advisory LLC bought a new stake in shares of Incyte during the 2nd quarter valued at $36,000. Quantbot Technologies LP acquired a new position in Incyte during the second quarter valued at approximately $52,000. Contravisory Investment Management Inc. acquired a new stake in shares of Incyte during the third quarter worth about $82,000. Finally, Parkside Financial Bank & Trust lifted its position in Incyte by 49.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 727 shares of the biopharmaceutical company’s stock valued at $82,000 after acquiring an additional 239 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

INCY has been the topic of a number of research analyst reports. Mizuho increased their price target on Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Leerink Partners upped their price objective on Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. UBS Group reissued a “neutral” rating and issued a $127.00 price objective on shares of Incyte in a research report on Monday, October 5th. Barclays boosted their price target on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Finally, Canaccord Genuity Group assumed coverage on Incyte in a research note on Thursday, August 20th. They issued a “buy” rating and a $152.00 price objective for the company. Twelve research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Incyte has a consensus rating of “Hold” and a consensus price target of $129.90.

Incyte Trading Down 1.0%

Shares of Incyte stock opened at $115.71 on Friday. The company has a market cap of $23.45 billion, a P/E ratio of 14.73, a PEG ratio of 4.32 and a beta of 0.74. The company’s fifty day simple moving average is $121.40 and its two-hundred day simple moving average is $111.50. Incyte Corporation has a 12-month low of $84.02 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 the consensus estimate 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 the consensus estimate of $1.50 billion. During the same period last year, the company earned $1.57 EPS. Incyte’s revenue for the quarter was up 37.7% on a year-over-year basis. Analysts predict that Incyte Corporation will post 2.20 EPS for the current fiscal year.

Insider Buying and Selling

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. Also, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction 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 sale, the insider directly owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 55,342 shares of company stock valued at $6,659,208 over the last quarter. Corporate insiders own 16.20% of the company’s stock.

About Incyte

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.