Sierra Summit Advisors LLC Buys Shares of 9,461 Incyte Corporation $INCY

Sierra Summit Advisors LLC bought a new stake in Incyte Corporation (NASDAQ:INCY) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 9,461 shares of the biopharmaceutical company’s stock, valued at approximately $890,000.

Several other large investors also recently added to or reduced their stakes in INCY. Geode Capital Management LLC increased its stake in shares of Incyte by 11.3% during the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after purchasing an additional 506,842 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Incyte by 13.2% in the 4th quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock valued at $343,105,000 after purchasing an additional 405,611 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Incyte by 13.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock valued at $263,246,000 after purchasing an additional 373,298 shares during the last quarter. Morgan Stanley boosted its holdings in Incyte by 0.9% in the fourth quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock worth $263,106,000 after purchasing an additional 23,087 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Incyte by 7.0% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company’s stock worth $245,028,000 after purchasing an additional 161,405 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. HC Wainwright reissued a “buy” rating and set a $140.00 target price on shares of Incyte in a research report on Wednesday, June 24th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Incyte in a research report on Monday. UBS Group upped their price target on Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Barclays reissued an “overweight” rating on shares of Incyte in a report on Tuesday, March 24th. Finally, TD Cowen reissued a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Eight research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat, Incyte currently has an average rating of “Hold” and a consensus price target of $107.85.

Incyte Stock Performance

NASDAQ:INCY opened at $116.86 on Friday. The firm has a market capitalization of $23.35 billion, a PE ratio of 16.51, a PEG ratio of 1.07 and a beta of 0.76. Incyte Corporation has a 1 year low of $66.85 and a 1 year high of $118.69. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The firm’s fifty day simple moving average is $101.13 and its 200 day simple moving average is $99.85.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the business earned $1.16 EPS. The business’s revenue was up 20.9% on a year-over-year basis. On average, sell-side analysts anticipate that Incyte Corporation will post 6.61 EPS for the current year.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the transaction, the insider directly owned 262,692 shares in the company, valued at approximately $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

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.