Forefront Analytics LLC Takes $577,000 Position in Incyte Corporation $INCY

Forefront Analytics LLC purchased a new position in Incyte Corporation (NASDAQ:INCY) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 5,091 shares of the biopharmaceutical company’s stock, valued at approximately $577,000. Incyte comprises approximately 0.6% of Forefront Analytics LLC’s portfolio, making the stock its 13th largest position.

Several other large investors have also recently made changes to their positions in the company. Jacobi Capital Management LLC raised its stake in Incyte by 0.9% in the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock valued at $1,048,000 after purchasing an additional 99 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in Incyte by 0.5% during 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 during the last quarter. Smartleaf Asset Management LLC boosted its stake in Incyte by 7.5% during 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 during the last quarter. Bank of Nova Scotia grew its holdings in shares of Incyte by 0.7% during the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after buying an additional 124 shares in the last quarter. Finally, Perbak Capital Partners LLP grew its holdings in shares of Incyte by 2.5% during the third 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 in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This trade represents a 40.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 transaction, the insider owned 183,200 shares in the company, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Incyte Price Performance

NASDAQ INCY opened at $127.81 on Monday. The business’s fifty day simple moving average is $116.17 and its 200-day simple moving average is $104.18. The firm has a market cap of $25.91 billion, a PE ratio of 16.28, a P/E/G ratio of 4.05 and a beta of 0.76. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60.

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

Analysts Set New Price Targets

Several research firms have recently weighed in on INCY. Citigroup reissued a “buy” rating on shares of Incyte in a research note on Monday, August 3rd. Morgan Stanley set a $119.00 price objective on shares of Incyte in a research note on Wednesday, July 29th. Piper Sandler increased their price objective on shares of Incyte from $110.00 to $130.00 and gave the company an “overweight” rating in a report on Monday, August 17th. Royal Bank Of Canada raised their target price on shares of Incyte from $99.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 29th. Finally, Barclays boosted their target price on Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $123.10.

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.