Globeflex Capital L P Purchases Shares of 8,654 Incyte Corporation $INCY

Globeflex Capital L P acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY) during the second quarter, Holdings Channel reports. The fund acquired 8,654 shares of the biopharmaceutical company’s stock, valued at approximately $981,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Elyxium Wealth LLC bought a new position in Incyte during the 4th quarter worth approximately $28,000. Smithfield Trust Co increased its stake in Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 162 shares during the period. University of Texas Texas AM Investment Management Co. bought a new stake in Incyte in the fourth quarter valued at approximately $35,000. Atlas Capital Advisors Inc. bought a new stake in Incyte in the fourth quarter valued at approximately $35,000. Finally, Leonteq Securities AG bought a new stake in Incyte in the fourth quarter valued at approximately $35,000. Institutional investors own 96.97% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on INCY shares. UBS Group raised their target price on shares of Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. TD Cowen reiterated a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. Weiss Ratings raised shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Royal Bank Of Canada raised their price target on shares of Incyte from $99.00 to $109.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 29th. Finally, Piper Sandler boosted their price objective on shares of Incyte from $110.00 to $130.00 and gave the company an “overweight” rating in a research report on Monday, August 17th. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $123.10.

Incyte Stock Performance

INCY opened at $127.98 on Tuesday. The stock has a market capitalization of $25.94 billion, a PE ratio of 16.30, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76. The stock’s 50 day moving average price is $116.69 and its 200-day moving average price is $104.37. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60.

Incyte (NASDAQ:INCY) last issued 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. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.57 EPS. Research analysts forecast that Incyte Corporation will post 2.61 EPS for the current fiscal year.

Insider Activity at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of Incyte 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 sale, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 stock was 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 $23,002,592. This trade represents a 5.57% decrease in their position. 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 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.