Focus Partners Advisor Solutions LLC Makes New Investment in Incyte Corporation $INCY

Focus Partners Advisor Solutions LLC purchased a new position in shares of Incyte Corporation (NASDAQ:INCY) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 28,722 shares of the biopharmaceutical company’s stock, valued at approximately $3,256,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Elyxium Wealth LLC purchased a new position in Incyte during the 4th quarter worth $28,000. Smithfield Trust Co raised its stake in Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 162 shares during the last quarter. MUFG Securities EMEA plc purchased a new stake in Incyte in the second quarter valued at about $32,000. CYBER HORNET ETFs LLC acquired a new stake in Incyte in the second quarter worth about $33,000. Finally, Leonteq Securities AG acquired a new stake in Incyte in the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

INCY has been the topic of several recent analyst reports. Oppenheimer restated a “market perform” rating and set a $120.00 price objective on shares of Incyte in a report on Tuesday, July 28th. Royal Bank Of Canada lifted 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. Morgan Stanley set a $119.00 target price on shares of Incyte in a research report on Wednesday, July 29th. Wall Street Zen lowered shares of Incyte from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Weiss Ratings raised shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Ten analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $120.65.

Insider Buying and Selling

In other news, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the sale, the executive vice president directly owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This represents a 40.54% decrease in their position. The transaction 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. Insiders own 16.20% of the company’s stock.

Incyte Stock Down 0.3%

Shares of NASDAQ:INCY opened at $120.16 on Friday. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60. The stock has a market cap of $24.36 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 3.77 and a beta of 0.76. The business has a 50-day moving average price of $114.08 and a 200-day moving average price of $103.32.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the firm earned $1.57 earnings per share. Incyte’s revenue for the quarter was up 37.7% on a year-over-year basis. As a group, equities analysts anticipate that Incyte Corporation will post 2.64 EPS for the current fiscal year.

About Incyte

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.