Commerce Bank Invests $2.28 Million in Incyte Corporation $INCY

Commerce Bank bought a new stake in Incyte Corporation (NASDAQ:INCY) during the second quarter, Holdings Channel reports. The institutional investor bought 20,084 shares of the biopharmaceutical company’s stock, valued at approximately $2,277,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Elyxium Wealth LLC purchased a new position in Incyte during the 4th quarter worth $28,000. Smithfield Trust Co raised its holdings in shares of 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 shares of Incyte in the second quarter valued at about $32,000. CYBER HORNET ETFs LLC acquired a new stake in shares of Incyte during the second quarter worth about $33,000. Finally, Leonteq Securities AG purchased a new position in shares of Incyte during the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on INCY shares. Citigroup restated a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. Weiss Ratings raised Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Truist Financial lifted their target price on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a research note on Monday, June 22nd. Canaccord Genuity Group started coverage on Incyte in a report on Thursday, August 20th. They issued a “buy” rating and a $152.00 target price on the stock. Finally, TD Cowen restated a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Twelve analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat, Incyte presently has a consensus rating of “Hold” and a consensus price target of $123.10.

Insider Buying and Selling

In other news, EVP Patrick A. Mayes sold 41,899 shares of the 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 transaction, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through 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 firm’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 sale, the insider directly owned 183,200 shares of the company’s stock, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Incyte Stock Up 0.1%

Shares of Incyte stock opened at $127.98 on Tuesday. The firm has a market cap of $25.94 billion, a price-to-earnings ratio of 16.30, a price-to-earnings-growth 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. The company’s 50-day simple moving average is $116.69 and its 200-day simple moving average is $104.37.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data 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 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 the consensus estimate of $1.50 billion. During the same quarter last year, the firm earned $1.57 earnings per share. The firm’s revenue was up 37.7% compared to the same quarter last year. Equities research analysts anticipate that Incyte Corporation will post 2.61 EPS for the current year.

Incyte 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.