174,884 Shares in Incyte Corporation $INCY Bought by Empowered Funds LLC

Empowered Funds LLC purchased a new stake in shares of Incyte Corporation (NASDAQ:INCY) during the second quarter, HoldingsChannel reports. The fund purchased 174,884 shares of the biopharmaceutical company’s stock, valued at approximately $19,825,000.

Several other institutional investors have also bought and sold shares of the business. Fiduciary Financial Advisors bought a new stake in shares of Incyte in the 2nd quarter worth about $26,000. Elyxium Wealth LLC bought a new position in shares of Incyte in the 4th quarter valued at about $28,000. Smithfield Trust Co lifted its holdings in shares of Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 162 shares during the last quarter. MUFG Securities EMEA plc purchased a new position in Incyte in the second quarter worth about $32,000. Finally, CYBER HORNET ETFs LLC purchased a new position in Incyte in the second quarter worth about $33,000. Institutional investors own 96.97% of the company’s stock.

Insider Buying and Selling

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction 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 sale, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction 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. 16.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on INCY. Royal Bank Of Canada upped their price objective on Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 29th. TD Cowen upgraded Incyte to a “strong-buy” rating in a report on Monday. Stifel Nicolaus set a $145.00 target price on Incyte in a research report on Tuesday, July 28th. Canaccord Genuity Group began coverage on Incyte in a research report on Thursday, August 20th. They issued a “buy” rating and a $152.00 price target for the company. Finally, Benchmark reaffirmed a “buy” rating on shares of Incyte in a research note on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $123.10.

Incyte Trading Down 0.3%

Shares of INCY opened at $127.74 on Friday. The firm has a fifty day moving average price of $118.47 and a 200-day moving average price of $104.88. The firm has a market capitalization of $25.89 billion, a P/E ratio of 16.27, a P/E/G ratio of 4.02 and a beta of 0.76. Incyte Corporation has a 12-month low of $81.09 and a 12-month high of $132.60.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping the consensus estimate of $2.15 by $0.94. The company 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 firm’s revenue was up 37.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.57 EPS. Analysts predict that Incyte Corporation will post 2.64 earnings per share for the current 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.