Coastal Bridge Advisors LLC Invests $2.47 Million in Incyte Corporation $INCY

Coastal Bridge Advisors LLC purchased a new position in Incyte Corporation (NASDAQ:INCY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 21,815 shares of the biopharmaceutical company’s stock, valued at approximately $2,473,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of INCY. Jacobi Capital Management LLC grew its stake in Incyte by 0.9% during the fourth quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after buying an additional 99 shares in the last quarter. Oregon Public Employees Retirement Fund raised its position in shares of Incyte by 0.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after buying an additional 100 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of Incyte by 7.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock valued at $161,000 after buying an additional 113 shares in the last quarter. Bank of Nova Scotia lifted 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 purchasing an additional 124 shares during the period. Finally, Perbak Capital Partners LLP lifted 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 purchasing an additional 129 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of recent research reports. Stifel Nicolaus set a $145.00 price objective on Incyte in a report on Tuesday, July 28th. Citigroup reaffirmed a “buy” rating on shares of Incyte in a report on Monday, August 3rd. TD Cowen upgraded Incyte to a “strong-buy” rating in a research report on Monday. Leerink Partners increased their price target on Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Finally, HC Wainwright restated a “buy” rating and set a $150.00 price objective on shares of Incyte in a research report on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Incyte presently has a consensus rating of “Moderate Buy” and a consensus target price of $123.10.

Insider Activity

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the firm’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 transaction of $1,356,173.56. Following the completion of the sale, the insider owned 183,200 shares of the company’s stock, valued at $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $5,005,254.54. Following the completion of the sale, the executive vice president 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 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. Company insiders own 16.20% of the company’s stock.

Incyte Stock Performance

NASDAQ:INCY opened at $127.74 on Friday. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60. The firm’s fifty day moving average is $118.47 and its 200-day moving average is $104.88. The firm has a market cap 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 (NASDAQ:INCY) last announced its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The business had revenue of $1.67 billion during 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%. Incyte’s quarterly revenue was up 37.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.57 earnings per share. As a group, sell-side analysts anticipate that Incyte Corporation will post 2.64 earnings per share for the current year.

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.