Proficio Capital Partners LLC Invests $508,000 in Incyte Corporation $INCY

Proficio Capital Partners LLC acquired a new position in Incyte Corporation (NASDAQ:INCY) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 4,483 shares of the biopharmaceutical company’s stock, valued at approximately $508,000.

Several other large investors also recently added to or reduced their stakes in INCY. BlackRock Inc. bought a new position in Incyte in the 2nd quarter worth about $2,044,189,000. Legal & General Group Plc purchased a new stake in shares of Incyte in the 2nd quarter valued at about $182,054,000. Caisse de depot et placement du Quebec bought a new stake in shares of Incyte during the 2nd quarter valued at about $155,360,000. Deutsche Bank AG bought a new stake in shares of Incyte during the 2nd quarter valued at about $143,172,000. Finally, Norges Bank purchased a new position in shares of Incyte during the fourth quarter worth about $122,893,000. Institutional investors own 96.97% of the company’s stock.

Incyte Trading Down 0.3%

Shares of NASDAQ INCY opened at $127.74 on Friday. The stock has a market cap of $25.89 billion, a price-to-earnings ratio of 16.27, a P/E/G ratio of 4.02 and a beta of 0.76. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60. The stock’s 50-day moving average is $118.47 and its 200 day moving average is $104.88.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion during 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. On average, analysts forecast that Incyte Corporation will post 2.64 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the transaction, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 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 owned 61,441 shares in the company, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Analysts Set New Price Targets

INCY has been the topic of several research analyst reports. Sanford C. Bernstein restated a “market perform” rating and issued a $104.00 price objective on shares of Incyte in a research report on Thursday, August 13th. Wall Street Zen cut shares of Incyte from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. HC Wainwright reissued a “buy” rating and issued a $150.00 price target on shares of Incyte in a report on Thursday, August 20th. Oppenheimer restated a “market perform” rating and set a $120.00 price objective on shares of Incyte in a research report on Tuesday, July 28th. Finally, Morgan Stanley set a $119.00 price objective on shares of Incyte in a report on Wednesday, July 29th. One equities research 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 currently has an average rating of “Moderate Buy” and a consensus price target of $123.10.

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.