Ground Swell Capital LLC Makes New $564,000 Investment in Incyte Corporation $INCY

Ground Swell Capital LLC bought a new stake in Incyte Corporation (NASDAQ:INCY) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 4,645 shares of the biopharmaceutical company’s stock, valued at approximately $564,000. Incyte accounts for about 1.3% of Ground Swell Capital LLC’s holdings, making the stock its 13th largest position.

A number of other institutional investors and hedge funds also recently made changes to their positions in INCY. BlackRock Inc. acquired a new position in shares of Incyte during the second quarter valued at $2,044,189,000. Legal & General Group Plc bought a new stake in Incyte during the 2nd quarter worth about $182,054,000. Caisse de depot et placement du Quebec bought a new stake in Incyte during the 2nd quarter worth about $155,360,000. Deutsche Bank AG bought a new stake in Incyte during the 2nd quarter worth about $143,172,000. Finally, Bank of New York Mellon Corp acquired a new position in Incyte during the 2nd quarter valued at about $110,279,000. Institutional investors own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Barclays upped their target price on shares of Incyte from $139.00 to $143.00 and gave the company an “overweight” rating in a research report on Friday, October 30th. Leerink Partners lowered their target price on shares of Incyte from $154.00 to $150.00 and set an “outperform” rating for the company in a research note on Thursday, November 5th. Raymond James Financial set a $152.00 target price on shares of Incyte in a research note on Friday, October 16th. Wall Street Zen lowered shares of Incyte from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Finally, TD Cowen lifted their price target on shares of Incyte from $138.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, October 21st. Eleven equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat, Incyte currently has a consensus rating of “Hold” and an average price target of $132.86.

Insiders Place Their Bets

In other news, insider Pablo J. Cagnoni sold 2,642 shares of the company’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $112.71, for a total value of $297,779.82. Following the completion of the transaction, the insider owned 183,200 shares in the company, valued at $20,648,472. This represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Thomas Tray sold 610 shares of the stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $118.96, for a total transaction of $72,565.60. Following the sale, the insider directly owned 21,126 shares of the company’s stock, valued at $2,513,148.96. This represents a 2.81% decrease in their position. 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. In the last three months, insiders have sold 254,246 shares of company stock worth $30,162,968. Company insiders own 16.20% of the company’s stock.

Incyte Trading Down 0.6%

Shares of NASDAQ INCY traded down $0.73 during mid-day trading on Friday, reaching $120.97. 950,394 shares of the company’s stock were exchanged, compared to its average volume of 1,785,896. Incyte Corporation has a twelve month low of $89.25 and a twelve month high of $132.60. The firm has a market capitalization of $24.66 billion, a price-to-earnings ratio of 64.35, a PEG ratio of 4.43 and a beta of 0.78. The business has a fifty day simple moving average of $119.18 and a 200 day simple moving average of $108.96.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.93) by $0.33. Incyte had a return on equity of 7.92% and a net margin of 6.71%. The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same period in the previous year, the firm earned $2.26 EPS. Incyte’s quarterly revenue was up 14.0% compared to the same quarter last year. Equities research analysts predict that Incyte Corporation will post 2.24 earnings per share for the current fiscal year.

About Incyte

Incyte is a biopharmaceutical company that discovers, develops and commercializes medicines, with a focus on oncology, hematology and inflammatory and autoimmune diseases. Founded in 1991, the company is headquartered in Wilmington, Delaware, and conducts research and commercial activities in the United States and internationally. Its products include Jakafi (ruxolitinib), used to treat certain blood disorders and graft-versus-host disease, and Opzelura (ruxolitinib cream), approved in the United States for certain skin conditions.