NewEdge Advisors LLC Boosts Position in Incyte Corporation $INCY

NewEdge Advisors LLC boosted its stake in shares of Incyte Corporation (NASDAQ:INCY) by 55.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,416 shares of the biopharmaceutical company’s stock after buying an additional 7,292 shares during the quarter. NewEdge Advisors LLC’s holdings in Incyte were worth $1,922,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Jacobi Capital Management LLC increased its position in shares of 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 acquiring an additional 99 shares during the period. Oregon Public Employees Retirement Fund boosted its holdings in shares of Incyte by 0.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after purchasing an additional 100 shares during the period. Smartleaf Asset Management LLC boosted its holdings in shares of Incyte by 7.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock valued at $161,000 after purchasing an additional 113 shares during the period. Bank of Nova Scotia boosted its holdings in shares of Incyte by 0.7% in the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after purchasing an additional 124 shares during the period. Finally, Perbak Capital Partners LLP grew its stake in Incyte by 2.5% in 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 in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Patrick A. Mayes sold 41,899 shares of the business’s stock in a transaction 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 transaction, the executive vice president directly 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 Down 0.3%

Shares of INCY stock opened at $120.16 on Friday. The firm has a market cap of $24.36 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 3.77 and a beta of 0.76. The company’s 50 day moving average is $114.08 and its 200 day moving average is $103.32. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60.

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

Wall Street Analysts Forecast Growth

INCY has been the topic of several research reports. JPMorgan Chase & Co. raised their price objective on Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, July 23rd. Guggenheim upped their target price on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Wall Street Zen downgraded Incyte from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. TD Cowen restated a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Finally, Mizuho lifted their price objective on Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Ten equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to MarketBeat.com, Incyte presently has a consensus rating of “Hold” and a consensus price target of $120.65.

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.