Sanctuary Advisors LLC Invests $1.78 Million in Incyte Corporation $INCY

Sanctuary Advisors LLC acquired a new position in Incyte Corporation (NASDAQ:INCY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 15,733 shares of the biopharmaceutical company’s stock, valued at approximately $1,783,000.

A number of other hedge funds also recently bought and sold shares of INCY. Meiji Yasuda Asset Management Co Ltd. purchased a new position in Incyte in the second quarter worth about $578,000. Forefront Analytics LLC purchased a new stake in shares of Incyte during the 2nd quarter valued at about $577,000. Globeflex Capital L P bought a new position in shares of Incyte in the 2nd quarter worth approximately $981,000. Bank of Nova Scotia bought a new position in shares of Incyte in the 2nd quarter worth approximately $1,869,000. Finally, Kendall Capital Management purchased a new position in shares of Incyte in the second quarter worth approximately $1,449,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on INCY. Truist Financial upped their target price on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Wall Street Zen downgraded shares of Incyte from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Mizuho upped their price objective on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. BMO Capital Markets raised their target price on Incyte from $112.00 to $130.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. Finally, Piper Sandler lifted their target price on Incyte from $110.00 to $130.00 and gave the company an “overweight” rating in a research report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $123.10.

Insider Activity

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction dated Friday, July 31st. The shares were 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 of the company’s stock, valued at $7,339,741.86. This represents a 40.54% decrease in their position. The transaction was disclosed in a document filed 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 the firm’s stock in a transaction dated 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 transaction, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. The trade was a 5.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Incyte Price Performance

Incyte stock opened at $128.12 on Thursday. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60. The firm’s 50 day moving average price is $117.87 and its 200-day moving average price is $104.74. The stock has a market cap of $25.97 billion, a P/E ratio of 16.32, a PEG ratio of 4.11 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued 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 firm had revenue of $1.67 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.57 earnings per share. As a group, equities analysts expect that Incyte Corporation will post 2.61 EPS for the current year.

Incyte 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.