Wealthfront Advisers LLC Buys Shares of 9,753 Incyte Corporation $INCY

Wealthfront Advisers LLC purchased a new position in Incyte Corporation (NASDAQ:INCY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 9,753 shares of the biopharmaceutical company’s stock, valued at approximately $1,106,000.

Several other institutional investors also recently bought and sold shares of INCY. Elyxium Wealth LLC bought a new stake in Incyte during the 4th quarter valued at $28,000. Smithfield Trust Co boosted its position in Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares in the last quarter. MUFG Securities EMEA plc purchased a new position in Incyte in the second quarter valued at about $32,000. CYBER HORNET ETFs LLC bought a new position in Incyte in the second quarter worth about $33,000. Finally, Leonteq Securities AG purchased a new stake in shares of Incyte during the fourth quarter valued at about $35,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the company’s 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 sale, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 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 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 sale, the insider directly owned 183,200 shares in the company, valued at $23,002,592. The trade was a 5.57% 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. 16.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on INCY. Benchmark reiterated a “buy” rating on shares of Incyte in a research note on Thursday. BMO Capital Markets raised their price objective on Incyte from $112.00 to $130.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. Canaccord Genuity Group initiated coverage on Incyte in a research report on Thursday. They set a “buy” rating and a $152.00 target price on the stock. Guggenheim raised their price target on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Finally, Morgan Stanley set a $119.00 price objective on shares of Incyte in a research report on Wednesday, July 29th. Twelve analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. According to MarketBeat.com, Incyte has a consensus rating of “Hold” and a consensus target price of $123.10.

Incyte Stock Performance

NASDAQ:INCY opened at $127.81 on Friday. The firm’s fifty day moving average is $116.17 and its two-hundred day moving average is $104.17. The firm has a market cap of $25.91 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 4.03 and a beta of 0.76. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating analysts’ consensus estimates 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 last year, the business posted $1.57 EPS. The company’s revenue was up 37.7% on a year-over-year basis. As a group, equities research analysts predict that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

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.