Kendall Capital Management Invests $1.45 Million in Incyte Corporation $INCY

Kendall Capital Management purchased a new stake in shares of Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, Holdings Channel reports. The fund purchased 12,780 shares of the biopharmaceutical company’s stock, valued at approximately $1,449,000.

Several other hedge funds have also added to or reduced their stakes in the company. Elyxium Wealth LLC bought a new stake in Incyte during the 4th quarter worth about $28,000. Smithfield Trust Co lifted its position in Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares during the period. University of Texas Texas AM Investment Management Co. bought a new position in shares of Incyte in the 4th quarter valued at about $35,000. Atlas Capital Advisors Inc. bought a new position in shares of Incyte in the 4th quarter valued at about $35,000. Finally, Leonteq Securities AG acquired a new stake in shares of Incyte during the 4th quarter worth approximately $35,000. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $127.81 on Friday. The stock has a market cap of $25.91 billion, a P/E ratio of 16.28, a P/E/G ratio of 4.05 and a beta of 0.76. The firm has a 50 day moving average price of $116.17 and a 200 day moving average price of $104.17. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion for 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%. The business’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same period last year, the business posted $1.57 earnings per share. Analysts predict that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s 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 sale, the executive vice president owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed 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 on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value 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 owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on INCY. BMO Capital Markets boosted their price target on shares of Incyte from $112.00 to $130.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 29th. TD Cowen reaffirmed a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Stifel Nicolaus set a $145.00 target price on shares of Incyte in a report on Tuesday, July 28th. Sanford C. Bernstein reiterated a “market perform” rating and set a $104.00 target price on shares of Incyte in a research report on Thursday, August 13th. Finally, Canaccord Genuity Group began coverage on Incyte in a research note on Thursday. They issued a “buy” rating and a $152.00 price target on the stock. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, Incyte currently has a consensus rating of “Hold” and an average price target of $123.10.

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.