Incyte Corporation $INCY Position Increased by Inspire Investing LLC

Inspire Investing LLC increased its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 14.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 38,721 shares of the biopharmaceutical company’s stock after acquiring an additional 4,972 shares during the period. Inspire Investing LLC’s holdings in Incyte were worth $4,699,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fiduciary Financial Advisors bought a new position in Incyte during the 2nd quarter valued at about $26,000. Continuum Advisory LLC acquired a new stake in shares of Incyte during the second quarter worth approximately $36,000. Quantbot Technologies LP acquired a new stake in shares of Incyte during the second quarter worth approximately $52,000. Contravisory Investment Management Inc. bought a new position in shares of Incyte in the third quarter valued at approximately $82,000. Finally, Parkside Financial Bank & Trust raised its stake in shares of Incyte by 49.0% in the second quarter. Parkside Financial Bank & Trust now owns 727 shares of the biopharmaceutical company’s stock valued at $82,000 after acquiring an additional 239 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

INCY has been the topic of several recent analyst reports. HC Wainwright reissued a “buy” rating and issued a $152.00 target price on shares of Incyte in a report on Tuesday, October 13th. Weiss Ratings cut Incyte from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday. Morgan Stanley assumed coverage on Incyte in a research report on Tuesday. They issued an “equal weight” rating and a $119.00 price objective for the company. BMO Capital Markets reiterated a “market perform” rating on shares of Incyte in a research report on Tuesday, September 1st. Finally, TD Cowen increased their target price on Incyte from $138.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday. Twelve research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $129.90.

Insider Buying and Selling at Incyte

In other news, insider Pablo Cagnoni sold 2,642 shares of the stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $112.71, for a total value of $297,779.82. Following the transaction, the insider owned 183,200 shares of the company’s stock, valued at $20,648,472. This represents a 1.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick 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 value of $5,005,254.54. Following the completion of the transaction, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. 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. Insiders have sold a total of 55,342 shares of company stock valued at $6,659,208 in the last quarter. Corporate insiders own 16.20% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $115.71 on Friday. Incyte Corporation has a one year low of $84.02 and a one year high of $132.60. The company has a 50 day moving average of $121.40 and a 200-day moving average of $111.50. The stock has a market cap of $23.45 billion, a price-to-earnings ratio of 14.74, a P/E/G ratio of 4.32 and a beta of 0.74.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the business posted $1.57 earnings per share. Incyte’s revenue was up 37.7% compared to the same quarter last year. Equities research analysts anticipate that Incyte Corporation will post 2.20 earnings per share for the current year.

About Incyte

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.