14,664 Shares in Incyte Corporation $INCY Purchased by IPG Investment Advisors LLC

IPG Investment Advisors LLC purchased a new position in shares of Incyte Corporation (NASDAQ:INCY) in the third quarter, HoldingsChannel reports. The fund purchased 14,664 shares of the biopharmaceutical company’s stock, valued at approximately $1,779,000.

Several other institutional investors have also recently made changes to their positions in INCY. BlackRock Inc. acquired a new position in Incyte in the second quarter valued at approximately $2,044,189,000. Wellington Management Group LLP grew its stake in shares of Incyte by 9.5% in the second quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock worth $405,321,000 after acquiring an additional 309,385 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Incyte by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock worth $185,873,000 after acquiring an additional 187,354 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of Incyte by 2.2% during the first quarter. Pacer Advisors Inc. now owns 1,741,061 shares of the biopharmaceutical company’s stock worth $163,869,000 after acquiring an additional 37,790 shares during the period. Finally, Legal & General Group Plc purchased a new stake in shares of Incyte during the second quarter worth $182,054,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

NASDAQ:INCY opened at $117.59 on Wednesday. The business’s fifty day moving average price is $120.12 and its 200 day moving average price is $108.28. The firm has a market capitalization of $23.97 billion, a PE ratio of 56.62, a price-to-earnings-growth ratio of 4.50 and a beta of 0.78. Incyte Corporation has a 12 month low of $89.25 and a 12 month high of $132.60.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.93) by $0.33. The firm had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Incyte had a net margin of 6.71% and a return on equity of 7.92%. Incyte’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.26 earnings per share. As a group, equities analysts anticipate that Incyte Corporation will post 2.17 EPS for the current year.

Insiders Place Their Bets

In related news, insider Pablo Cagnoni sold 10,801 shares of Incyte stock in a transaction on 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 directly owned 183,200 shares in the company, valued at $23,002,592. This trade represents a 5.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

INCY has been the subject of a number of recent research reports. Zacks Research lowered Incyte from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 14th. Piper Sandler upped their price target on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. UBS Group set a $152.00 price objective on Incyte in a research note on Friday. Wells Fargo & Company decreased their price objective on Incyte from $128.00 to $127.00 and set an “equal weight” rating for the company in a research note on Friday, October 30th. Finally, Barclays boosted their price objective on Incyte from $139.00 to $143.00 and gave the stock an “overweight” rating in a research report on Friday, October 30th. Twelve investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $133.10.

Incyte Company Profile

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.