Institute for Wealth Management LLC. bought a new position in Incyte Corporation (NASDAQ:INCY) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 4,794 shares of the biopharmaceutical company’s stock, valued at approximately $605,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Incyte Corporation by 11.1% in the second quarter. Vanguard Group Inc. now owns 17,125,542 shares of the biopharmaceutical company’s stock worth $2,156,276,000 after purchasing an additional 1,709,685 shares during the period. State Street Corp increased its stake in Incyte Corporation by 110.7% in the first quarter. State Street Corp now owns 7,581,684 shares of the biopharmaceutical company’s stock worth $1,013,437,000 after purchasing an additional 3,983,207 shares during the period. BB Biotech AG increased its stake in Incyte Corporation by 0.7% in the second quarter. BB Biotech AG now owns 3,514,822 shares of the biopharmaceutical company’s stock worth $442,551,000 after purchasing an additional 25,000 shares during the period. FMR LLC increased its stake in Incyte Corporation by 8.0% in the first quarter. FMR LLC now owns 2,980,864 shares of the biopharmaceutical company’s stock worth $398,452,000 after purchasing an additional 219,923 shares during the period. Finally, Geode Capital Management LLC increased its stake in Incyte Corporation by 42.0% in the first quarter. Geode Capital Management LLC now owns 1,780,064 shares of the biopharmaceutical company’s stock worth $237,618,000 after purchasing an additional 526,163 shares during the period. Institutional investors and hedge funds own 88.91% of the company’s stock.

Shares of Incyte Corporation (INCY) traded up 3.18% during midday trading on Friday, reaching $116.74. The company’s stock had a trading volume of 2,291,113 shares. The company’s market cap is $24.01 billion. The stock’s 50-day moving average price is $126.44 and its 200-day moving average price is $129.92. Incyte Corporation has a 12-month low of $83.01 and a 12-month high of $153.15.

Incyte Corporation (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.01). The business had revenue of $326.40 million for the quarter, compared to analyst estimates of $318.45 million. Incyte Corporation had a negative return on equity of 21.57% and a negative net margin of 11.77%. The company’s revenue was up 32.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 earnings per share. On average, analysts expect that Incyte Corporation will post ($0.83) EPS for the current fiscal year.

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A number of analysts have weighed in on INCY shares. Oppenheimer Holdings, Inc. reiterated a “hold” rating and issued a $135.00 target price on shares of Incyte Corporation in a research note on Thursday, August 31st. BMO Capital Markets reiterated a “buy” rating and issued a $172.00 target price on shares of Incyte Corporation in a research note on Friday, July 21st. Barclays PLC reiterated an “overweight” rating and issued a $165.00 target price (down previously from $180.00) on shares of Incyte Corporation in a research note on Wednesday, August 2nd. Royal Bank Of Canada started coverage on Incyte Corporation in a research note on Thursday, September 14th. They issued a “sector perform” rating and a $136.00 target price on the stock. Finally, Raymond James Financial, Inc. upgraded Incyte Corporation from a “market perform” rating to an “outperform” rating and set a $159.00 target price on the stock in a research note on Monday, September 11th. Eight equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $142.16.

In other news, EVP Barry P. Flannelly sold 714 shares of the company’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $124.25, for a total transaction of $88,714.50. Following the completion of the transaction, the executive vice president now directly owns 15,496 shares of the company’s stock, valued at approximately $1,925,378. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Herve Hoppenot sold 70,502 shares of the company’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $119.45, for a total value of $8,421,463.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 114,272 shares of company stock valued at $14,315,358. Insiders own 17.70% of the company’s stock.

Incyte Corporation Company Profile

Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).

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Institutional Ownership by Quarter for Incyte Corporation (NASDAQ:INCY)

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