Signal Advisors Wealth LLC Makes New Investment in Incyte Corporation $INCY

Signal Advisors Wealth LLC purchased a new position in shares of Incyte Corporation (NASDAQ:INCY) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 6,987 shares of the biopharmaceutical company’s stock, valued at approximately $848,000.

Several other large investors also recently added to or reduced their stakes in the company. Fiduciary Financial Advisors bought a new stake in Incyte in the 2nd quarter valued at about $26,000. Continuum Advisory LLC bought a new position in Incyte during the second quarter worth about $36,000. Quantbot Technologies LP bought a new position in Incyte during the second quarter worth about $52,000. Parkside Financial Bank & Trust boosted its position in Incyte by 49.0% during the second quarter. Parkside Financial Bank & Trust now owns 727 shares of the biopharmaceutical company’s stock worth $82,000 after purchasing an additional 239 shares during the period. Finally, Contravisory Investment Management Inc. bought a new position in Incyte during the third quarter worth about $82,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

NASDAQ:INCY opened at $113.27 on Friday. Incyte Corporation has a 52-week low of $84.02 and a 52-week high of $132.60. The firm has a market cap of $22.96 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 3.78 and a beta of 0.74. The business’s fifty day moving average is $122.11 and its 200 day moving average is $110.75.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the prior year, the firm posted $1.57 EPS. The firm’s quarterly revenue was up 37.7% on a year-over-year basis. Equities analysts predict that Incyte Corporation will post 2.40 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on INCY. Barclays lifted their target price on shares of Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Leerink Partners upped their price target on shares of Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Benchmark restated a “buy” rating on shares of Incyte in a research note on Tuesday. Truist Financial raised their price objective on shares of Incyte from $105.00 to $115.00 and gave the stock a “hold” rating in a report on Wednesday. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $104.00 price objective on shares of Incyte in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $128.20.

Insider Activity

In other news, insider Pablo Cagnoni sold 10,801 shares of the company’s stock in a transaction dated 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. This represents a 5.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Incyte Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for serious diseases, with an emphasis on oncology, hematology and inflammatory or dermatologic conditions. The company conducts research through internal programs and collaborations with academic institutions, biotechnology companies and pharmaceutical partners.

Incyte’s marketed portfolio includes Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain myelofibrosis, polycythemia vera and graft-versus-host disease indications, and Opzelura (ruxolitinib) cream for certain inflammatory skin conditions.