Summit Global Investments Takes Position in Incyte Corporation $INCY

Summit Global Investments acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 55,370 shares of the biopharmaceutical company’s stock, valued at approximately $6,277,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INCY. Bryn Mawr Trust Advisors LLC bought a new stake in Incyte in the 2nd quarter worth approximately $324,000. Plan Group Financial LLC purchased a new stake in Incyte during the 2nd quarter valued at $406,000. Insight Wealth Strategies LLC purchased a new stake in Incyte during the 2nd quarter valued at $7,076,000. Tema ETFs LLC lifted its holdings in shares of Incyte by 5.7% during the 2nd quarter. Tema ETFs LLC now owns 2,704 shares of the biopharmaceutical company’s stock valued at $307,000 after buying an additional 145 shares during the period. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Incyte by 15.8% during the 2nd quarter. Handelsbanken Fonder AB now owns 56,300 shares of the biopharmaceutical company’s stock valued at $6,382,000 after buying an additional 7,700 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Down 0.3%

Shares of INCY opened at $120.16 on Friday. The business has a 50-day simple moving average of $114.08 and a two-hundred day simple moving average of $103.32. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60. The stock has a market cap of $24.36 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 3.78 and a beta of 0.76.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business’s quarterly revenue was up 37.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.57 EPS. On average, equities analysts anticipate that Incyte Corporation will post 2.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

INCY has been the topic of a number of research reports. Citigroup restated a “buy” rating on shares of Incyte in a research note on Monday, August 3rd. BMO Capital Markets increased their target price on Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. HC Wainwright raised their target price on Incyte from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Truist Financial boosted their price target on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a research note on Monday, June 22nd. Finally, Oppenheimer reaffirmed a “market perform” rating and set a $120.00 price target on shares of Incyte in a research report on Tuesday, July 28th. Ten equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $120.65.

Insider Buying and Selling

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were 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 in the company, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

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.