Sierra Summit Advisors LLC Makes New $890,000 Investment in Incyte Corporation $INCY

Sierra Summit Advisors LLC bought a new position in Incyte Corporation (NASDAQ:INCY) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 9,461 shares of the biopharmaceutical company’s stock, valued at approximately $890,000.

A number of other large investors have also made changes to their positions in INCY. Jacobi Capital Management LLC boosted its stake in Incyte by 0.9% in the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after purchasing an additional 99 shares during the period. Oregon Public Employees Retirement Fund grew its position in Incyte by 0.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock worth $1,864,000 after purchasing an additional 100 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in Incyte by 7.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock valued at $161,000 after purchasing an additional 113 shares during the period. Bank of Nova Scotia raised its stake in Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after purchasing an additional 124 shares during the period. Finally, Perbak Capital Partners LLP lifted its holdings in shares of Incyte by 2.5% in the third quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock valued at $449,000 after purchasing an additional 129 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. UBS Group raised their target price on Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Oppenheimer reissued a “market perform” rating and set a $107.00 price target on shares of Incyte in a research report on Monday, June 8th. Stifel Nicolaus set a $123.00 price objective on Incyte in a research note on Tuesday, June 9th. HC Wainwright restated a “buy” rating and set a $140.00 price objective on shares of Incyte in a research report on Wednesday, June 24th. Finally, BMO Capital Markets raised Incyte from an “underperform” rating to a “market perform” rating and lifted their target price for the company from $75.00 to $94.00 in a research note on Monday, June 22nd. Eight research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat, Incyte presently has a consensus rating of “Hold” and a consensus price target of $107.85.

Incyte Stock Performance

Shares of NASDAQ:INCY opened at $116.86 on Friday. The firm has a fifty day moving average of $101.13 and a two-hundred day moving average of $99.85. The firm has a market capitalization of $23.35 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 1.07 and a beta of 0.76. Incyte Corporation has a 12-month low of $66.85 and a 12-month high of $118.69. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the previous year, the company posted $1.16 EPS. Incyte’s revenue was up 20.9% on a year-over-year basis. On average, equities analysts expect that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the transaction, the insider owned 262,692 shares in the company, valued at $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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.