Bank of Nova Scotia Makes New $1.87 Million Investment in Incyte Corporation $INCY

Bank of Nova Scotia purchased a new stake in Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 16,485 shares of the biopharmaceutical company’s stock, valued at approximately $1,869,000.

Several other large investors have also modified their holdings of INCY. Elyxium Wealth LLC acquired a new position in shares of Incyte during the 4th quarter worth approximately $28,000. Smithfield Trust Co grew its holdings in Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 162 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in Incyte during the 2nd quarter valued at $32,000. CYBER HORNET ETFs LLC purchased a new position in Incyte during the second quarter worth $33,000. Finally, Leonteq Securities AG purchased a new position in Incyte during the fourth quarter worth $35,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Down 1.2%

Shares of Incyte stock opened at $128.12 on Thursday. Incyte Corporation has a fifty-two week low of $81.09 and a fifty-two week high of $132.60. The business’s fifty day moving average is $117.87 and its two-hundred day moving average is $104.74. The firm has a market cap of $25.97 billion, a PE ratio of 16.32, a P/E/G ratio of 4.11 and a beta of 0.76.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.57 earnings per share. Equities research analysts anticipate that Incyte Corporation will post 2.61 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. HC Wainwright reissued a “buy” rating and issued a $150.00 price target on shares of Incyte in a report on Thursday, August 20th. Piper Sandler lifted their price objective on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, August 17th. Oppenheimer reissued a “market perform” rating and issued a $120.00 target price on shares of Incyte in a research note on Tuesday, July 28th. BMO Capital Markets upped their target price on shares of Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Finally, Wall Street Zen downgraded shares of Incyte from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $123.10.

Insider Activity

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the transaction, the insider directly owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

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.