Incyte Corporation $INCY Shares Acquired by Empirical Finance LLC

Empirical Finance LLC increased its stake in shares of Incyte Corporation (NASDAQ:INCY) by 98.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,461 shares of the biopharmaceutical company’s stock after buying an additional 6,192 shares during the quarter. Empirical Finance LLC’s holdings in Incyte were worth $1,413,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in INCY. Fiduciary Financial Advisors purchased a new stake in Incyte during the 2nd quarter valued at approximately $26,000. Elyxium Wealth LLC purchased a new position in shares of Incyte in the 4th quarter valued at approximately $28,000. Smithfield Trust Co grew its stake in shares of Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares during the last quarter. Continuum Advisory LLC acquired a new position in shares of Incyte in the second quarter valued at approximately $36,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Incyte in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Activity

In other Incyte news, insider Pablo 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 in the company, valued at approximately $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 can be accessed through 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 shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the transaction, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. 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. Corporate insiders own 16.20% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Truist Financial upped their price target on Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research note on Monday, June 22nd. Royal Bank Of Canada boosted their price objective on shares of Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 29th. Wall Street Zen upgraded shares of Incyte from a “hold” rating to a “buy” rating in a research report on Saturday, August 29th. Piper Sandler raised their target price on shares of Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a research note on Monday, August 17th. Finally, TD Cowen raised shares of Incyte to a “strong-buy” rating in a report on Monday, August 24th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $124.05.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $126.01 on Thursday. The firm has a market capitalization of $25.54 billion, a P/E ratio of 16.05, a PEG ratio of 3.62 and a beta of 0.77. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60. The company’s fifty day moving average is $121.58 and its two-hundred day moving average is $106.40.

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

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte’s commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.