Procyon Advisors LLC Grows Position in Incyte Corporation $INCY

Procyon Advisors LLC grew its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 718.5% in the first quarter, HoldingsChannel.com reports. The fund owned 22,917 shares of the biopharmaceutical company’s stock after purchasing an additional 20,117 shares during the period. Procyon Advisors LLC’s holdings in Incyte were worth $2,157,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of INCY. Kaizen Financial Strategies purchased a new stake in Incyte in the first quarter valued at approximately $272,000. 180 Wealth Advisors LLC lifted its position in Incyte by 2.0% during the first quarter. 180 Wealth Advisors LLC now owns 6,877 shares of the biopharmaceutical company’s stock valued at $647,000 after purchasing an additional 132 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Incyte by 1.5% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,941 shares of the biopharmaceutical company’s stock worth $3,665,000 after buying an additional 582 shares in the last quarter. Fifth Third Bancorp grew its stake in Incyte by 145.2% in the 1st quarter. Fifth Third Bancorp now owns 27,289 shares of the biopharmaceutical company’s stock worth $2,568,000 after buying an additional 16,160 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in shares of Incyte by 21.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 16,377 shares of the biopharmaceutical company’s stock worth $1,541,000 after buying an additional 2,922 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Oppenheimer restated a “market perform” rating and set a $107.00 price objective on shares of Incyte in a research report on Monday, June 8th. BMO Capital Markets increased their target price on Incyte from $94.00 to $112.00 and gave the company a “market perform” rating in a research note on Monday. Barclays restated an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Royal Bank Of Canada lifted their price target on Incyte from $95.00 to $99.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Finally, UBS Group upped their price objective on Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Eight research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Incyte has a consensus rating of “Hold” and a consensus price target of $109.10.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the transaction, the insider directly owned 262,692 shares in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Incyte Stock Performance

NASDAQ INCY opened at $114.23 on Tuesday. The company has a 50-day simple moving average of $103.58 and a two-hundred day simple moving average of $100.59. Incyte Corporation has a 12-month low of $67.17 and a 12-month high of $118.97. The firm has a market cap of $22.82 billion, a price-to-earnings ratio of 16.13, a PEG ratio of 1.07 and a beta of 0.76. 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 released its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the business earned $1.16 earnings per share. The company’s quarterly revenue was up 20.9% on a year-over-year basis. On average, equities analysts forecast that Incyte Corporation will post 6.61 EPS for the current year.

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.