Heron Bay Capital Management Makes New Investment in Incyte Corporation $INCY

Heron Bay Capital Management purchased a new position in shares of Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 44,562 shares of the biopharmaceutical company’s stock, valued at approximately $5,052,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in Incyte by 11.5% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 210,097 shares of the biopharmaceutical company’s stock valued at $20,719,000 after acquiring an additional 21,735 shares during the last quarter. Twin Capital Management Inc. purchased a new position in Incyte in the first quarter worth approximately $875,000. Northwestern Mutual Wealth Management Co. increased its stake in Incyte by 5,218.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock worth $58,950,000 after acquiring an additional 585,618 shares during the last quarter. GC Wealth Management RIA LLC acquired a new stake in Incyte during the fourth quarter worth $1,629,000. Finally, Sector Gamma AS raised its position in Incyte by 6.7% in the fourth quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock valued at $21,609,000 after purchasing an additional 13,669 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Up 0.5%

Shares of NASDAQ INCY opened at $127.81 on Friday. The firm has a market cap of $25.91 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 4.03 and a beta of 0.76. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60. The business’s 50 day moving average is $116.17 and its two-hundred day moving average is $104.17.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the prior year, the firm earned $1.57 earnings per share. The firm’s revenue was up 37.7% compared to the same quarter last year. Analysts anticipate that Incyte Corporation will post 2.61 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at $23,002,592. This trade represents a 5.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total value 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 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. 16.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

INCY has been the topic of several recent analyst reports. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $104.00 price target on shares of Incyte in a research note on Thursday, August 13th. Guggenheim raised their price objective on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Benchmark restated a “buy” rating on shares of Incyte in a report on Thursday. Truist Financial boosted their price objective on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Finally, Mizuho upped their target price on shares of Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. Twelve analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $123.10.

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.