Proficio Capital Partners LLC Takes $508,000 Position in Incyte Corporation $INCY

Proficio Capital Partners LLC bought a new position in Incyte Corporation (NASDAQ:INCY) in the second quarter, HoldingsChannel.com reports. The fund bought 4,483 shares of the biopharmaceutical company’s stock, valued at approximately $508,000.

Several other hedge funds and other institutional investors have also modified their holdings of INCY. Northwestern Mutual Wealth Management Co. raised its stake in Incyte by 62.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 53,309 shares of the biopharmaceutical company’s stock worth $6,043,000 after acquiring an additional 20,582 shares in the last quarter. Greenleaf Trust boosted its stake in shares of Incyte by 2.8% in the 2nd quarter. Greenleaf Trust now owns 3,358 shares of the biopharmaceutical company’s stock valued at $381,000 after purchasing an additional 93 shares in the last quarter. Trustmark Bank Trust Department boosted its stake in shares of Incyte by 4.8% in the 2nd quarter. Trustmark Bank Trust Department now owns 15,786 shares of the biopharmaceutical company’s stock valued at $1,790,000 after purchasing an additional 723 shares in the last quarter. New Mexico Educational Retirement Board grew its holdings in shares of Incyte by 10.6% in the 2nd quarter. New Mexico Educational Retirement Board now owns 8,350 shares of the biopharmaceutical company’s stock worth $947,000 after purchasing an additional 800 shares during the last quarter. Finally, Toth Financial Advisory Corp increased its position in shares of Incyte by 15.1% during the 2nd quarter. Toth Financial Advisory Corp now owns 15,760 shares of the biopharmaceutical company’s stock worth $1,787,000 after purchasing an additional 2,065 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Up 3.1%

Shares of Incyte stock opened at $128.83 on Thursday. The business has a fifty day simple moving average of $120.20 and a 200 day simple moving average of $105.53. The stock has a market cap of $26.11 billion, a PE ratio of 16.41, a price-to-earnings-growth ratio of 3.63 and a beta of 0.77. Incyte Corporation has a 12 month low of $81.09 and a 12 month high of $132.60.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the firm posted $1.57 earnings per share. The company’s quarterly revenue was up 37.7% compared to the same quarter last year. Analysts expect that Incyte Corporation will post 2.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on INCY. JPMorgan Chase & Co. boosted their price target on shares of Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. Wall Street Zen raised Incyte from a “hold” rating to a “buy” rating in a report on Saturday, August 29th. UBS Group increased their price target on Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Leerink Partners raised their price target on Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Finally, Oppenheimer reiterated a “market perform” rating and issued a $120.00 price objective on shares of Incyte in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $123.10.

Insider Buying and Selling at Incyte

In other news, EVP Patrick A. 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 value of $5,005,254.54. Following the transaction, the executive vice president directly owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 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 sale, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Incyte Company 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.