55,370 Shares in Incyte Corporation $INCY Bought by Summit Global Investments

Summit Global Investments purchased a new stake in Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 55,370 shares of the biopharmaceutical company’s stock, valued at approximately $6,277,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Bryn Mawr Trust Advisors LLC purchased a new position in Incyte during the 2nd quarter valued at $324,000. Plan Group Financial LLC purchased a new stake in shares of Incyte in the 2nd quarter worth about $406,000. Insight Wealth Strategies LLC purchased a new stake in shares of Incyte in the 2nd quarter worth about $7,076,000. Tema ETFs LLC boosted its stake in shares of Incyte by 5.7% during the 2nd quarter. Tema ETFs LLC now owns 2,704 shares of the biopharmaceutical company’s stock valued at $307,000 after purchasing an additional 145 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in shares of Incyte by 15.8% during the 2nd quarter. Handelsbanken Fonder AB now owns 56,300 shares of the biopharmaceutical company’s stock valued at $6,382,000 after purchasing an additional 7,700 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction 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 SEC, 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 Down 0.3%

Shares of NASDAQ INCY opened at $120.16 on Friday. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60. The firm has a market cap of $24.36 billion, a P/E ratio of 15.31, a PEG ratio of 3.78 and a beta of 0.76. The company has a 50 day moving average of $114.08 and a 200 day moving average of $103.32.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. The business had revenue of $1.67 billion for 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 company’s revenue was up 37.7% compared to the same quarter last year. During the same period last year, the business posted $1.57 EPS. As a group, equities analysts expect that Incyte Corporation will post 2.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

INCY has been the topic of several research analyst reports. BMO Capital Markets boosted their price target on shares of Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Wall Street Zen cut Incyte from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Oppenheimer reiterated a “market perform” rating and set a $120.00 target price on shares of Incyte in a report on Tuesday, July 28th. Truist Financial upped their target price on Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. Finally, Barclays increased their target price on Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $120.65.

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.