Nan Fung Group Holdings Ltd Purchases Shares of 53,742 Incyte Corporation $INCY

Nan Fung Group Holdings Ltd purchased a new position in Incyte Corporation (NASDAQ:INCY) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 53,742 shares of the biopharmaceutical company’s stock, valued at approximately $6,092,193. Incyte accounts for approximately 0.0% of Nan Fung Group Holdings Ltd’s portfolio, making the stock its 5th largest position.

Several other institutional investors also recently modified their holdings of the business. Elyxium Wealth LLC purchased a new position in Incyte in the fourth quarter worth about $28,000. Smithfield Trust Co lifted its holdings 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. MUFG Securities EMEA plc purchased a new stake in Incyte in the second quarter valued at approximately $32,000. CYBER HORNET ETFs LLC bought a new position in shares of Incyte during the second quarter worth about $33,000. Finally, Leonteq Securities AG bought a new stake in Incyte during the 4th quarter valued at $35,000. 96.97% of the stock is currently owned by institutional investors.

Incyte Stock Down 3.0%

Shares of INCY traded down $3.85 during mid-day trading on Friday, hitting $123.89. The stock had a trading volume of 459,479 shares, compared to its average volume of 1,734,894. The company’s fifty day simple moving average is $118.47 and its two-hundred day simple moving average is $104.88. The company has a market cap of $25.11 billion, a PE ratio of 15.78, a PEG ratio of 4.02 and a beta of 0.76. Incyte Corporation has a fifty-two week low of $81.09 and a fifty-two week high of $132.60.

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

Insider Activity at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of the business’s stock in a transaction that occurred on 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 owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the sale, the insider directly owned 183,200 shares in the company, valued at $23,002,592. This trade represents a 5.57% 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 owned by company insiders.

Analysts Set New Price Targets

INCY has been the subject of several recent research reports. Weiss Ratings raised shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. TD Cowen raised shares of Incyte to a “strong-buy” rating in a research report on Monday. Truist Financial lifted their price objective on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. UBS Group upped their price objective on Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Finally, Piper Sandler increased their target price on shares of Incyte from $110.00 to $130.00 and gave the company an “overweight” rating in a research note on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $123.10.

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.