Kendall Capital Management Buys New Holdings in Incyte Corporation $INCY

Kendall Capital Management purchased a new position in shares of Incyte Corporation (NASDAQ:INCY) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,780 shares of the biopharmaceutical company’s stock, valued at approximately $1,449,000.

A number of other hedge funds also recently made changes to their positions in the business. Elyxium Wealth LLC acquired a new stake in shares of Incyte during the 4th quarter valued at about $28,000. Smithfield Trust Co raised its position in Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 162 shares in the last quarter. MUFG Securities EMEA plc acquired a new position in Incyte in the second quarter worth about $32,000. CYBER HORNET ETFs LLC bought a new position in Incyte during the second quarter worth about $33,000. Finally, Leonteq Securities AG acquired a new stake in Incyte during the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Price Performance

NASDAQ INCY opened at $127.81 on Friday. The stock’s 50 day simple moving average is $116.17 and its 200 day simple moving average is $104.17. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60. The firm has a market cap of $25.91 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. The firm had revenue of $1.67 billion during 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 business’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.57 EPS. As a group, equities analysts expect that Incyte Corporation will post 2.61 earnings per share for the current year.

Insider Activity

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction dated Wednesday, August 19th. The shares were 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 $23,002,592. This represents a 5.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president owned 61,441 shares of the company’s stock, valued at $7,339,741.86. The trade was a 40.54% 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. 16.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on INCY. Citigroup reissued a “buy” rating on shares of Incyte in a report on Monday, August 3rd. 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. Wall Street Zen cut Incyte from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Canaccord Genuity Group assumed coverage on Incyte in a report on Thursday. They set a “buy” rating and a $152.00 price objective for the company. Finally, Stifel Nicolaus set a $145.00 target price on shares of Incyte in a research note on Tuesday, July 28th. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price 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.