Donoghue Forlines LLC Invests $2.14 Million in Incyte Corporation $INCY

Donoghue Forlines LLC bought a new position in Incyte Corporation (NASDAQ:INCY) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 25,177 shares of the biopharmaceutical company’s stock, valued at approximately $2,135,000.

Several other institutional investors also recently bought and sold shares of INCY. NewEdge Advisors LLC boosted its holdings in shares of Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock valued at $763,000 after purchasing an additional 9,913 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock valued at $299,000 after buying an additional 648 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Incyte by 6.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after acquiring an additional 48,751 shares during the last quarter. United Services Automobile Association bought a new stake in Incyte in the 1st quarter worth approximately $219,000. Finally, Focus Partners Wealth raised its holdings in shares of Incyte by 74.1% during the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after acquiring an additional 8,951 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Price Performance

INCY stock opened at $106.21 on Friday. The stock has a market cap of $20.85 billion, a PE ratio of 17.79, a P/E/G ratio of 0.64 and a beta of 0.82. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $112.29. The company has a 50-day moving average price of $102.22 and a 200 day moving average price of $89.51. The company has a current ratio of 3.20, a quick ratio of 3.13 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.61. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the firm earned $1.07 earnings per share. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. Equities research analysts anticipate that Incyte Corporation will post 4.86 earnings per share for the current year.

Insider Activity at Incyte

In other news, EVP Michael James Morrissey sold 54,008 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $97.29, for a total transaction of $5,254,438.32. Following the completion of the sale, the executive vice president directly owned 31,830 shares of the company’s stock, valued at approximately $3,096,740.70. The trade was a 62.92% 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. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the completion of the transaction, the executive vice president directly owned 66,132 shares in the company, valued at $7,213,017.24. This represents a 14.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 98,897 shares of company stock worth $9,869,376 over the last quarter. 17.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Guggenheim raised shares of Incyte from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a report on Monday, November 3rd. Oppenheimer cut shares of Incyte from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 8th. Royal Bank Of Canada boosted their target price on shares of Incyte from $81.00 to $84.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 29th. Truist Financial set a $103.00 price target on shares of Incyte in a report on Wednesday, December 24th. Finally, Stifel Nicolaus set a $119.00 price objective on Incyte in a research note on Monday, January 5th. Ten analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $101.31.

About Incyte

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.