Perigon Wealth Management LLC Takes Position in Incyte Corporation $INCY

Perigon Wealth Management LLC acquired a new position in Incyte Corporation (NASDAQ:INCY) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,365 shares of the biopharmaceutical company’s stock, valued at approximately $455,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Banque Transatlantique SA bought a new stake in Incyte in the first quarter worth approximately $26,000. Harbor Capital Advisors Inc. bought a new position in shares of Incyte during the 3rd quarter valued at $26,000. FNY Investment Advisers LLC acquired a new stake in shares of Incyte in the 2nd quarter valued at $27,000. MUFG Securities EMEA plc bought a new stake in Incyte in the second quarter worth $32,000. Finally, CYBER HORNET ETFs LLC acquired a new position in Incyte during the second quarter worth $33,000. Institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $101.42 on Friday. The company has a market cap of $19.91 billion, a price-to-earnings ratio of 16.99, a PEG ratio of 0.60 and a beta of 0.81. The business has a 50 day moving average price of $100.69 and a 200 day moving average price of $86.77. The company has a quick ratio of 3.13, a current ratio of 3.20 and a debt-to-equity ratio of 0.01. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $109.28.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on INCY. Guggenheim upgraded Incyte from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a report on Monday, November 3rd. Barclays raised their price objective on Incyte from $101.00 to $115.00 and gave the company an “overweight” rating in a research note on Monday, November 24th. Oppenheimer lowered Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 8th. Piper Sandler upped their target price on Incyte from $82.00 to $102.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Incyte from $73.00 to $89.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. Eight analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $99.79.

Insider Activity

In other news, EVP Lee Heeson sold 3,074 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $94.02, for a total transaction of $289,017.48. Following the completion of the transaction, the executive vice president owned 29,241 shares of the company’s stock, valued at approximately $2,749,238.82. This represents a 9.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael James Morrissey sold 54,008 shares of the stock in a transaction dated 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 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 position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 88,318 shares of company stock worth $8,708,893. Corporate insiders own 17.80% of the company’s stock.

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.