Burney Co. Purchases 73,274 Shares of Incyte Corporation $INCY

Burney Co. lifted its position in Incyte Corporation (NASDAQ:INCY) by 247.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 102,842 shares of the biopharmaceutical company’s stock after purchasing an additional 73,274 shares during the quarter. Burney Co.’s holdings in Incyte were worth $9,679,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of INCY. Elyxium Wealth LLC purchased a new position in shares of Incyte during the fourth quarter worth approximately $28,000. Smithfield Trust Co grew its holdings in shares of Incyte by 135.0% during 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 position in Incyte in the 2nd quarter worth $32,000. CYBER HORNET ETFs LLC bought a new stake in Incyte in the second quarter worth $33,000. Finally, Leonteq Securities AG purchased a new stake in Incyte during the fourth quarter valued at about $35,000. 96.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the sale, the insider directly owned 262,692 shares of the company’s stock, valued at $25,349,778. This represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Incyte Price Performance

INCY stock opened at $115.62 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. Incyte Corporation has a 1 year low of $66.85 and a 1 year high of $118.69. The firm has a 50-day moving average of $101.53 and a 200 day moving average of $99.99. The company has a market cap of $23.10 billion, a P/E ratio of 16.33, a PEG ratio of 1.07 and a beta of 0.76.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the previous year, the firm posted $1.16 EPS. The business’s revenue was up 20.9% on a year-over-year basis. On average, sell-side analysts forecast that Incyte Corporation will post 6.61 EPS for the current year.

Analyst Ratings Changes

INCY has been the topic of a number of analyst reports. Sanford C. Bernstein initiated coverage on Incyte in a research note on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $140.00 price objective on shares of Incyte in a research note on Wednesday, June 24th. Weiss Ratings restated a “buy (b-)” rating on shares of Incyte in a report on Monday, June 29th. Jefferies Financial Group downgraded shares of Incyte from a “buy” rating to a “hold” rating and decreased their target price for the stock from $120.00 to $94.00 in a research note on Monday, March 16th. Finally, BMO Capital Markets raised shares of Incyte from an “underperform” rating to a “market perform” rating and increased their price target for the company from $75.00 to $94.00 in a research report on Monday, June 22nd. Eight analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $107.85.

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.