Legal & General Group Plc Acquires 113,336 Shares of Incyte Corporation $INCY

Legal & General Group Plc boosted its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 7.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,566,307 shares of the biopharmaceutical company’s stock after buying an additional 113,336 shares during the period. Legal & General Group Plc’s holdings in Incyte were worth $106,666,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. FNY Investment Advisers LLC bought a new stake in shares of Incyte during the second quarter worth about $27,000. Banque Transatlantique SA acquired a new position in Incyte during the 1st quarter valued at about $26,000. Hilltop National Bank bought a new stake in Incyte during the 2nd quarter worth approximately $37,000. SVB Wealth LLC purchased a new stake in shares of Incyte in the first quarter worth approximately $39,000. Finally, MAI Capital Management raised its stake in shares of Incyte by 19.9% in the second quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock worth $51,000 after purchasing an additional 125 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Price Performance

Incyte stock opened at $106.24 on Tuesday. The business’s 50 day simple moving average is $92.51 and its 200 day simple moving average is $80.03. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $109.28. The company has a market cap of $20.86 billion, a price-to-earnings ratio of 17.80, a PEG ratio of 0.70 and a beta of 0.74. The company has a current ratio of 3.20, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01.

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

Insider Transactions at Incyte

In other Incyte news, EVP Sheila A. Denton sold 598 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $101.36, for a total transaction of $60,613.28. Following the sale, the executive vice president directly owned 26,569 shares of the company’s stock, valued at $2,693,033.84. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Lee Heeson sold 3,074 shares of Incyte stock in a transaction dated Monday, November 3rd. The stock was 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 $2,749,238.82. The trade was a 9.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,227 shares of company stock worth $396,327 over the last 90 days. 17.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on INCY shares. Stifel Nicolaus upped their price target on Incyte from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. UBS Group reiterated a “neutral” rating and issued a $68.00 target price (up previously from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Bank of America increased their target price on shares of Incyte from $90.00 to $104.00 and gave the company a “buy” rating in a report on Thursday, September 4th. Zacks Research cut shares of Incyte from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Finally, Barclays increased their price objective on shares of Incyte from $101.00 to $115.00 and gave the company an “overweight” rating in a research note on Monday. Seven analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $93.85.

About Incyte

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.