Principal Financial Group Inc. Boosts Position in Incyte Corporation $INCY

Principal Financial Group Inc. raised its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 2.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 225,492 shares of the biopharmaceutical company’s stock after acquiring an additional 4,570 shares during the period. Principal Financial Group Inc. owned approximately 0.11% of Incyte worth $21,223,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Geode Capital Management LLC raised its holdings in shares of Incyte by 11.3% during the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after purchasing an additional 506,842 shares during the last quarter. Invesco Ltd. lifted its position in Incyte by 13.2% during the fourth quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock valued at $343,105,000 after purchasing an additional 405,611 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Incyte by 13.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock valued at $263,246,000 after purchasing an additional 373,298 shares during the last quarter. Morgan Stanley boosted its holdings in Incyte by 0.9% in the fourth quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock valued at $263,106,000 after purchasing an additional 23,087 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its position in Incyte by 7.0% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company’s stock worth $245,028,000 after purchasing an additional 161,405 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on INCY. Weiss Ratings reiterated a “buy (b-)” rating on shares of Incyte in a research note on Monday, June 29th. BMO Capital Markets upped their target price on Incyte from $94.00 to $112.00 and gave the stock a “market perform” rating in a research note on Monday, July 13th. UBS Group raised their target price on Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Barclays lifted their price target on Incyte from $117.00 to $134.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Finally, Royal Bank Of Canada boosted their price target on Incyte from $95.00 to $99.00 and gave the company a “sector perform” rating in a report on Tuesday, July 7th. Eight analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. Based on data from MarketBeat, Incyte presently has a consensus rating of “Hold” and an average price target of $109.95.

Incyte Trading Up 1.5%

INCY stock opened at $117.39 on Wednesday. The company’s 50-day simple moving average is $105.66 and its 200-day simple moving average is $101.29. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 52-week low of $67.20 and a 52-week high of $119.60. The firm has a market cap of $23.45 billion, a P/E ratio of 16.58, a PEG ratio of 1.05 and a beta of 0.76.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results 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. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.Incyte’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.16 EPS. As a group, equities analysts forecast that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Incyte News Summary

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: Halozyme and Incyte announced a global collaboration and license agreement to use ENHANZE technology to evaluate subcutaneous formulations of INCA033989, which could make dosing more convenient and improve the treatment experience. Halozyme Announces Global Collaboration and License Agreement with Incyte to Support the Development of Subcutaneous Formulations of INCA033989 Using its ENHANZE® Technology
• Positive Sentiment: H.C. Wainwright reiterated a Buy rating on INCY and maintained a $140 price target, signaling continued analyst confidence in upside from current levels. Incyte: ENHANZE Licensing Bolsters INCA033989 Outlook as Buy Rating and $140 Price Target Are Reiterated
• Neutral Sentiment: William Blair kept a Hold rating on Incyte, saying the Halozyme deal improves delivery prospects but does not fully offset concerns about dose requirements for INCA033989. Incyte: Halozyme Collaboration Improves INCA033989 Delivery but Dose Requirements Keep Rating at Hold
• Neutral Sentiment: Incyte is also heading into next week’s earnings report with expectations for earnings growth, which may keep investor attention elevated ahead of results. Incyte (INCY) Reports Next Week: Wall Street Expects Earnings Growth
• Negative Sentiment: Recent insider stock sales by two senior executives could create some caution, even though the activity may also reflect personal profit-taking rather than a change in fundamentals. Top Incyte Executives Quietly Lock In Profits With Fresh Stock Sales

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.