The Manufacturers Life Insurance Company Sells 30,324 Shares of Incyte Corporation $INCY

The Manufacturers Life Insurance Company decreased its stake in Incyte Corporation (NASDAQ:INCY) by 19.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 125,481 shares of the biopharmaceutical company’s stock after selling 30,324 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Incyte worth $11,810,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of INCY. Elyxium Wealth LLC bought a new position in Incyte in the 4th quarter worth $28,000. Smithfield Trust Co increased its holdings in Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 162 shares during the last quarter. University of Texas Texas AM Investment Management Co. bought a new position in shares of Incyte during the 4th quarter valued at approximately $35,000. Atlas Capital Advisors Inc. purchased a new position in shares of Incyte in the 4th quarter worth $35,000. Finally, Leonteq Securities AG bought a new stake in shares of Incyte in the 4th quarter worth about $35,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

INCY has been the subject of several research analyst reports. Sanford C. Bernstein assumed coverage on Incyte in a research report on Thursday, May 21st. They set a “market perform” rating and a $99.00 target price for the company. BMO Capital Markets boosted their price objective on shares of Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. raised their target price on shares of Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Barclays lifted their price target on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Weiss Ratings upgraded Incyte from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday. Eight investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $117.74.

Incyte Price Performance

Shares of INCY stock opened at $119.52 on Monday. The firm has a market cap of $24.23 billion, a price-to-earnings ratio of 15.23, a PEG ratio of 3.96 and a beta of 0.76. Incyte Corporation has a 52-week low of $73.81 and a 52-week high of $132.60. The company’s 50 day moving average is $109.54 and its 200 day moving average is $102.21.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter last year, the firm earned $1.57 EPS. The business’s revenue for the quarter was up 37.7% on a year-over-year basis. Analysts anticipate that Incyte Corporation will post 2.5 EPS for the current fiscal year.

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.