Nykredit A S Acquires New Position in Incyte Corporation $INCY

Nykredit A S bought a new position in Incyte Corporation (NASDAQ:INCY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 48,015 shares of the biopharmaceutical company’s stock, valued at approximately $5,443,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Trails Edge Capital Partners LP bought a new position in shares of Incyte during the second quarter valued at about $17,570,800. Twin Capital Management Inc. bought a new stake in shares of Incyte in the 1st quarter valued at about $875,000. BlackRock Inc. bought a new stake in shares of Incyte in the 2nd quarter valued at about $2,044,189,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Incyte by 5,218.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock valued at $58,950,000 after acquiring an additional 585,618 shares during the period. Finally, Sector Gamma AS boosted its holdings in Incyte by 6.7% during the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock valued at $21,609,000 after acquiring an additional 13,669 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Incyte Stock Performance

Shares of INCY stock opened at $126.75 on Monday. The firm has a market cap of $25.69 billion, a P/E ratio of 16.15, a P/E/G ratio of 3.68 and a beta of 0.77. Incyte Corporation has a fifty-two week low of $81.09 and a fifty-two week high of $132.60. The business’s 50 day moving average price is $120.87 and its 200-day moving average price is $105.90.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the company earned $1.57 earnings per share. The firm’s revenue for the quarter was up 37.7% on a year-over-year basis. As a group, equities analysts predict that Incyte Corporation will post 2.64 EPS for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on INCY shares. Mizuho boosted their price objective on Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. Benchmark restated a “buy” rating on shares of Incyte in a report on Thursday, August 20th. Morgan Stanley set a $119.00 target price on shares of Incyte in a research note on Wednesday, July 29th. JPMorgan Chase & Co. increased their price target on shares of Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. Finally, Wall Street Zen raised shares of Incyte from a “hold” rating to a “buy” rating in a report on Saturday, August 29th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $124.05.

Insiders Place Their Bets

In other Incyte news, insider Pablo Cagnoni sold 10,801 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the transaction, the insider directly owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. The trade was a 5.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of the company’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the transaction, the executive vice president owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Incyte 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.