Northwestern Mutual Wealth Management Co. Makes New Investment in Incyte Corporation $INCY

Northwestern Mutual Wealth Management Co. bought a new stake in shares of Incyte Corporation (NASDAQ:INCY) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 53,309 shares of the biopharmaceutical company’s stock, valued at approximately $6,043,000.

Several other hedge funds and other institutional investors have also made changes to their positions in INCY. NewEdge Advisors LLC grew its holdings in shares of Incyte by 369.3% during the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after buying an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp grew its stake in Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock valued at $299,000 after acquiring an additional 648 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Incyte by 6.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock valued at $49,322,000 after acquiring an additional 48,751 shares during the last quarter. United Services Automobile Association acquired a new stake in Incyte in the 1st quarter valued at about $219,000. Finally, Focus Partners Wealth lifted its stake in Incyte by 74.1% in the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after purchasing an additional 8,951 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on INCY. JPMorgan Chase & Co. boosted their price objective on Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. Canaccord Genuity Group initiated coverage on Incyte in a research note on Thursday. They issued a “buy” rating and a $152.00 target price for the company. Royal Bank Of Canada lifted their price target on Incyte from $99.00 to $109.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 29th. Mizuho boosted their price target on shares of Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. Finally, BMO Capital Markets upped their price objective on shares of Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Twelve research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $123.10.

Incyte Price Performance

Shares of NASDAQ INCY opened at $127.81 on Monday. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60. The company has a market cap of $25.91 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76. The stock’s 50-day moving average is $116.17 and its two-hundred day moving average is $104.18.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.57 EPS. Equities research analysts anticipate that Incyte Corporation will post 2.61 earnings per share 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.