Legal & General Group Plc Acquires Shares of 1,605,980 Incyte Corporation $INCY

Legal & General Group Plc bought a new position in shares of Incyte Corporation (NASDAQ:INCY) during the second quarter, according to its most recent filing with the SEC. The fund bought 1,605,980 shares of the biopharmaceutical company’s stock, valued at approximately $182,054,000. Legal & General Group Plc owned 0.79% of Incyte at the end of the most recent reporting period.

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

Incyte Price Performance

Incyte stock opened at $128.12 on Thursday. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60. The business has a fifty day moving average price of $117.87 and a 200-day moving average price of $104.74. The firm has a market capitalization of $25.97 billion, a P/E ratio of 16.32, a PEG ratio of 4.11 and a beta of 0.76.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (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 analyst estimates of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.57 EPS. Sell-side analysts expect that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the sale, the insider directly owned 183,200 shares in the company, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction dated 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 sale, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. The trade was 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 owned by insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Piper Sandler raised their target price on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, August 17th. Stifel Nicolaus set a $145.00 price target on Incyte in a research report on Tuesday, July 28th. Barclays increased their price target on Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Weiss Ratings upgraded Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Finally, Royal Bank Of Canada upped their price objective on shares of Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $123.10.

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.