Canada Pension Plan Investment Board Buys Shares of 442,500 Incyte Corporation $INCY

Canada Pension Plan Investment Board purchased a new stake in shares of Incyte Corporation (NASDAQ:INCY) during the second quarter, Holdings Channel.com reports. The fund purchased 442,500 shares of the biopharmaceutical company’s stock, valued at approximately $50,162,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Incyte in the 2nd quarter valued at about $2,044,189,000. Legal & General Group Plc bought a new position in Incyte during the second quarter worth about $182,054,000. Deutsche Bank AG bought a new position in Incyte during the second quarter worth about $143,172,000. Norges Bank purchased a new position in shares of Incyte in the fourth quarter worth about $122,893,000. Finally, Caisse de depot et placement du Quebec increased its stake in shares of Incyte by 264.5% in the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock worth $127,046,000 after purchasing an additional 1,087,091 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. BMO Capital Markets upped their price target on shares of Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a research note on Wednesday, July 29th. Morgan Stanley set a $119.00 price objective on shares of Incyte in a research note on Wednesday, July 29th. Oppenheimer reissued a “market perform” rating and set a $120.00 target price on shares of Incyte in a report on Tuesday, July 28th. Stifel Nicolaus set a $145.00 target price on Incyte in a research report on Tuesday, July 28th. Finally, Benchmark reaffirmed a “buy” rating on shares of Incyte in a report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $123.10.

Insiders Place Their Bets

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the company’s stock in a transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the sale, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Incyte Stock Down 0.3%

NASDAQ:INCY opened at $127.74 on Friday. The stock has a market cap of $25.89 billion, a P/E ratio of 16.27, a PEG ratio of 4.02 and a beta of 0.76. The business’s 50-day moving average price is $118.47 and its two-hundred day moving average price is $104.88. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion during 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%.Incyte’s revenue was up 37.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.57 earnings per share. On average, equities research analysts expect that Incyte Corporation will post 2.64 EPS for the current fiscal year.

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.