Nykredit A S Purchases New Shares in Incyte Corporation $INCY

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

A number of other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Incyte during the 2nd quarter valued at $2,044,189,000. Geode Capital Management LLC grew its position in shares of Incyte by 11.3% in the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after buying an additional 506,842 shares during the period. Wellington Management Group LLP increased its stake in shares of Incyte by 9.5% in the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock worth $405,321,000 after acquiring an additional 309,385 shares in the last quarter. Invesco Ltd. increased its stake in shares of Incyte by 13.2% in the 4th quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock worth $343,105,000 after acquiring an additional 405,611 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in Incyte by 13.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock valued at $263,246,000 after acquiring an additional 373,298 shares during the period. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $126.75 on Monday. The firm’s 50 day moving average price is $120.87 and its 200-day moving average price is $105.90. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60. The company has a market cap of $25.69 billion, a PE ratio of 16.15, a P/E/G ratio of 3.68 and a beta of 0.77.

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on INCY. Morgan Stanley set a $119.00 price objective on shares of Incyte in a report on Wednesday, July 29th. Barclays boosted their price target on Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Citigroup restated a “buy” rating on shares of Incyte in a research note on Monday, August 3rd. Royal Bank Of Canada lifted their price objective on Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 29th. Finally, Mizuho boosted their target price on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, Incyte presently has an average rating of “Moderate Buy” and a consensus price target of $124.05.

Insider Buying and Selling at Incyte

In other news, EVP Patrick Mayes sold 41,899 shares of the business’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo 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 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. 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. Company insiders own 16.20% of the company’s stock.

About Incyte

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.