Principal Financial Group Inc. Raises Position in Incyte Corporation $INCY

Principal Financial Group Inc. raised its position in Incyte Corporation (NASDAQ:INCY) by 2.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 225,492 shares of the biopharmaceutical company’s stock after buying an additional 4,570 shares during the period. Principal Financial Group Inc.’s holdings in Incyte were worth $21,223,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Elyxium Wealth LLC acquired a new stake in shares of Incyte in the fourth quarter worth approximately $28,000. Smithfield Trust Co increased its position in shares of Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 162 shares in the last quarter. Atlas Capital Advisors Inc. acquired a new position in Incyte in the 4th quarter valued at $35,000. University of Texas Texas AM Investment Management Co. acquired a new position in Incyte in the 4th quarter valued at $35,000. Finally, Leonteq Securities AG purchased a new position in Incyte in the 4th quarter valued at $35,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Citigroup reaffirmed a “market perform” rating on shares of Incyte in a research note on Wednesday, July 15th. TD Cowen reiterated a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Stifel Nicolaus set a $123.00 price target on shares of Incyte in a research note on Tuesday, June 9th. Oppenheimer restated a “market perform” rating and set a $107.00 price target on shares of Incyte in a research report on Monday, June 8th. Finally, UBS Group upped their price objective on shares of Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Eight equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $109.95.

Incyte Stock Performance

NASDAQ INCY opened at $117.39 on Wednesday. The stock’s fifty day moving average is $105.66 and its two-hundred day moving average is $101.29. The firm has a market capitalization of $23.45 billion, a P/E ratio of 16.58, a price-to-earnings-growth ratio of 1.05 and a beta of 0.76. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. Incyte Corporation has a fifty-two week low of $67.20 and a fifty-two week high of $119.60.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the prior year, the business earned $1.16 EPS. The firm’s quarterly revenue was up 20.9% on a year-over-year basis. On average, research analysts anticipate that Incyte Corporation will post 6.61 earnings per share for the current year.

Key Stories Impacting Incyte

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: Halozyme and Incyte announced a global collaboration and license agreement to use ENHANZE technology to evaluate subcutaneous formulations of INCA033989, which could make dosing more convenient and improve the treatment experience. Halozyme Announces Global Collaboration and License Agreement with Incyte to Support the Development of Subcutaneous Formulations of INCA033989 Using its ENHANZE® Technology
• Positive Sentiment: H.C. Wainwright reiterated a Buy rating on INCY and maintained a $140 price target, signaling continued analyst confidence in upside from current levels. Incyte: ENHANZE Licensing Bolsters INCA033989 Outlook as Buy Rating and $140 Price Target Are Reiterated
• Neutral Sentiment: William Blair kept a Hold rating on Incyte, saying the Halozyme deal improves delivery prospects but does not fully offset concerns about dose requirements for INCA033989. Incyte: Halozyme Collaboration Improves INCA033989 Delivery but Dose Requirements Keep Rating at Hold
• Neutral Sentiment: Incyte is also heading into next week’s earnings report with expectations for earnings growth, which may keep investor attention elevated ahead of results. Incyte (INCY) Reports Next Week: Wall Street Expects Earnings Growth
• Negative Sentiment: Recent insider stock sales by two senior executives could create some caution, even though the activity may also reflect personal profit-taking rather than a change in fundamentals. Top Incyte Executives Quietly Lock In Profits With Fresh Stock Sales

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.