Munich Reinsurance Co Stock Corp in Munich Invests $6.07 Million in Incyte Corporation $INCY

Munich Reinsurance Co Stock Corp in Munich purchased a new position in Incyte Corporation (NASDAQ:INCY) in the 4th quarter, HoldingsChannel reports. The fund purchased 61,319 shares of the biopharmaceutical company’s stock, valued at approximately $6,065,000.

Several other large investors have also recently modified their holdings of INCY. Pacer Advisors Inc. raised its position in shares of Incyte by 8,091.6% in the 3rd quarter. Pacer Advisors Inc. now owns 1,248,642 shares of the biopharmaceutical company’s stock worth $105,897,000 after purchasing an additional 1,233,399 shares during the last quarter. Caisse de depot et placement du Quebec increased its holdings in Incyte by 264.5% in the 3rd 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 buying an additional 1,087,091 shares in the last quarter. Man Group plc increased its holdings in Incyte by 52.8% in the 2nd quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company’s stock worth $109,687,000 after buying an additional 556,243 shares in the last quarter. Squarepoint Ops LLC increased its holdings in Incyte by 9,739.1% in the 2nd quarter. Squarepoint Ops LLC now owns 558,171 shares of the biopharmaceutical company’s stock worth $38,011,000 after buying an additional 552,498 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in Incyte by 1,346.2% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 571,234 shares of the biopharmaceutical company’s stock worth $48,446,000 after buying an additional 531,734 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. The Goldman Sachs Group reiterated a “neutral” rating and issued a $90.00 price objective on shares of Incyte in a report on Thursday, January 8th. Wall Street Zen downgraded Incyte from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 14th. Morgan Stanley set a $102.00 price objective on Incyte in a report on Wednesday, February 11th. Stifel Nicolaus lifted their price objective on Incyte from $119.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Finally, UBS Group reduced their price objective on Incyte from $104.00 to $94.00 and set a “neutral” rating for the company in a report on Wednesday, March 25th. Ten investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $104.89.

Insider Activity

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the sale, the insider directly owned 262,692 shares in the company, valued at $25,349,778. The trade was a 6.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.80% of the stock is currently owned by corporate insiders.

Incyte Trading Down 0.9%

Incyte stock opened at $94.65 on Friday. The business has a 50-day simple moving average of $96.09 and a two-hundred day simple moving average of $98.41. The company has a market cap of $18.84 billion, a P/E ratio of 14.77, a P/E/G ratio of 0.76 and a beta of 0.85. Incyte Corporation has a 52-week low of $57.77 and a 52-week high of $112.29. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The company’s revenue for the quarter was up 27.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.43 earnings per share. Analysts predict that Incyte Corporation will post 6.52 EPS for the current 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.