Incyte Corporation $INCY Shares Bought by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund boosted its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 4.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 232,708 shares of the biopharmaceutical company’s stock after purchasing an additional 9,869 shares during the period. Illinois Municipal Retirement Fund owned about 0.12% of Incyte worth $22,985,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC lifted its position in Incyte by 187.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 48,562 shares of the biopharmaceutical company’s stock valued at $4,796,000 after purchasing an additional 31,679 shares during the period. Financiere des Professionnels Fonds d investissement inc. lifted its position in Incyte by 9.2% during the fourth quarter. Financiere des Professionnels Fonds d investissement inc. now owns 19,091 shares of the biopharmaceutical company’s stock valued at $1,886,000 after purchasing an additional 1,605 shares during the period. Deutsche Bank AG lifted its position in Incyte by 10.1% during the fourth quarter. Deutsche Bank AG now owns 1,273,170 shares of the biopharmaceutical company’s stock valued at $125,751,000 after purchasing an additional 116,354 shares during the period. Focus Partners Advisor Solutions LLC lifted its position in Incyte by 4.0% during the fourth quarter. Focus Partners Advisor Solutions LLC now owns 39,600 shares of the biopharmaceutical company’s stock valued at $3,911,000 after purchasing an additional 1,522 shares during the period. Finally, Waddell & Associates LLC lifted its position in Incyte by 7.9% during the fourth quarter. Waddell & Associates LLC now owns 9,598 shares of the biopharmaceutical company’s stock valued at $948,000 after purchasing an additional 703 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider owned 262,692 shares in the company, valued at $25,349,778. This represents a 6.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Incyte Trading Up 2.1%

Shares of Incyte stock opened at $105.39 on Thursday. The firm has a 50-day simple moving average of $97.22 and a two-hundred day simple moving average of $99.07. The company has a market cap of $21.05 billion, a P/E ratio of 14.89, a price-to-earnings-growth ratio of 1.00 and a beta of 0.79. Incyte Corporation has a fifty-two week low of $66.74 and a fifty-two week high of $112.29. 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 (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The company’s revenue was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.16 earnings per share. As a group, equities analysts predict that Incyte Corporation will post 6.65 earnings per share for the current fiscal year.

More Incyte News

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: Incyte announced it will acquire Vega Therapeutics in a deal worth up to $2 billion, adding the late-stage von Willebrand disease candidate VGA039 and expanding its rare blood disorder pipeline. Investors appear to like the growth potential and strategic fit of the acquisition. Article title
• Positive Sentiment: H.C. Wainwright raised its price target on Incyte to $140 from $135 and reiterated a Buy rating, suggesting confidence that the Vega transaction can create synergies and support upside from current levels. Article title
• Positive Sentiment: Another analyst note also lifted the stock outlook after the acquisition announcement, with coverage highlighting the rare bleeding-disorder opportunity and potential blockbuster profile of the acquired asset. Article title
• Neutral Sentiment: Incyte shareholders approved the company’s board, executive pay, and auditor choices at the annual meeting, removing governance uncertainty but not changing the investment thesis materially. Article title
• Neutral Sentiment: Recent conference presentation and bullish commentary from Seeking Alpha added to the positive tone, but these items were more reaffirmations of the company’s story than major new catalysts. Article title

Analyst Ratings Changes

A number of research firms recently issued reports on INCY. TD Cowen restated a “hold” rating on shares of Incyte in a research report on Tuesday. Wells Fargo & Company decreased their target price on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 11th. Wall Street Zen downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 14th. Citigroup reiterated a “market perform” rating on shares of Incyte in a research report on Tuesday, June 2nd. Finally, Sanford C. Bernstein assumed coverage on shares of Incyte in a research report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price objective for the company. Eight analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $105.10.

Incyte Company 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.