Northwestern Mutual Wealth Management Co. Buys Shares of 53,309 Incyte Corporation $INCY

Northwestern Mutual Wealth Management Co. bought a new position in shares of Incyte Corporation (NASDAQ:INCY) in the second quarter, HoldingsChannel reports. The firm bought 53,309 shares of the biopharmaceutical company’s stock, valued at approximately $6,043,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quantbot Technologies LP acquired a new stake in shares of Incyte in the second quarter valued at approximately $52,000. Evolve Private Wealth LLC acquired a new position in shares of Incyte during the 2nd quarter worth approximately $1,902,000. Landscape Capital Management L.L.C. acquired a new position in shares of Incyte during the 2nd quarter worth approximately $1,928,000. Korea Investment CORP purchased a new stake in Incyte in the 2nd quarter valued at approximately $22,165,000. Finally, EP Wealth Advisors LLC purchased a new stake in Incyte in the 2nd quarter valued at approximately $1,231,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on INCY shares. HC Wainwright reaffirmed a “buy” rating and set a $150.00 price objective on shares of Incyte in a research note on Thursday. Barclays upped their target price on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Weiss Ratings upgraded shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. BMO Capital Markets upped their price objective 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. Finally, Canaccord Genuity Group started coverage on shares of Incyte in a research note on Thursday. They issued a “buy” rating and a $152.00 target price for the company. Twelve analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $123.10.

Incyte Stock Performance

Incyte stock opened at $127.81 on Monday. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60. The firm has a 50 day moving average price of $116.17 and a 200 day moving average price of $104.18. The company has a market cap of $25.91 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 4.05 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results 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 firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. Incyte’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.57 earnings per share. Sell-side analysts predict that Incyte Corporation will post 2.61 EPS for the current year.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, the insider directly owned 183,200 shares of the company’s stock, valued at $23,002,592. The trade was a 5.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the company’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 sale, the executive vice president owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

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.