Jefferies Financial Group Inc. Makes New Investment in Incyte Corporation $INCY

Jefferies Financial Group Inc. bought a new stake in Incyte Corporation (NASDAQ:INCY) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 152,799 shares of the biopharmaceutical company’s stock, valued at approximately $17,321,000. Jefferies Financial Group Inc. owned about 0.08% of Incyte as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in Incyte during the second quarter valued at $2,044,189,000. Geode Capital Management LLC raised its stake in shares of Incyte by 11.3% in the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock valued at $491,500,000 after buying an additional 506,842 shares during the period. Invesco Ltd. raised its stake in shares of Incyte by 13.2% in the fourth quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock valued at $343,105,000 after buying an additional 405,611 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of 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 buying an additional 373,298 shares during the last quarter. Finally, Morgan Stanley lifted its position in shares of Incyte by 0.9% during the 4th quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock valued at $263,106,000 after buying an additional 23,087 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insider Buying and Selling

In related news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the sale, the executive vice president directly owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction that occurred 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 sale, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Incyte Stock Down 0.3%

Shares of NASDAQ INCY opened at $127.74 on Friday. The firm has a market capitalization of $25.89 billion, a P/E ratio of 16.27, a P/E/G ratio of 4.02 and a beta of 0.76. The stock’s 50-day simple moving average is $118.47 and its two-hundred day simple moving average is $104.88. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm 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 company posted $1.57 EPS. The company’s revenue for the quarter was up 37.7% on a year-over-year basis. As a group, research analysts anticipate that Incyte Corporation will post 2.64 EPS for the current fiscal year.

Analyst Ratings Changes

INCY has been the subject of several recent research reports. Canaccord Genuity Group assumed coverage on Incyte in a report on Thursday, August 20th. They issued a “buy” rating and a $152.00 price objective for the company. Wall Street Zen downgraded shares of Incyte from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Barclays increased their target price on shares of Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Oppenheimer reiterated a “market perform” rating and issued a $120.00 target price on shares of Incyte in a research note on Tuesday, July 28th. Finally, Weiss Ratings raised shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat, Incyte has an average rating of “Moderate Buy” and a consensus target price of $123.10.

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.