Incyte Corporation $INCY Shares Acquired by Saudi Central Bank

Saudi Central Bank lifted its holdings in Incyte Corporation (NASDAQ:INCY) by 92.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,842 shares of the biopharmaceutical company’s stock after acquiring an additional 5,682 shares during the quarter. Saudi Central Bank’s holdings in Incyte were worth $1,342,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Trails Edge Capital Partners LP purchased a new stake in Incyte during the second quarter worth $17,570,800. Twin Capital Management Inc. acquired a new stake in shares of Incyte during the 1st quarter valued at about $875,000. BlackRock Inc. purchased a new position in shares of Incyte in the 2nd quarter valued at about $2,044,189,000. Northwestern Mutual Wealth Management Co. raised its holdings in Incyte by 5,218.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock worth $58,950,000 after purchasing an additional 585,618 shares during the period. Finally, Sector Gamma AS raised its holdings in Incyte by 6.7% in the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock worth $21,609,000 after purchasing an additional 13,669 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Pablo Cagnoni sold 10,801 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the transaction, the insider owned 183,200 shares of the company’s stock, valued at $23,002,592. This represents a 5.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of the firm’s stock in a transaction dated 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 directly owned 61,441 shares of the company’s stock, valued at $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

Incyte Stock Down 1.9%

Shares of INCY opened at $124.40 on Wednesday. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60. The stock has a fifty day simple moving average of $121.33 and a two-hundred day simple moving average of $106.23. The company has a market capitalization of $25.22 billion, a PE ratio of 15.85, a price-to-earnings-growth ratio of 3.68 and a beta of 0.77.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. Incyte’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.57 earnings per share. As a group, equities analysts anticipate that Incyte Corporation will post 2.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Sanford C. Bernstein reissued a “market perform” rating and issued a $104.00 price objective on shares of Incyte in a report on Thursday, August 13th. Leerink Partners increased their target price on Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. JPMorgan Chase & Co. lifted their price target on shares of Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. HC Wainwright reissued a “buy” rating and issued a $150.00 price target on shares of Incyte in a report on Thursday, August 20th. Finally, Barclays increased their price objective on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $124.05.

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.