1,605,980 Shares in Incyte Corporation $INCY Purchased by Legal & General Group Plc

Legal & General Group Plc bought a new position in Incyte Corporation (NASDAQ:INCY) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 1,605,980 shares of the biopharmaceutical company’s stock, valued at approximately $182,054,000.

Several other institutional investors and hedge funds have also recently modified their holdings of INCY. Fiduciary Financial Advisors purchased a new position in shares of Incyte during the second quarter worth about $26,000. Elyxium Wealth LLC purchased a new stake in Incyte in the fourth quarter valued at approximately $28,000. Smithfield Trust Co raised its stake in Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares in the last quarter. MUFG Securities EMEA plc bought a new stake in Incyte during the second quarter valued at approximately $32,000. Finally, CYBER HORNET ETFs LLC bought a new stake in Incyte during the second quarter valued at approximately $33,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ INCY opened at $128.12 on Thursday. The stock has a market capitalization of $25.97 billion, a P/E ratio of 16.32, a PEG ratio of 4.11 and a beta of 0.76. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60. The firm’s 50 day simple moving average is $117.87 and its two-hundred day simple moving average is $104.74.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the business posted $1.57 EPS. The business’s quarterly revenue was up 37.7% on a year-over-year basis. As a group, equities analysts expect that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Sanford C. Bernstein reissued a “market perform” rating and issued a $104.00 price target on shares of Incyte in a report on Thursday, August 13th. Piper Sandler lifted their price objective on shares of Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. Royal Bank Of Canada upped their target price on shares of Incyte from $99.00 to $109.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 29th. Citigroup reissued a “buy” rating on shares of Incyte in a research note on Monday, August 3rd. Finally, BMO Capital Markets raised their price target on Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. One investment 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $123.10.

Insiders Place Their Bets

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

About Incyte

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.