Incyte Corporation $INCY Shares Purchased by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. boosted its position in shares of Incyte Corporation (NASDAQ:INCY) by 62.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 53,309 shares of the biopharmaceutical company’s stock after purchasing an additional 20,582 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Incyte were worth $6,043,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Fiduciary Financial Advisors acquired a new stake in Incyte in the 2nd quarter valued at about $26,000. Elyxium Wealth LLC acquired a new position in Incyte during the fourth quarter worth about $28,000. Smithfield Trust Co lifted its holdings in shares of 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 purchased a new stake in shares of Incyte in the second quarter valued at about $32,000. Finally, CYBER HORNET ETFs LLC acquired a new stake in shares of Incyte in the second quarter valued at approximately $33,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of INCY opened at $128.00 on Friday. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60. The company’s 50 day simple moving average is $120.61 and its 200 day simple moving average is $105.72. The company has a market capitalization of $25.95 billion, a price-to-earnings ratio of 16.31, a PEG ratio of 3.74 and a beta of 0.77.

Incyte (NASDAQ:INCY) last released its 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 analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the company earned $1.57 EPS. Equities analysts expect that Incyte Corporation will post 2.64 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the transaction, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $1,356,173.56. Following the completion of the sale, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was a 5.57% 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 company insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on INCY. Weiss Ratings upgraded Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Sanford C. Bernstein reiterated a “market perform” rating and set a $104.00 target price on shares of Incyte in a report on Thursday, August 13th. HC Wainwright reissued a “buy” rating and set a $150.00 price target on shares of Incyte in a research report on Thursday, August 20th. Piper Sandler boosted their price target on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. Finally, JPMorgan Chase & Co. increased their price objective on Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, Incyte presently has an average rating of “Moderate Buy” and a consensus target price of $124.05.

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.