Korea Investment CORP Acquires Shares of 195,526 Incyte Corporation $INCY

Korea Investment CORP bought a new stake in shares of Incyte Corporation (NASDAQ:INCY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 195,526 shares of the biopharmaceutical company’s stock, valued at approximately $22,165,000.

Other large investors also recently modified their holdings of the company. Twin Capital Management Inc. acquired a new stake in Incyte during the first quarter worth about $875,000. GC Wealth Management RIA LLC bought a new stake in shares of Incyte during the 4th quarter worth approximately $1,629,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Incyte by 5,218.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock worth $58,950,000 after acquiring an additional 585,618 shares during the period. Mediolanum International Funds Ltd lifted its holdings in shares of Incyte by 25.4% during the 1st quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company’s stock worth $5,447,000 after acquiring an additional 12,227 shares during the period. Finally, Sector Gamma AS boosted its position in shares of Incyte by 6.7% during the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock worth $21,609,000 after acquiring an additional 13,669 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

INCY has been the topic of a number of recent analyst reports. Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a research note on Tuesday, July 28th. JPMorgan Chase & Co. upped their target price on Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. Canaccord Genuity Group began coverage on Incyte in a report on Thursday. They issued a “buy” rating and a $152.00 target price on the stock. Morgan Stanley set a $119.00 price target on Incyte in a research note on Wednesday, July 29th. Finally, Weiss Ratings raised Incyte from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Twelve research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $123.10.

Incyte Stock Performance

Shares of Incyte stock opened at $127.81 on Monday. The firm has a market capitalization of $25.91 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76. The firm’s 50 day moving average is $116.17 and its 200 day moving average is $104.18. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. The business had revenue of $1.67 billion during 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%. The firm’s revenue was up 37.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.57 EPS. As a group, research analysts anticipate that Incyte Corporation will post 2.61 earnings per share for the current year.

Insider Activity at Incyte

In related news, 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 directly owned 183,200 shares in the company, valued at $23,002,592. This trade represents a 5.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 the business’s stock in a transaction that occurred on 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 sale, the executive vice president directly owned 61,441 shares in the company, valued at $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. Corporate insiders own 16.20% of the company’s stock.

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.