Landscape Capital Management L.L.C. Invests $1.93 Million in Incyte Corporation $INCY

Landscape Capital Management L.L.C. acquired a new stake in Incyte Corporation (NASDAQ:INCY) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 17,004 shares of the biopharmaceutical company’s stock, valued at approximately $1,928,000.

Several other large investors also recently modified their holdings of INCY. BlackRock Inc. bought a new position in Incyte during the second quarter worth $2,044,189,000. Geode Capital Management LLC increased its holdings in Incyte by 11.3% in the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after purchasing an additional 506,842 shares in the last quarter. Invesco Ltd. lifted its stake in 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 stake in Incyte by 13.7% in the third 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 period. Finally, Morgan Stanley boosted its holdings 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 worth $263,106,000 after buying an additional 23,087 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the transaction, the executive vice president owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This represents a 40.54% 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. Insiders own 16.20% of the company’s stock.

Wall Street Analysts Forecast Growth

INCY has been the subject of several recent analyst reports. Weiss Ratings raised shares of 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 research report on Thursday, August 13th. HC Wainwright reissued a “buy” rating and set a $150.00 target price on shares of Incyte in a research note on Thursday. Stifel Nicolaus set a $145.00 price target on shares of Incyte in a report on Tuesday, July 28th. Finally, Wall Street Zen downgraded shares of Incyte from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Twelve analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat, Incyte presently has an average rating of “Hold” and an average target price of $123.10.

Incyte Stock Performance

Shares of Incyte stock opened at $127.81 on Friday. The stock 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. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60. The stock has a 50 day moving average price of $116.17 and a two-hundred day moving average price of $104.17.

Incyte (NASDAQ:INCY) last issued its earnings results 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 return on equity of 29.93% and a net margin of 27.71%.The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the firm earned $1.57 earnings per share. Incyte’s revenue for the quarter was up 37.7% on a year-over-year basis. Research analysts forecast that Incyte Corporation will post 2.61 EPS for the current year.

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.