Canada Pension Plan Investment Board Takes Position in Incyte Corporation $INCY

Key Points

• Canada Pension Plan Investment Board bought 442,500 Incyte shares worth approximately $50.2 million, representing about 0.22% of the company. Institutional investors collectively own 96.97% of Incyte.
• Incyte reported quarterly earnings of $3.09 per share, beating estimates of $2.15, while revenue rose 37.7% year over year to $1.67 billion. Shares opened at $127.74, near their 52-week high of $132.60.
• Analysts hold a consensus “Moderate Buy” rating with a $123.10 price target, while company insiders recently sold shares through pre-arranged trading plans.

Canada Pension Plan Investment Board purchased a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 442,500 shares of the biopharmaceutical company's stock, valued at approximately $50,162,000. Canada Pension Plan Investment Board owned approximately 0.22% of Incyte as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Legal & General Group Plc bought a new stake in shares of Incyte during the 2nd quarter worth $182,054,000. The Manufacturers Life Insurance Company acquired a new stake in Incyte during the 2nd quarter worth approximately $10,919,000. Fiduciary Financial Advisors acquired a new position in shares of Incyte during the second quarter worth $26,000. L2 Asset Management LLC acquired a new position in Incyte during the 2nd quarter worth about $7,004,000. Finally, Nan Fung Group Holdings Ltd acquired a new position in shares of Incyte in the second quarter worth approximately $6,092,193,000. 96.97% of the stock is currently owned by institutional investors.

Incyte Price Performance

Shares of INCY stock opened at $127.74 on Friday. The firm has a 50-day moving average of $118.47 and a 200-day moving average of $104.88. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60. The company has a market cap of $25.89 billion, a P/E ratio of 16.27, a P/E/G ratio of 4.02 and a beta of 0.76.

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

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Canaccord Genuity Group started coverage on Incyte in a research note on Thursday, August 20th. They issued a "buy" rating and a $152.00 price objective on the stock. Stifel Nicolaus set a $145.00 price objective on Incyte in a research note on Tuesday, July 28th. Wall Street Zen downgraded Incyte from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Benchmark reissued a "buy" rating on shares of Incyte in a research report on Thursday, August 20th. Finally, Oppenheimer restated a "market perform" rating and set a $120.00 price target on shares of Incyte in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $123.10.

Insider Activity at Incyte

In other news, 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 value of $5,005,254.54. Following the transaction, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. The sale 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, insider Pablo J. Cagnoni sold 10,801 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 183,200 shares of the company's stock, valued at approximately $23,002,592. This represents 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.

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.

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