Daiichi Life Insurance Co. Ltd. Makes New Investment in Incyte Corporation $INCY

Key Points

• Daiichi Life Insurance purchased 18,466 shares of Incyte worth approximately $2.1 million in the second quarter. Institutional investors collectively own 96.97% of the company.
• Analysts have a mixed outlook: 12 rate Incyte a Buy and 13 a Hold, resulting in a consensus Hold rating and an average price target of $123.10.
• Incyte reported strong quarterly results, with EPS of $3.09 beating estimates of $2.15 and revenue rising 37.7% year over year to $1.67 billion. The stock opened at $127.81, near its 52-week high of $132.60.

Daiichi Life Insurance Co. Ltd. purchased a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 18,466 shares of the biopharmaceutical company's stock, valued at approximately $2,093,000.

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

Wall Street Analyst Weigh In

INCY has been the topic of several research reports. Royal Bank Of Canada upped their price objective on shares of Incyte from $99.00 to $109.00 and gave the company a "sector perform" rating in a report on Wednesday, July 29th. Guggenheim raised their target price on shares of Incyte from $136.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Citigroup reaffirmed a "buy" rating on shares of Incyte in a report on Monday, August 3rd. TD Cowen reissued a "hold" rating on shares of Incyte in a report on Tuesday, June 9th. Finally, Sanford C. Bernstein restated a "market perform" rating and set a $104.00 price objective on shares of Incyte in a research report on Thursday, August 13th. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $123.10.

Incyte Stock Performance

INCY opened at $127.81 on Monday. The stock has a fifty day moving average of $116.17 and a 200-day moving average of $104.18. The company has a market capitalization of $25.91 billion, a P/E ratio of 16.28, a P/E/G ratio of 4.05 and a beta of 0.76. Incyte Corporation has a fifty-two week low of $81.09 and a fifty-two week high of $132.60.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating 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 the consensus estimate of $1.50 billion. During the same period in the prior year, the company posted $1.57 earnings per share. Incyte's revenue was up 37.7% compared to the same quarter last year. On average, equities research analysts predict that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the firm'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 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 document filed 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 that occurred on 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 completion of the sale, the executive vice president owned 61,441 shares of the company's stock, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. 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. 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.

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