Danske Bank A S Buys New Holdings in Incyte Corporation $INCY

Key Points

• Danske Bank initiated a position in Incyte, purchasing 81,862 shares worth approximately $9.28 million during the second quarter. Institutional investors collectively own 96.97% of the company.
• Incyte reported strong quarterly results, with earnings of $3.09 per share versus the $2.15 consensus estimate and revenue of $1.67 billion, up 37.7% year over year.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with a $123.10 target price, while recent targets range from $120 to $152. Company insiders also sold shares under pre-arranged Rule 10b5-1 plans.

Danske Bank A S purchased a new position in Incyte Corporation (NASDAQ:INCY - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 81,862 shares of the biopharmaceutical company's stock, valued at approximately $9,280,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Elyxium Wealth LLC bought a new position in shares of Incyte during the 4th quarter valued at about $28,000. Smithfield Trust Co lifted its position in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after buying an additional 162 shares in the last quarter. MUFG Securities EMEA plc purchased a new stake in shares of Incyte in the second quarter worth about $32,000. CYBER HORNET ETFs LLC bought a new position in Incyte during the second quarter valued at approximately $33,000. Finally, Leonteq Securities AG bought a new position in Incyte during the fourth quarter valued at approximately $35,000. Institutional investors own 96.97% of the company's stock.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the company's 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 completion of the transaction, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This represents 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. 16.20% of the stock is currently owned by company insiders.

Incyte Stock Performance

INCY opened at $127.81 on Friday. The stock's 50 day moving average price is $116.17 and its 200-day moving average price is $104.17. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60. The stock has a market cap of $25.91 billion, a price-to-earnings ratio of 16.28, a P/E/G ratio of 4.03 and a beta of 0.76.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.Incyte's revenue was up 37.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.57 EPS. As a group, analysts predict that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on INCY shares. Citigroup reaffirmed a "buy" rating on shares of Incyte in a report on Monday, August 3rd. Stifel Nicolaus set a $145.00 price objective on Incyte in a research report on Tuesday, July 28th. Oppenheimer reaffirmed a "market perform" rating and issued a $120.00 price objective on shares of Incyte in a research note on Tuesday, July 28th. BMO Capital Markets lifted their target price on Incyte from $112.00 to $130.00 and gave the stock a "market perform" rating in a report on Wednesday, July 29th. Finally, Canaccord Genuity Group began coverage on Incyte in a research report on Thursday. They set a "buy" rating and a $152.00 target price on the stock. Twelve research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. Based on data from MarketBeat, Incyte currently has a consensus rating of "Hold" and a consensus target price of $123.10.

Incyte Company 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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