Deutsche Bank AG Purchases Shares of 1,262,988 Incyte Corporation $INCY

Key Points

• Deutsche Bank acquired 1,262,988 Incyte shares worth approximately $143.2 million during the second quarter, giving it a 0.62% stake. Institutional investors collectively own 96.97% of the company.
• Incyte reported quarterly EPS of $3.09, beating estimates by $0.94, while revenue reached $1.67 billion and rose 37.7% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $121.65, despite Leerink Partners raising its target to $155 and assigning an “outperform” rating.

Deutsche Bank AG purchased a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,262,988 shares of the biopharmaceutical company's stock, valued at approximately $143,172,000. Deutsche Bank AG owned about 0.62% of Incyte as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of INCY. Geode Capital Management LLC raised its position in Incyte by 11.3% during the 4th 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 during the last quarter. Invesco Ltd. grew its position in shares of Incyte by 13.2% in the 4th 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 last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Incyte by 13.7% in the 3rd 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 last quarter. Morgan Stanley grew its position in shares of Incyte by 0.9% in the 4th quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company's stock valued at $263,106,000 after buying an additional 23,087 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its stake in shares of Incyte by 30.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,288,874 shares of the biopharmaceutical company's stock valued at $211,927,000 after buying an additional 527,703 shares during the period. Institutional investors own 96.97% of the company's stock.

Insider Buying and Selling at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of the business's stock in a transaction 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Incyte Price Performance

NASDAQ INCY opened at $128.47 on Thursday. The business has a 50 day simple moving average of $115.40 and a 200 day simple moving average of $103.81. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60. The stock has a market capitalization of $26.04 billion, a P/E ratio of 16.37, a P/E/G ratio of 3.91 and a beta of 0.76.

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on INCY. Leerink Partners lifted their price objective on Incyte from $131.00 to $155.00 and gave the stock an "outperform" rating in a research note on Monday, August 3rd. JPMorgan Chase & Co. raised their price target on shares of Incyte from $105.00 to $110.00 and gave the stock a "neutral" rating in a report on Thursday, July 23rd. BMO Capital Markets boosted their price target on shares of Incyte from $112.00 to $130.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 29th. Morgan Stanley set a $119.00 price objective on shares of Incyte in a research note on Wednesday, July 29th. Finally, Truist Financial increased their price objective on shares of Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a research report on Monday, June 22nd. Ten analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat, Incyte currently has a consensus rating of "Hold" and a consensus target price of $121.65.

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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