Korea Investment CORP Invests $22.16 Million in Incyte Corporation $INCY

Key Points

• Korea Investment CORP acquired 195,526 Incyte shares worth approximately $22.16 million during the second quarter, giving it a 0.10% stake. Institutional investors collectively own 96.97% of Incyte.
• Incyte reported quarterly EPS of $3.09, beating estimates of $2.15, while revenue rose 37.7% year over year to $1.67 billion. The stock was trading near its 12-month high at $127.81.
• Analyst sentiment remains mixed, with 12 Buy ratings and 13 Holds producing a consensus “Hold” rating and a $123.10 price target. Two company insiders also sold shares under pre-arranged Rule 10b5-1 plans.

Korea Investment CORP acquired a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 195,526 shares of the biopharmaceutical company's stock, valued at approximately $22,165,000. Korea Investment CORP owned about 0.10% of Incyte at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Incyte during the second quarter worth $2,044,189,000. Geode Capital Management LLC lifted its stake 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 valued at $491,500,000 after acquiring 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 acquiring an additional 405,611 shares during the period. 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 acquiring an additional 373,298 shares during the period. Finally, 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 acquiring an additional 23,087 shares during the period. Institutional investors and hedge funds own 96.97% of the company's stock.

Insiders Place Their Bets

In other Incyte news, 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 value of $5,005,254.54. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, the insider owned 183,200 shares of the company's stock, valued at $23,002,592. This trade represents a 5.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of recent analyst reports. Stifel Nicolaus set a $145.00 price objective on Incyte in a research report on Tuesday, July 28th. Royal Bank Of Canada boosted their target price on Incyte from $99.00 to $109.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 29th. Mizuho increased their price target on Incyte from $121.00 to $137.00 and gave the company an "outperform" rating in a research note on Tuesday, August 4th. UBS Group raised their price target on Incyte from $103.00 to $113.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Incyte from $105.00 to $110.00 and gave the stock a "neutral" rating in a research report on Thursday, July 23rd. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $123.10.

Incyte Stock Performance

Incyte stock opened at $127.81 on Monday. Incyte Corporation has a 12 month low of $81.09 and a 12 month high of $132.60. The stock's 50 day moving average is $116.17 and its 200-day moving average is $104.18. The company has a market capitalization of $25.91 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 4.05 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 (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the company posted $1.57 EPS. The firm's quarterly revenue was up 37.7% on a year-over-year basis. As a group, equities research analysts predict that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

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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