Man Group plc Buys Shares of 952,941 Incyte Corporation $INCY

Key Points

• Man Group plc acquired 952,941 Incyte shares worth approximately $108 million, giving it a 0.47% stake. Institutional investors collectively own 96.97% of the company.
• 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.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $123.10, although insiders recently sold shares under pre-arranged trading plans.

Man Group plc bought a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 952,941 shares of the biopharmaceutical company's stock, valued at approximately $108,025,000. Man Group plc owned approximately 0.47% of Incyte at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in Incyte during the 2nd quarter worth about $2,044,189,000. Geode Capital Management LLC boosted its stake in Incyte by 11.3% in 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 period. Invesco Ltd. grew its holdings in Incyte by 13.2% during 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 in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Incyte by 13.7% during the third 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 period. Finally, Morgan Stanley increased its position in shares of Incyte by 0.9% during the fourth 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 period. 96.97% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Patrick A. Mayes sold 41,899 shares of the firm'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 sale, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 on 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 sale, the insider directly owned 183,200 shares of the company's stock, valued at $23,002,592. This represents a 5.57% 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. 16.20% of the stock is owned by insiders.

Incyte Trading Up 1.4%

Shares of NASDAQ INCY opened at $129.72 on Wednesday. Incyte Corporation has a 12 month low of $81.09 and a 12 month high of $132.60. The firm has a market capitalization of $26.29 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 4.05 and a beta of 0.76. The business has a 50-day moving average of $117.29 and a 200-day moving average of $104.56.

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 for the quarter, topping the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to analysts' expectations of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. Incyte's revenue for the quarter was up 37.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.57 earnings per share. On average, analysts predict that Incyte Corporation will post 2.61 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Mizuho raised their price objective on shares of Incyte from $121.00 to $137.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. Oppenheimer reaffirmed a "market perform" rating and set a $120.00 target price on shares of Incyte in a report on Tuesday, July 28th. UBS Group raised their price target on shares of Incyte from $103.00 to $113.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Piper Sandler boosted their price target on shares of Incyte from $110.00 to $130.00 and gave the company an "overweight" rating in a research report on Monday, August 17th. Finally, Wall Street Zen cut shares of Incyte from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. 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. According to data from MarketBeat.com, Incyte presently has an average rating of "Moderate Buy" and a consensus target price of $123.10.

About Incyte

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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