Munich Reinsurance Co Stock Corp in Munich Acquires Shares of 57,088 Incyte Corporation $INCY

Key Points

• Munich Reinsurance acquired 57,088 Incyte shares worth approximately $6.47 million in the second quarter. Institutional investors collectively own 96.97% of Incyte.
• Analysts maintain a generally positive outlook, with Incyte receiving a “Moderate Buy” consensus rating and an average price target of $124.05; Piper Sandler recently raised its target to $130.
• Incyte reported strong quarterly results, including $3.09 adjusted earnings per share and $1.67 billion in revenue, representing 37.7% year-over-year growth. Shares recently opened at $126.75, near their 12-month high.

Munich Reinsurance Co Stock Corp in Munich bought a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 57,088 shares of the biopharmaceutical company's stock, valued at approximately $6,471,000.

A number of other large investors have also recently modified their holdings of INCY. Trails Edge Capital Partners LP bought a new position in shares of Incyte in the 2nd quarter valued at $17,570,800. Twin Capital Management Inc. bought a new stake in Incyte during the 1st quarter worth $875,000. BlackRock Inc. bought a new stake in Incyte during the 2nd quarter worth $2,044,189,000. Northwestern Mutual Wealth Management Co. increased its holdings 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 worth $58,950,000 after purchasing an additional 585,618 shares in the last quarter. Finally, Sector Gamma AS increased its holdings in Incyte by 6.7% in the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company's stock worth $21,609,000 after purchasing an additional 13,669 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on INCY shares. Wall Street Zen upgraded Incyte from a "hold" rating to a "buy" rating in a research report on Saturday, August 29th. Citigroup restated a "buy" rating on shares of Incyte in a report on Monday, August 3rd. Morgan Stanley set a $119.00 price objective on Incyte in a research note on Wednesday, July 29th. Piper Sandler lifted their target price on shares of Incyte from $110.00 to $130.00 and gave the stock an "overweight" rating in a research report on Monday, August 17th. Finally, Oppenheimer reissued a "market perform" rating and set a $120.00 target price on shares of Incyte in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $124.05.

Incyte Trading Down 1.0%

Shares of INCY opened at $126.75 on Friday. The company has a market capitalization of $25.69 billion, a PE ratio of 16.15, a PEG ratio of 3.72 and a beta of 0.77. 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 price is $120.87 and its two-hundred day moving average price is $105.87.

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 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 company had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.50 billion. During the same quarter in the prior year, the firm posted $1.57 earnings per share. The business's quarterly revenue was up 37.7% on a year-over-year basis. Equities research analysts predict that Incyte Corporation will post 2.64 EPS for the current fiscal year.

Insider Activity at Incyte

In related news, insider Pablo Cagnoni sold 10,801 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the sale, the insider directly owned 183,200 shares in the company, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of the 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 sale, the executive vice president directly owned 61,441 shares of the company's stock, valued at $7,339,741.86. This represents a 40.54% 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. Corporate 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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