Munich Reinsurance Co Stock Corp in Munich Invests $6.07 Million in Incyte Corporation $INCY

Key Points

• Munich Re opened a new position in Incyte during Q4, buying 61,319 shares valued at approximately $6.07 million.
• Incyte reported Q4 EPS of $1.80 (missing the $1.96 consensus) while revenue rose 27.8% to $1.51 billion; the company has a market cap of $18.84 billion and a P/E of 14.77.
• Institutional investors own about 96.97% of Incyte, several large funds materially increased stakes recently, and Wall Street’s consensus rating is a Hold with an average target of $104.89.

Munich Reinsurance Co Stock Corp in Munich bought a new position in Incyte Corporation (NASDAQ:INCY - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 61,319 shares of the biopharmaceutical company's stock, valued at approximately $6,065,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in INCY. Pacer Advisors Inc. grew its holdings in shares of Incyte by 8,091.6% in the third quarter. Pacer Advisors Inc. now owns 1,248,642 shares of the biopharmaceutical company's stock worth $105,897,000 after purchasing an additional 1,233,399 shares during the last quarter. Caisse de depot et placement du Quebec lifted its stake in Incyte by 264.5% in the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company's stock worth $127,046,000 after acquiring an additional 1,087,091 shares during the period. Man Group plc lifted its stake in Incyte by 52.8% in the second quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company's stock worth $109,687,000 after acquiring an additional 556,243 shares during the period. Squarepoint Ops LLC lifted its stake in Incyte by 9,739.1% in the second quarter. Squarepoint Ops LLC now owns 558,171 shares of the biopharmaceutical company's stock worth $38,011,000 after acquiring an additional 552,498 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in Incyte by 1,346.2% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 571,234 shares of the biopharmaceutical company's stock worth $48,446,000 after acquiring an additional 531,734 shares during the period. Institutional investors own 96.97% of the company's stock.

Incyte Stock Performance

Shares of Incyte stock opened at $94.65 on Friday. The company has a current ratio of 3.32, a quick ratio of 3.25 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $18.84 billion, a P/E ratio of 14.77, a P/E/G ratio of 0.76 and a beta of 0.85. The business has a fifty day simple moving average of $96.09 and a two-hundred day simple moving average of $98.41. Incyte Corporation has a 12 month low of $57.77 and a 12 month high of $112.29.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.96 by ($0.16). The firm had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The business's quarterly revenue was up 27.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.43 EPS. On average, equities analysts forecast that Incyte Corporation will post 6.52 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on INCY. Weiss Ratings raised Incyte from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, April 1st. HC Wainwright reaffirmed a "buy" rating and issued a $135.00 price target on shares of Incyte in a research note on Wednesday, April 15th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $90.00 price target on shares of Incyte in a research note on Thursday, January 8th. UBS Group dropped their price target on Incyte from $104.00 to $94.00 and set a "neutral" rating for the company in a research note on Wednesday, March 25th. Finally, Jefferies Financial Group lowered Incyte from a "buy" rating to a "hold" rating and lowered their price objective for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Ten equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $104.89.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the transaction, the insider owned 262,692 shares of the company's stock, valued at $25,349,778. The trade was a 6.63% decrease in their position. The transaction 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. 17.80% of the stock is currently owned by corporate insiders.

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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