National Pension Service Sells 34,758 Shares of Incyte Corporation $INCY

Key Points

• National Pension Service cut its Incyte position by 44.9% in the second quarter, selling 34,758 shares and retaining 42,731 shares valued at approximately $4.84 million.
• Institutional ownership remains very high at 96.97%, with California State Teachers Retirement System substantially increasing its stake and several major institutions initiating new positions.
• Analysts maintain a Moderate Buy consensus with an average price target of $124.05. Incyte recently surpassed earnings and revenue estimates, reporting $3.09 EPS and $1.67 billion in quarterly revenue, up 37.7% year over year.

National Pension Service lowered its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 44.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 42,731 shares of the biopharmaceutical company's stock after selling 34,758 shares during the period. National Pension Service's holdings in Incyte were worth $4,844,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of INCY. California State Teachers Retirement System lifted its stake in shares of Incyte by 11,644.8% in the 2nd quarter. California State Teachers Retirement System now owns 28,338,640 shares of the biopharmaceutical company's stock valued at $3,212,468,000 after purchasing an additional 28,097,353 shares during the period. BlackRock Inc. bought a new stake in shares of Incyte during the 2nd quarter valued at about $2,044,189,000. Legal & General Group Plc acquired a new stake in Incyte during the second quarter worth approximately $182,054,000. Caisse de depot et placement du Quebec acquired a new stake in Incyte during the second quarter worth approximately $155,360,000. Finally, Deutsche Bank AG bought a new stake in Incyte in the second quarter worth approximately $143,172,000. 96.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on INCY. Morgan Stanley set a $119.00 price target on Incyte in a report on Wednesday, July 29th. Mizuho lifted their price objective on shares of Incyte from $121.00 to $137.00 and gave the company an "outperform" rating in a research note on Tuesday, August 4th. Wall Street Zen upgraded shares of Incyte from a "hold" rating to a "buy" rating in a research report on Saturday. JPMorgan Chase & Co. increased their target price on shares of Incyte from $105.00 to $110.00 and gave the stock a "neutral" rating in a research note on Thursday, July 23rd. Finally, Weiss Ratings upgraded shares of Incyte from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and thirteen have issued a Hold rating to the company's stock. According to MarketBeat.com, Incyte has a consensus rating of "Moderate Buy" and a consensus price target of $124.05.

Incyte Stock Performance

Shares of INCY opened at $121.47 on Monday. The firm has a market capitalization of $24.62 billion, a P/E ratio of 15.47, a P/E/G ratio of 3.53 and a beta of 0.77. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60. The stock has a 50 day moving average price of $121.80 and a two-hundred day moving average price of $106.70.

Incyte (NASDAQ:INCY - Get Free Report) last posted its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the company earned $1.57 earnings per share. The company's revenue for the quarter was up 37.7% on a year-over-year basis. On average, equities analysts forecast that Incyte Corporation will post 2.64 earnings per share for the current year.

Insider Buying and Selling at Incyte

In other Incyte news, insider Pablo Cagnoni sold 10,801 shares of Incyte stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the transaction, the insider directly owned 183,200 shares of the company's stock, valued at $23,002,592. The trade was a 5.57% decrease in their position. The transaction was disclosed in a legal filing 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, EVP Patrick Mayes sold 41,899 shares of the company's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the sale, the executive vice president owned 61,441 shares of the company's stock, valued at approximately $7,339,741.86. The trade was 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. 16.20% of the stock is currently owned by company insiders.

Incyte Profile

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte's commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.

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