Northwestern Mutual Wealth Management Co. Raises Holdings in Incyte Corporation $INCY

Key Points

• Northwestern Mutual Wealth Management increased its Incyte stake by 62.9% in the second quarter, holding 53,309 shares valued at approximately $6.04 million. Institutional investors collectively own 96.97% of the company.
• Incyte reported strong quarterly results, with EPS of $3.09 versus the $2.15 consensus and revenue of $1.67 billion, up 37.7% year over year and above estimates.
• Shares opened at $128, near their 12-month high of $132.60. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $124.05, while two insiders sold shares under pre-arranged trading plans.

Northwestern Mutual Wealth Management Co. lifted its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 62.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 53,309 shares of the biopharmaceutical company's stock after purchasing an additional 20,582 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in Incyte were worth $6,043,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Greenleaf Trust boosted its position in shares of Incyte by 2.8% in the 2nd quarter. Greenleaf Trust now owns 3,358 shares of the biopharmaceutical company's stock valued at $381,000 after purchasing an additional 93 shares during the period. Trustmark Bank Trust Department increased its position in Incyte by 4.8% during the second quarter. Trustmark Bank Trust Department now owns 15,786 shares of the biopharmaceutical company's stock worth $1,790,000 after buying an additional 723 shares during the period. New Mexico Educational Retirement Board increased its position in Incyte by 10.6% during the second quarter. New Mexico Educational Retirement Board now owns 8,350 shares of the biopharmaceutical company's stock worth $947,000 after buying an additional 800 shares during the period. Toth Financial Advisory Corp lifted its stake in Incyte by 15.1% in the second quarter. Toth Financial Advisory Corp now owns 15,760 shares of the biopharmaceutical company's stock valued at $1,787,000 after buying an additional 2,065 shares during the last quarter. Finally, Mufg Securities Americas Inc. lifted its stake in Incyte by 9.3% in the second quarter. Mufg Securities Americas Inc. now owns 5,055 shares of the biopharmaceutical company's stock valued at $573,000 after buying an additional 429 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Incyte

In other Incyte news, insider Pablo Cagnoni sold 10,801 shares of the firm's stock in a transaction 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 completion of the sale, the insider owned 183,200 shares of the company's stock, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 business'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 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company's stock.

Incyte Trading Down 0.6%

Shares of INCY opened at $128.00 on Friday. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60. The stock's 50 day moving average is $120.61 and its two-hundred day moving average is $105.72. The firm has a market capitalization of $25.95 billion, a PE ratio of 16.31, a P/E/G ratio of 3.74 and a beta of 0.77.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping 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 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 prior year, the business posted $1.57 EPS. The company's revenue for the quarter was up 37.7% on a year-over-year basis. On average, sell-side analysts predict that Incyte Corporation will post 2.64 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on INCY. Royal Bank Of Canada raised their target price on shares of Incyte from $99.00 to $109.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 29th. Weiss Ratings upgraded shares of Incyte from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. BMO Capital Markets restated a "market perform" rating on shares of Incyte in a research note on Tuesday. Stifel Nicolaus set a $145.00 target price on shares of Incyte in a research note on Tuesday, July 28th. Finally, JPMorgan Chase & Co. raised their price target on Incyte from $105.00 to $110.00 and gave the stock a "neutral" rating in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat, Incyte currently has a consensus rating of "Moderate Buy" and a consensus target price of $124.05.

Incyte Company 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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