Nykredit A S Makes New $4.68 Million Investment in Incyte Corporation $INCY

Key Points

• Nykredit A/S acquired 41,269 Incyte shares during the second quarter, valued at approximately $4.68 million. Institutional investors and hedge funds collectively own 96.97% of the company.
• Analysts maintain a generally positive outlook, with Incyte carrying a consensus “Moderate Buy” rating and an average price target of $124.05; several firms recently raised their targets.
• Incyte reported quarterly EPS of $3.09, beating estimates of $2.15, while revenue rose 37.7% year over year to $1.67 billion. The stock opened at $124.65, near its 12-month high of $132.60.

Nykredit A S acquired a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 41,269 shares of the biopharmaceutical company's stock, valued at approximately $4,678,000.

Several other institutional investors and hedge funds have also recently modified their holdings of INCY. BlackRock Inc. bought a new stake in Incyte in the 2nd quarter valued at $2,044,189,000. Geode Capital Management LLC boosted its holdings 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 valued at $491,500,000 after purchasing an additional 506,842 shares during the period. Wellington Management Group LLP grew its position in shares of Incyte by 9.5% during the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company's stock worth $405,321,000 after purchasing an additional 309,385 shares in the last quarter. Los Angeles Capital Management LLC grew its position in shares of Incyte by 30.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 2,288,874 shares of the biopharmaceutical company's stock worth $211,927,000 after purchasing an additional 527,703 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Incyte by 10.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company's stock worth $185,873,000 after purchasing an additional 187,354 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Morgan Stanley set a $119.00 price objective on Incyte in a report on Wednesday, July 29th. Leerink Partners increased their price objective on shares of Incyte from $131.00 to $155.00 and gave the stock an "outperform" rating in a research note on Monday, August 3rd. Guggenheim boosted their target price on shares of Incyte from $136.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Royal Bank Of Canada increased their price target 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. Finally, Oppenheimer reissued a "market perform" rating and issued a $120.00 price objective on shares of Incyte in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and thirteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $124.05.

Insider Activity at Incyte

In other news, EVP Patrick A. Mayes sold 41,899 shares of the firm's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the transaction, the executive vice president owned 61,441 shares in the company, valued at $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction dated 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 completion of the sale, the insider owned 183,200 shares of the company's stock, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. 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. Insiders own 16.20% of the company's stock.

Incyte Stock Down 0.5%

NASDAQ INCY opened at $124.65 on Tuesday. The company has a market capitalization of $25.27 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 3.64 and a beta of 0.77. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60. The stock has a fifty day simple moving average of $122.71 and a 200 day simple moving average of $107.73.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the company earned $1.57 EPS. The company's revenue for the quarter was up 37.7% on a year-over-year basis. Research analysts expect that Incyte Corporation will post 2.64 earnings per share for the current fiscal year.

About Incyte

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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