OMERS ADMINISTRATION Corp Takes Position in Incyte Corporation $INCY

Key Points

• OMERS Administration Corp. acquired 45,186 Incyte shares during the second quarter, worth approximately $5.1 million. Several other institutional investors also initiated positions, with institutions now owning 96.97% of the company.
• Analyst sentiment remains mixed: 12 analysts rate Incyte a Buy and 13 rate it a Hold, producing a consensus rating of Hold and an average price target of $123.10.
• Incyte recently exceeded earnings expectations, reporting $3.09 EPS versus the $2.15 consensus and $1.67 billion in revenue, up 37.7% year over year. Meanwhile, two insiders sold shares under pre-arranged Rule 10b5-1 plans.

OMERS ADMINISTRATION Corp acquired a new position in Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 45,186 shares of the biopharmaceutical company's stock, valued at approximately $5,122,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Osmosis Investment Management UK Ltd purchased a new position in Incyte during the 2nd quarter worth approximately $2,108,000. Sanctuary Advisors LLC purchased a new stake in shares of Incyte in the 2nd quarter valued at $1,783,000. Meiji Yasuda Asset Management Co Ltd. acquired a new stake in shares of Incyte in the second quarter worth $578,000. Forefront Analytics LLC acquired a new stake in shares of Incyte in the second quarter worth $577,000. Finally, Globeflex Capital L P acquired a new stake in shares of Incyte in the second quarter worth $981,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of research reports. Weiss Ratings upgraded shares of Incyte from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Mizuho increased their price target on Incyte from $121.00 to $137.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 4th. Sanford C. Bernstein reiterated a "market perform" rating and set a $104.00 price objective on shares of Incyte in a research note on Thursday, August 13th. HC Wainwright reissued a "buy" rating and issued a $150.00 price objective on shares of Incyte in a report on Thursday, August 20th. Finally, Royal Bank Of Canada boosted their price objective on Incyte from $99.00 to $109.00 and gave the company a "sector perform" rating in a report on Wednesday, July 29th. Twelve analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. Based on data from MarketBeat.com, Incyte presently has a consensus rating of "Hold" and an average price target of $123.10.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the 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. This trade represents a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction dated 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 completion of the sale, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This trade represents a 40.54% 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. Corporate insiders own 16.20% of the company's stock.

Incyte Price Performance

Incyte stock opened at $127.98 on Tuesday. The stock has a market capitalization of $25.94 billion, a PE ratio of 16.30, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76. The business has a 50 day simple moving average of $116.69 and a 200-day simple moving average of $104.37. Incyte Corporation has a 12 month low of $81.09 and a 12 month high of $132.60.

Incyte (NASDAQ:INCY - Get Free Report) last announced its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) 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 firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the firm posted $1.57 EPS. The business's revenue was up 37.7% on a year-over-year basis. On average, equities research analysts anticipate that Incyte Corporation will post 2.61 EPS for the current fiscal year.

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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