Rakuten Investment Management Inc. Invests $3.16 Million in Incyte Corporation $INCY

Key Points

• Rakuten Investment Management purchased 27,525 Incyte shares worth approximately $3.16 million during the second quarter. Institutional investors collectively own 96.97% of the company.
• Incyte reported quarterly EPS of $3.09, beating estimates of $2.15, while revenue rose 37.7% year over year to $1.67 billion, exceeding the $1.50 billion consensus forecast.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $123.10; the stock recently opened at $124.37, near its 12-month high of $132.60.

Rakuten Investment Management Inc. bought a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 27,525 shares of the biopharmaceutical company's stock, valued at approximately $3,156,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Fiduciary Financial Advisors acquired a new stake in shares of Incyte in the second quarter valued at about $26,000. Elyxium Wealth LLC acquired a new position in shares of Incyte during the 4th quarter worth about $28,000. Smithfield Trust Co raised its position in shares of Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after purchasing an additional 162 shares during the last quarter. Atlas Capital Advisors Inc. purchased a new position in Incyte in the 4th quarter valued at about $35,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in Incyte in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Performance

Shares of INCY stock opened at $124.37 on Monday. The company's 50-day moving average price is $118.99 and its 200-day moving average price is $104.99. The stock has a market cap of $25.21 billion, a price-to-earnings ratio of 15.84, a PEG ratio of 3.91 and a beta of 0.76. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data 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 net margin of 27.71% and a return on equity of 29.93%. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the firm posted $1.57 earnings per share. Incyte's quarterly revenue was up 37.7% on a year-over-year basis. As a group, equities research analysts predict that Incyte Corporation will post 2.64 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Royal Bank Of Canada lifted their price objective on Incyte from $99.00 to $109.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 29th. Guggenheim increased their target price on Incyte from $136.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Barclays raised their target price on Incyte from $134.00 to $139.00 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Morgan Stanley set a $119.00 price target on Incyte in a research note on Wednesday, July 29th. Finally, Benchmark reissued a "buy" rating on shares of Incyte in a research note on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $123.10.

Insider Activity

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 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 $7,339,741.86. This trade represents a 40.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 Incyte stock in a transaction that occurred 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 sale, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was a 5.57% 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. Insiders own 16.20% of the company's stock.

Incyte 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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