OMERS ADMINISTRATION Corp Takes Position in Incyte Corporation $INCY

OMERS ADMINISTRATION Corp purchased a new position in Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, HoldingsChannel reports. The fund purchased 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 bought and sold shares of the business. Twin Capital Management Inc. acquired a new position in Incyte in the 1st quarter valued at about $875,000. GC Wealth Management RIA LLC acquired a new stake in shares of Incyte during the 4th quarter worth approximately $1,629,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Incyte by 5,218.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock worth $58,950,000 after buying an additional 585,618 shares during the last quarter. Sector Gamma AS raised its position in shares of Incyte by 6.7% during the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock valued at $21,609,000 after buying an additional 13,669 shares during the period. Finally, Mediolanum International Funds Ltd raised its position in shares of Incyte by 25.4% during the 1st quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company’s stock valued at $5,447,000 after buying an additional 12,227 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Price Performance

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

Incyte (NASDAQ:INCY) 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 company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the prior year, the firm earned $1.57 earnings per share. The business’s revenue for the quarter was up 37.7% compared to the same quarter last year. Equities research analysts anticipate that Incyte Corporation will post 2.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

INCY has been the subject of several analyst reports. HC Wainwright reiterated a “buy” rating and issued a $150.00 price objective on shares of Incyte in a research report on Thursday, August 20th. Wall Street Zen downgraded Incyte from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Morgan Stanley set a $119.00 price target on Incyte in a research note on Wednesday, July 29th. Barclays increased their price target on Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Finally, UBS Group raised their price objective on Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Twelve analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $123.10.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider owned 183,200 shares of the company’s stock, valued at $23,002,592. This trade represents a 5.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value 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. The trade was a 40.54% decrease in their ownership of the stock. 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. 16.20% of the stock is owned by corporate insiders.

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.