27,525 Shares in Incyte Corporation $INCY Purchased by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. acquired a new stake in Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 27,525 shares of the biopharmaceutical company’s stock, valued at approximately $3,156,000.

Other large investors also recently bought and sold shares of the company. Fiduciary Financial Advisors purchased a new position in Incyte during the second quarter worth about $26,000. Elyxium Wealth LLC purchased a new stake in shares of Incyte in the 4th quarter valued at approximately $28,000. Smithfield Trust Co raised its stake in shares of Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 162 shares during the period. MUFG Securities EMEA plc acquired a new position in shares of Incyte in the 2nd quarter worth approximately $32,000. Finally, CYBER HORNET ETFs LLC acquired a new position in shares of Incyte in the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

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 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 transaction, the executive vice president directly owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This 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. 16.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Mizuho increased their price objective on shares of Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Stifel Nicolaus set a $145.00 target price on Incyte in a research report on Tuesday, July 28th. Royal Bank Of Canada upped their price target on Incyte from $99.00 to $109.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 29th. Leerink Partners raised their price target on Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Finally, TD Cowen raised Incyte to a “strong-buy” rating in a research note on Monday, August 24th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $123.10.

Incyte Stock Performance

Shares of INCY opened at $124.37 on Monday. The company’s 50-day simple moving average is $118.99 and its 200-day simple moving average is $104.99. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60. The stock has a market capitalization of $25.21 billion, a PE ratio of 15.84, a P/E/G ratio of 3.91 and a beta of 0.76.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.57 earnings per share. On average, sell-side analysts predict that Incyte Corporation will post 2.64 earnings per share for the current 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.