1,262,988 Shares in Incyte Corporation $INCY Acquired by Deutsche Bank AG

Deutsche Bank AG purchased a new position in Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,262,988 shares of the biopharmaceutical company’s stock, valued at approximately $143,172,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Jacobi Capital Management LLC raised its position in shares of Incyte by 0.9% during the fourth quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after purchasing an additional 99 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in shares of Incyte by 0.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock worth $1,864,000 after purchasing an additional 100 shares in the last quarter. Smartleaf Asset Management LLC grew its position in Incyte by 7.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock valued at $161,000 after purchasing an additional 113 shares during the period. Bank of Nova Scotia grew its position in Incyte by 0.7% in the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after purchasing an additional 124 shares during the period. Finally, Perbak Capital Partners LLP grew its position in Incyte by 2.5% in the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock valued at $449,000 after purchasing an additional 129 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Trading Up 4.0%

Shares of Incyte stock opened at $128.47 on Thursday. The stock has a fifty day simple moving average of $115.40 and a 200 day simple moving average of $103.81. Incyte Corporation has a 12-month low of $81.09 and a 12-month high of $132.60. The company has a market capitalization of $26.04 billion, a P/E ratio of 16.37, a price-to-earnings-growth ratio of 3.91 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.94. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business’s revenue was up 37.7% on a year-over-year basis. During the same period last year, the business earned $1.57 EPS. On average, analysts predict that Incyte Corporation will post 2.61 EPS for the current year.

Wall Street Analyst Weigh In

INCY has been the topic of several research reports. Piper Sandler upped their price objective on shares of Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a report on Monday. TD Cowen reiterated a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. JPMorgan Chase & Co. boosted their target price on shares of Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Citigroup reissued a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. Finally, Guggenheim upped their target price on shares of Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $121.65.

Insider Activity at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of the firm’s 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 transaction, the executive vice president directly owned 61,441 shares of the company’s stock, 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 at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

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.