172,687 Shares in Incyte Corporation $INCY Purchased by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. bought a new position in shares of Incyte Corporation (NASDAQ:INCY) during the third quarter, Holdings Channel reports. The fund bought 172,687 shares of the biopharmaceutical company’s stock, valued at approximately $14,646,000.

Several other hedge funds have also made changes to their positions in the company. Harbor Capital Advisors Inc. acquired a new stake in shares of Incyte during the 3rd quarter worth approximately $26,000. Root Financial Partners LLC acquired a new position in Incyte in the third quarter valued at approximately $28,000. Quent Capital LLC purchased a new position in Incyte in the third quarter worth approximately $30,000. FNY Investment Advisers LLC acquired a new stake in Incyte during the second quarter worth $27,000. Finally, MUFG Securities EMEA plc purchased a new stake in Incyte in the second quarter valued at $32,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Mohamed Khairie Issa sold 10,856 shares of Incyte stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total value of $1,184,063.92. Following the completion of the transaction, the executive vice president directly owned 66,132 shares in the company, valued at approximately $7,213,017.24. This trade represents a 14.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Thomas Tray sold 2,774 shares of the company’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $100.00, for a total value of $277,400.00. Following the sale, the insider owned 22,973 shares in the company, valued at approximately $2,297,300. This trade represents a 10.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 98,897 shares of company stock valued at $9,869,376. Corporate insiders own 17.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Royal Bank Of Canada increased their price target on Incyte from $81.00 to $84.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 29th. Morgan Stanley upped their target price on shares of Incyte from $92.00 to $94.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 6th. Guggenheim raised shares of Incyte from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research note on Monday, November 3rd. Stifel Nicolaus set a $119.00 price target on shares of Incyte in a research report on Monday, January 5th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Incyte in a report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Incyte presently has an average rating of “Hold” and an average target price of $100.75.

Incyte Stock Up 2.0%

Shares of INCY opened at $104.67 on Thursday. The stock has a market capitalization of $20.55 billion, a PE ratio of 17.53, a P/E/G ratio of 0.62 and a beta of 0.82. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $112.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.13 and a current ratio of 3.20. The company’s 50-day simple moving average is $102.04 and its 200-day simple moving average is $90.27.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $0.61. The firm had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.07 earnings per share. Analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

About Incyte

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.