Man Group plc Takes $108.03 Million Position in Incyte Corporation $INCY

Man Group plc acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY) during the second quarter, HoldingsChannel reports. The fund acquired 952,941 shares of the biopharmaceutical company’s stock, valued at approximately $108,025,000.

A number of other hedge funds also recently bought and sold shares of the company. Trails Edge Capital Partners LP purchased a new stake in Incyte in the second quarter worth approximately $17,570,800,000. Invst LLC purchased a new position in shares of Incyte during the second quarter worth approximately $501,000. Jupiter Topco LLC purchased a new position in shares of Incyte during the second quarter worth approximately $2,083,000. Hsbc Holdings PLC lifted its holdings in shares of Incyte by 124.6% in the 2nd quarter. Hsbc Holdings PLC now owns 1,307,743 shares of the biopharmaceutical company’s stock worth $148,336,000 after acquiring an additional 725,375 shares during the last quarter. Finally, EFG International AG bought a new stake in shares of Incyte in the 2nd quarter worth approximately $285,000. Institutional investors own 96.97% of the company’s stock.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the company’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 approximately $7,339,741.86. This trade represents 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 company insiders.

Incyte Stock Performance

Shares of Incyte stock opened at $129.72 on Wednesday. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60. The stock has a market capitalization of $26.29 billion, a price-to-earnings ratio of 16.52, a P/E/G ratio of 4.05 and a beta of 0.76. The company’s 50 day moving average price is $117.29 and its 200-day moving average price is $104.56.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $1.50 billion. During the same period in the previous year, the firm earned $1.57 earnings per share. The firm’s revenue for the quarter was up 37.7% on a year-over-year basis. As a group, equities research analysts forecast that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

INCY has been the subject of a number of research reports. Truist Financial upped their price objective on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a research note on Monday, June 22nd. Guggenheim lifted their target price on shares of Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Piper Sandler boosted their price target on shares of Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a research note on Monday, August 17th. Leerink Partners upped their price target on shares of Incyte from $131.00 to $155.00 and gave the company 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. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $123.10.

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.