The Manufacturers Life Insurance Company Takes Position in Incyte Corporation $INCY

The Manufacturers Life Insurance Company acquired a new position in Incyte Corporation (NASDAQ:INCY) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 96,319 shares of the biopharmaceutical company’s stock, valued at approximately $10,919,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Fiduciary Financial Advisors bought a new position in Incyte in the 2nd quarter worth approximately $26,000. Elyxium Wealth LLC bought a new stake in shares of Incyte during the fourth quarter valued at approximately $28,000. Smithfield Trust Co lifted its holdings in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after buying an additional 162 shares in the last quarter. MUFG Securities EMEA plc purchased a new position in shares of Incyte in the second quarter worth $32,000. Finally, CYBER HORNET ETFs LLC bought a new position in shares of Incyte during the second quarter worth $33,000. Institutional investors own 96.97% of the company’s stock.

Incyte Trading Down 2.6%

INCY opened at $124.37 on Friday. The stock has a 50-day moving average of $118.99 and a 200 day moving average of $105.01. Incyte Corporation has a 12 month low of $81.09 and a 12 month high of $132.60. The firm has a market cap of $25.21 billion, a P/E ratio of 15.84, a P/E/G 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 (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.57 earnings per share. On average, research analysts forecast that Incyte Corporation will post 2.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on INCY. Mizuho lifted their price target on shares of Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a report on Tuesday, July 28th. Guggenheim raised their price objective on Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Oppenheimer reaffirmed a “market perform” rating and issued a $120.00 target price on shares of Incyte in a report on Tuesday, July 28th. Finally, JPMorgan Chase & Co. increased their price target on Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $123.10.

Insiders Place Their Bets

In other news, 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 sale, the executive vice president owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company 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.