Mirae Asset Global Investments Co. Ltd. Acquires 61,786 Shares of Incyte Corporation $INCY

Mirae Asset Global Investments Co. Ltd. bought a new position in Incyte Corporation (NASDAQ:INCY) in the third quarter, Holdings Channel.com reports. The firm bought 61,786 shares of the biopharmaceutical company’s stock, valued at approximately $7,498,000.

Several other hedge funds also recently modified their holdings of the company. Trails Edge Capital Partners LP bought a new stake in shares of Incyte in the second quarter worth $17,570,800. Twin Capital Management Inc. bought a new stake in shares of Incyte in the 1st quarter valued at about $875,000. Tidal Investments LLC grew its position in shares of Incyte by 33.4% in the 2nd quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company’s stock valued at $11,657,000 after buying an additional 25,768 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Incyte in the second quarter valued at about $2,044,189,000. Finally, Mediolanum International Funds Ltd increased its stake in shares of Incyte by 25.4% in the first quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company’s stock valued at $5,447,000 after buying an additional 12,227 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

INCY has been the topic of a number of recent analyst reports. Morgan Stanley initiated coverage on Incyte in a research note on Tuesday, October 20th. They issued an “equal weight” rating and a $119.00 price objective on the stock. Stifel Nicolaus lifted their price objective on Incyte from $145.00 to $157.00 and gave the stock a “buy” rating in a research report on Monday, October 5th. Benchmark reissued a “buy” rating on shares of Incyte in a research note on Tuesday, October 13th. Leerink Partners upped their target price on Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Finally, Zacks Research cut Incyte from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 14th. Twelve investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $133.10.

Incyte Trading Up 4.5%

NASDAQ:INCY opened at $122.85 on Thursday. Incyte Corporation has a 12 month low of $89.25 and a 12 month high of $132.60. The stock has a market capitalization of $25.04 billion, a price-to-earnings ratio of 65.35, a PEG ratio of 4.28 and a beta of 0.78. The firm has a fifty day simple moving average of $119.99 and a two-hundred day simple moving average of $108.37.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share for the quarter, beating the consensus estimate of ($3.93) by $0.33. The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.46 billion. Incyte had a net margin of 6.71% and a return on equity of 7.92%. The business’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.26 earnings per share. Equities analysts predict that Incyte Corporation will post 2.24 earnings per share for the current fiscal year.

Insider Activity at Incyte

In related news, insider Pablo Cagnoni sold 2,642 shares of the business’s stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $112.71, for a total value of $297,779.82. Following the completion of the sale, the insider directly owned 183,200 shares of the company’s stock, valued at $20,648,472. The trade was a 1.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.