Daiichi Life Insurance Co. Ltd. Invests $2.09 Million in Incyte Corporation $INCY

Daiichi Life Insurance Co. Ltd. purchased a new position in Incyte Corporation (NASDAQ:INCY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 18,466 shares of the biopharmaceutical company’s stock, valued at approximately $2,093,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Twin Capital Management Inc. bought a new position in Incyte in the 1st quarter valued at about $875,000. GC Wealth Management RIA LLC bought a new stake in shares of Incyte during the 4th quarter worth approximately $1,629,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Incyte by 5,218.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock worth $58,950,000 after acquiring an additional 585,618 shares during the period. Sector Gamma AS boosted its position in shares of Incyte by 6.7% during the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock worth $21,609,000 after acquiring an additional 13,669 shares in the last quarter. Finally, Mediolanum International Funds Ltd boosted its position in shares of Incyte by 25.4% during the 1st quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company’s stock worth $5,447,000 after acquiring an additional 12,227 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on INCY shares. Citigroup restated a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. Truist Financial raised their target price on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Royal Bank Of Canada lifted their price target on Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 29th. Canaccord Genuity Group started coverage on Incyte in a report on Thursday. They set a “buy” rating and a $152.00 price target for the company. Finally, Sanford C. Bernstein restated a “market perform” rating and set a $104.00 price objective on shares of Incyte in a research report on Thursday, August 13th. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat, Incyte has a consensus rating of “Hold” and an average price target of $123.10.

Incyte Stock Performance

Shares of Incyte stock opened at $127.81 on Monday. The firm’s 50 day moving average is $116.17 and its 200 day moving average is $104.18. The firm has a market capitalization of $25.91 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating 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 business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the prior year, the firm earned $1.57 EPS. The firm’s revenue was up 37.7% compared to the same quarter last year. As a group, research analysts anticipate that Incyte Corporation will post 2.61 earnings per share for the current year.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the firm’s 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 directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. This trade represents a 40.54% 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 currently owned by corporate insiders.

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.