Saudi Central Bank Raises Stock Position in Incyte Corporation $INCY

Saudi Central Bank lifted its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 92.2% during the 2nd quarter, Holdings Channel reports. The firm owned 11,842 shares of the biopharmaceutical company’s stock after buying an additional 5,682 shares during the period. Saudi Central Bank’s holdings in Incyte were worth $1,342,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. AlphaGrep UK Ltd acquired a new stake in Incyte during the 2nd quarter worth approximately $487,000. Munich Reinsurance Co Stock Corp in Munich purchased a new stake in shares of Incyte during the second quarter worth $6,471,000. Syon Capital LLC increased its position in shares of Incyte by 16.8% during the second quarter. Syon Capital LLC now owns 6,409 shares of the biopharmaceutical company’s stock worth $727,000 after acquiring an additional 924 shares during the period. denkapparat Operations GmbH raised its stake in shares of Incyte by 10.2% in the second quarter. denkapparat Operations GmbH now owns 17,890 shares of the biopharmaceutical company’s stock valued at $2,028,000 after acquiring an additional 1,654 shares in the last quarter. Finally, NEOS Investment Management LLC raised its stake in shares of Incyte by 16.4% in the second quarter. NEOS Investment Management LLC now owns 27,262 shares of the biopharmaceutical company’s stock valued at $3,090,000 after acquiring an additional 3,841 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insiders Place Their Bets

In related 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 transaction of $1,356,173.56. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 completion of the transaction, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. HC Wainwright restated a “buy” rating and set a $150.00 price target on shares of Incyte in a report on Thursday, August 20th. Morgan Stanley set a $119.00 price objective on shares of Incyte in a report on Wednesday, July 29th. Sanford C. Bernstein reiterated a “market perform” rating and set a $104.00 target price on shares of Incyte in a research note on Thursday, August 13th. Oppenheimer reissued a “market perform” rating and issued a $120.00 target price on shares of Incyte in a report on Tuesday, July 28th. Finally, Guggenheim upped their price objective on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $124.05.

Incyte Trading Down 1.9%

Shares of NASDAQ INCY opened at $124.40 on Wednesday. The company’s 50-day moving average price is $121.33 and its 200 day moving average price is $106.23. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60. The stock has a market cap of $25.22 billion, a price-to-earnings ratio of 15.85, a PEG ratio of 3.68 and a beta of 0.77.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The company’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.57 earnings per share. As a group, research analysts expect that Incyte Corporation will post 2.64 earnings per share for the current year.

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.