Incyte Corporation $INCY Shares Purchased by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund increased its stake in shares of Incyte Corporation (NASDAQ:INCY) by 4.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 232,708 shares of the biopharmaceutical company’s stock after purchasing an additional 9,869 shares during the period. Illinois Municipal Retirement Fund’s holdings in Incyte were worth $22,985,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Geode Capital Management LLC raised its position in shares of Incyte by 11.3% during the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after purchasing an additional 506,842 shares during the last quarter. LSV Asset Management raised its position in shares of Incyte by 3.2% during the 3rd quarter. LSV Asset Management now owns 3,986,097 shares of the biopharmaceutical company’s stock worth $338,061,000 after purchasing an additional 124,266 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Incyte by 13.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock valued at $263,246,000 after acquiring an additional 373,298 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in Incyte by 7.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company’s stock valued at $245,028,000 after acquiring an additional 161,405 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its holdings in Incyte by 30.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,288,874 shares of the biopharmaceutical company’s stock valued at $211,927,000 after acquiring an additional 527,703 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Key Headlines Impacting Incyte

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: Incyte announced it will acquire Vega Therapeutics in a deal worth up to $2 billion, adding the late-stage von Willebrand disease candidate VGA039 and expanding its rare blood disorder pipeline. Investors appear to like the growth potential and strategic fit of the acquisition. Article title
• Positive Sentiment: H.C. Wainwright raised its price target on Incyte to $140 from $135 and reiterated a Buy rating, suggesting confidence that the Vega transaction can create synergies and support upside from current levels. Article title
• Positive Sentiment: Another analyst note also lifted the stock outlook after the acquisition announcement, with coverage highlighting the rare bleeding-disorder opportunity and potential blockbuster profile of the acquired asset. Article title
• Neutral Sentiment: Incyte shareholders approved the company’s board, executive pay, and auditor choices at the annual meeting, removing governance uncertainty but not changing the investment thesis materially. Article title
• Neutral Sentiment: Recent conference presentation and bullish commentary from Seeking Alpha added to the positive tone, but these items were more reaffirmations of the company’s story than major new catalysts. Article title

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the sale, the insider owned 262,692 shares of the company’s stock, valued at $25,349,778. This represents a 6.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Incyte Stock Up 2.1%

INCY stock opened at $105.39 on Thursday. The firm has a 50-day moving average of $97.22 and a two-hundred day moving average of $99.07. Incyte Corporation has a 12 month low of $66.74 and a 12 month high of $112.29. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The company has a market cap of $21.05 billion, a price-to-earnings ratio of 14.89, a PEG ratio of 1.00 and a beta of 0.79.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the company posted $1.16 EPS. The business’s revenue for the quarter was up 20.9% on a year-over-year basis. As a group, analysts forecast that Incyte Corporation will post 6.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on INCY. Citigroup reiterated a “market perform” rating on shares of Incyte in a report on Tuesday, June 2nd. Weiss Ratings upgraded shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Wells Fargo & Company cut their price objective on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a report on Wednesday, February 11th. TD Cowen reiterated a “hold” rating on shares of Incyte in a report on Tuesday. Finally, Royal Bank Of Canada cut their price objective on shares of Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a report on Wednesday, February 11th. Eight investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $105.10.

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.