Twin Capital Management Inc. Makes New $875,000 Investment in Incyte Corporation $INCY

Twin Capital Management Inc. bought a new position in shares of Incyte Corporation (NASDAQ:INCY) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,292 shares of the biopharmaceutical company’s stock, valued at approximately $875,000.

A number of other large investors also recently modified their holdings of the business. Illinois Municipal Retirement Fund grew its position in shares of Incyte by 9.6% during the 1st quarter. Illinois Municipal Retirement Fund now owns 254,990 shares of the biopharmaceutical company’s stock valued at $24,000,000 after buying an additional 22,282 shares during the last quarter. State of Michigan Retirement System boosted its stake in Incyte by 1.2% in the first quarter. State of Michigan Retirement System now owns 43,659 shares of the biopharmaceutical company’s stock valued at $4,109,000 after acquiring an additional 500 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Incyte by 2.1% during the first quarter. Principal Financial Group Inc. now owns 225,492 shares of the biopharmaceutical company’s stock valued at $21,223,000 after purchasing an additional 4,570 shares during the last quarter. Arbejdsmarkedets Tillaegspension grew its holdings in shares of Incyte by 14.4% during the first quarter. Arbejdsmarkedets Tillaegspension now owns 279,592 shares of the biopharmaceutical company’s stock valued at $26,315,000 after purchasing an additional 35,173 shares during the last quarter. Finally, J. Safra Sarasin Holding AG raised its position in shares of Incyte by 260.9% during the 1st quarter. J. Safra Sarasin Holding AG now owns 30,341 shares of the biopharmaceutical company’s stock worth $2,853,000 after purchasing an additional 21,935 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

INCY has been the topic of several recent research reports. Stifel Nicolaus set a $123.00 price target on Incyte in a report on Tuesday, June 9th. Weiss Ratings restated a “buy (b-)” rating on shares of Incyte in a research note on Monday, June 29th. Royal Bank Of Canada increased their target price on Incyte from $95.00 to $99.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 7th. UBS Group boosted their price target on shares of Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Finally, Citigroup reaffirmed a “market perform” rating on shares of Incyte in a report on Wednesday. Eight equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $109.95.

Incyte Stock Up 1.4%

Shares of Incyte stock opened at $116.65 on Friday. The business’s fifty day moving average price is $104.61 and its two-hundred day moving average price is $100.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The company has a market capitalization of $23.30 billion, a P/E ratio of 16.48, a PEG ratio of 1.05 and a beta of 0.76. Incyte Corporation has a 1-year low of $67.17 and a 1-year high of $118.97.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.43. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.16 earnings per share. As a group, research analysts forecast that Incyte Corporation will post 6.61 EPS 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.