Caisse de depot et placement du Quebec Invests $155.36 Million in Incyte Corporation $INCY

Caisse de depot et placement du Quebec bought a new stake in Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,370,503 shares of the biopharmaceutical company’s stock, valued at approximately $155,360,000. Caisse de depot et placement du Quebec owned 0.68% of Incyte at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Man Group plc bought a new stake in Incyte during the 2nd quarter valued at $108,025,000. Trails Edge Capital Partners LP purchased a new stake in shares of Incyte in the 2nd quarter valued at about $17,570,800,000. Invst LLC purchased a new position in shares of Incyte during the second quarter worth about $501,000. Jupiter Topco LLC bought a new position in shares of Incyte in the second quarter worth approximately $2,083,000. Finally, Hsbc Holdings PLC raised its stake in Incyte by 124.6% in the second quarter. Hsbc Holdings PLC now owns 1,307,743 shares of the biopharmaceutical company’s stock valued at $148,336,000 after purchasing an additional 725,375 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of Incyte stock in a transaction that occurred 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 transaction, the insider directly owned 183,200 shares of the company’s stock, valued at $23,002,592. The trade was a 5.57% decrease in their position. The sale was disclosed in a document filed 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 business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 61,441 shares of the company’s stock, valued at $7,339,741.86. The trade was 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 owned by insiders.

Analyst Ratings Changes

INCY has been the subject of a number of research reports. Mizuho boosted their price target on shares of Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. BMO Capital Markets upped their target price on shares of Incyte from $112.00 to $130.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 29th. Morgan Stanley set a $119.00 price target on Incyte in a research report on Wednesday, July 29th. Guggenheim upped their price objective on Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Finally, Benchmark reiterated a “buy” rating on shares of Incyte in a research report on Thursday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Incyte presently has a consensus rating of “Moderate Buy” and a consensus price target of $123.10.

Incyte Stock Down 1.2%

NASDAQ INCY opened at $128.12 on Thursday. The company has a 50-day simple moving average of $117.87 and a two-hundred day simple moving average of $104.74. Incyte Corporation has a 12-month low of $81.09 and a 12-month high of $132.60. The firm has a market cap of $25.97 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 4.11 and a beta of 0.76.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the business earned $1.57 earnings per share. The company’s quarterly revenue was up 37.7% on a year-over-year basis. Equities analysts expect that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

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.