7,280 Shares in Incyte Corporation $INCY Purchased by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. purchased a new stake in Incyte Corporation (NASDAQ:INCY) in the second quarter, Holdings Channel reports. The firm purchased 7,280 shares of the biopharmaceutical company’s stock, valued at approximately $825,000.

A number of other large investors have also recently added to or reduced their stakes in INCY. BlackRock Inc. acquired a new position in Incyte in the 2nd quarter valued at about $2,044,189,000. Deutsche Bank AG acquired a new stake in shares of Incyte in the 2nd quarter valued at $143,172,000. Norges Bank purchased a new stake in Incyte during the 4th quarter worth about $122,893,000. Caisse de depot et placement du Quebec lifted its stake in Incyte by 264.5% during the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock worth $127,046,000 after purchasing an additional 1,087,091 shares during the last quarter. Finally, Marshall Wace LLP grew its position in shares of Incyte by 6,586.4% in the 4th quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock valued at $105,930,000 after buying an additional 1,056,451 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the 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 in the company, valued at $7,339,741.86. This represents a 40.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on INCY shares. JPMorgan Chase & Co. raised their price target on Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, July 23rd. Barclays raised their target price on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Weiss Ratings raised Incyte from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Truist Financial boosted their price target on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Finally, BMO Capital Markets raised 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. Ten equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to MarketBeat, Incyte currently has an average rating of “Hold” and an average target price of $121.65.

Incyte Stock Performance

Shares of INCY stock opened at $128.47 on Thursday. The firm has a market capitalization of $26.04 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 3.91 and a beta of 0.76. The stock has a fifty day moving average of $115.40 and a two-hundred day moving average of $103.81. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.94. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company’s revenue was up 37.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.57 earnings per share. Equities research analysts predict 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.