The Manufacturers Life Insurance Company Makes New $10.92 Million Investment in Incyte Corporation $INCY

The Manufacturers Life Insurance Company acquired a new position in Incyte Corporation (NASDAQ:INCY) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 96,319 shares of the biopharmaceutical company’s stock, valued at approximately $10,919,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Twin Capital Management Inc. purchased a new stake in shares of Incyte during the first quarter valued at approximately $875,000. BlackRock Inc. purchased a new position in shares of Incyte in the second quarter worth $2,044,189,000. Northwestern Mutual Wealth Management Co. raised its holdings in Incyte by 5,218.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock valued at $58,950,000 after buying an additional 585,618 shares during the last quarter. Sector Gamma AS boosted its position in Incyte by 6.7% during the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock valued at $21,609,000 after buying an additional 13,669 shares during the period. Finally, Mediolanum International Funds Ltd grew its holdings in Incyte by 25.4% in the 1st quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company’s stock worth $5,447,000 after acquiring an additional 12,227 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Down 2.6%

NASDAQ INCY opened at $124.37 on Friday. The firm has a market capitalization of $25.21 billion, a PE ratio of 15.84, a P/E/G ratio of 3.91 and a beta of 0.76. The stock’s 50 day moving average is $118.99 and its 200 day moving average is $105.01. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating 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 business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. During the same quarter last year, the firm posted $1.57 earnings per share. The company’s revenue for the quarter was up 37.7% on a year-over-year basis. On average, research analysts anticipate that Incyte Corporation will post 2.64 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on INCY shares. Canaccord Genuity Group initiated coverage on shares of Incyte in a research note on Thursday, August 20th. They set a “buy” rating and a $152.00 price objective for the company. Benchmark reaffirmed a “buy” rating on shares of Incyte in a research report on Thursday, August 20th. Oppenheimer reiterated a “market perform” rating and issued a $120.00 price objective on shares of Incyte in a research report on Tuesday, July 28th. Royal Bank Of Canada upped their target price on Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a report on Wednesday, July 29th. Finally, Weiss Ratings raised Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat, Incyte currently has an average rating of “Moderate Buy” and a consensus price target of $123.10.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction on Friday, July 31st. The stock was 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 directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Incyte Company 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.