Rakuten Investment Management Inc. Invests $14.65 Million in Incyte Corporation $INCY

Rakuten Investment Management Inc. bought a new position in shares of Incyte Corporation (NASDAQ:INCY) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 172,687 shares of the biopharmaceutical company’s stock, valued at approximately $14,646,000. Rakuten Investment Management Inc. owned 0.09% of Incyte as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of INCY. Arrowstreet Capital Limited Partnership grew its stake in shares of Incyte by 701.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,730,648 shares of the biopharmaceutical company’s stock worth $185,957,000 after purchasing an additional 2,390,084 shares during the period. AQR Capital Management LLC boosted its holdings in Incyte by 21.8% during the second quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock worth $558,519,000 after buying an additional 1,465,286 shares in the last quarter. Norges Bank acquired a new stake in Incyte during the second quarter valued at $96,776,000. Pacer Advisors Inc. increased its holdings in Incyte by 8,091.6% in the third quarter. Pacer Advisors Inc. now owns 1,248,642 shares of the biopharmaceutical company’s stock valued at $105,897,000 after buying an additional 1,233,399 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Incyte in the second quarter worth about $82,485,000. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Trading Up 2.0%

Shares of INCY opened at $104.67 on Thursday. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $112.29. The stock has a market cap of $20.55 billion, a PE ratio of 17.53, a price-to-earnings-growth ratio of 0.62 and a beta of 0.82. The firm’s fifty day moving average is $102.04 and its two-hundred day moving average is $90.27. The company has a quick ratio of 3.13, a current ratio of 3.20 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.61. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period last year, the firm posted $1.07 earnings per share. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. Research analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on INCY shares. Stifel Nicolaus set a $119.00 target price on Incyte in a research report on Monday, January 5th. Piper Sandler boosted their price objective on Incyte from $82.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, November 4th. Guggenheim raised Incyte from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research note on Monday, November 3rd. The Goldman Sachs Group reissued a “neutral” rating and issued a $90.00 price target on shares of Incyte in a research note on Thursday, January 8th. Finally, Wall Street Zen upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Incyte presently has an average rating of “Hold” and a consensus price target of $100.75.

Insider Buying and Selling at Incyte

In related news, EVP Mohamed Khairie Issa sold 10,856 shares of Incyte stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the transaction, the executive vice president owned 66,132 shares in the company, valued at approximately $7,213,017.24. This trade represents a 14.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Lee Heeson sold 3,074 shares of the business’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $94.02, for a total value of $289,017.48. Following the transaction, the executive vice president directly owned 29,241 shares in the company, valued at $2,749,238.82. This trade represents a 9.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 98,897 shares of company stock worth $9,869,376. 17.80% of the stock is owned by company insiders.

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.