Danske Bank A S Makes New Investment in Incyte Corporation $INCY

Danske Bank A S acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY) in the second quarter, Holdings Channel.com reports. The firm acquired 81,862 shares of the biopharmaceutical company’s stock, valued at approximately $9,280,000.

Other hedge funds have also recently modified their holdings of the company. Jacobi Capital Management LLC grew its holdings in Incyte by 0.9% during the fourth quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after acquiring an additional 99 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Incyte by 0.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock worth $1,864,000 after acquiring an additional 100 shares during the period. Smartleaf Asset Management LLC raised its position in shares of Incyte by 7.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock worth $161,000 after acquiring an additional 113 shares during the period. Bank of Nova Scotia grew its position in shares of Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after acquiring an additional 124 shares during the period. Finally, Perbak Capital Partners LLP increased its stake in shares of Incyte by 2.5% in the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock valued at $449,000 after purchasing an additional 129 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 10,801 shares of the company’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 owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction 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 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. 16.20% of the stock is owned by corporate insiders.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $127.81 on Friday. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60. The firm has a market capitalization of $25.91 billion, a PE ratio of 16.28, a P/E/G ratio of 4.03 and a beta of 0.76. The business’s 50 day moving average price is $116.17 and its 200-day moving average price is $104.17.

Incyte (NASDAQ:INCY) last posted 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. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm’s revenue was up 37.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.57 EPS. As a group, analysts expect that Incyte Corporation will post 2.61 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on INCY shares. Benchmark reiterated a “buy” rating on shares of Incyte in a research report on Thursday. Sanford C. Bernstein restated a “market perform” rating and issued a $104.00 price objective on shares of Incyte in a research report on Thursday, August 13th. UBS Group upped their target price on Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. TD Cowen reiterated a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Finally, Canaccord Genuity Group assumed coverage on shares of Incyte in a research note on Thursday. They issued a “buy” rating and a $152.00 price target on the stock. Twelve analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $123.10.

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.