Legal & General Group Plc Sells 209,822 Shares of Incyte Corporation $INCY

Legal & General Group Plc trimmed its position in Incyte Corporation (NASDAQ:INCY) by 12.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,469,147 shares of the biopharmaceutical company’s stock after selling 209,822 shares during the quarter. Legal & General Group Plc’s holdings in Incyte were worth $145,108,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of INCY. Caisse de depot et placement du Quebec raised its holdings in shares of Incyte by 264.5% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock valued at $127,046,000 after purchasing an additional 1,087,091 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Incyte by 5,218.5% in 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 purchasing an additional 585,618 shares during the period. Man Group plc grew its stake in Incyte by 52.8% in the 2nd quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company’s stock valued at $109,687,000 after buying an additional 556,243 shares during the last quarter. Squarepoint Ops LLC grew its stake in Incyte by 9,739.1% in the 2nd quarter. Squarepoint Ops LLC now owns 558,171 shares of the biopharmaceutical company’s stock valued at $38,011,000 after buying an additional 552,498 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ grew its stake in Incyte by 1,346.2% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 571,234 shares of the biopharmaceutical company’s stock valued at $48,446,000 after buying an additional 531,734 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

Insider Activity

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the transaction, the insider owned 262,692 shares in the company, valued at $25,349,778. This represents a 6.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on INCY. Barclays reiterated an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. UBS Group decreased their price target on shares of Incyte from $104.00 to $94.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 25th. Citigroup reiterated a “buy” rating on shares of Incyte in a research note on Thursday, May 21st. HC Wainwright reiterated a “buy” rating and issued a $135.00 price target on shares of Incyte in a research note on Thursday, May 21st. Finally, Morgan Stanley set a $102.00 price target on shares of Incyte in a research note on Wednesday, February 11th. Ten analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Incyte has a consensus rating of “Hold” and an average price target of $104.00.

Incyte Stock Performance

Shares of NASDAQ:INCY opened at $97.50 on Friday. The company’s 50 day moving average price is $95.75 and its two-hundred day moving average price is $99.41. Incyte Corporation has a 12-month low of $63.92 and a 12-month high of $112.29. The firm has a market cap of $19.48 billion, a PE ratio of 13.77, a PEG ratio of 0.93 and a beta of 0.79. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the business posted $1.16 EPS. The business’s revenue was up 20.9% compared to the same quarter last year. Equities research analysts predict that Incyte Corporation will post 6.74 earnings per share for the current year.

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.