57,088 Shares in Incyte Corporation $INCY Acquired by Munich Reinsurance Co Stock Corp in Munich

Munich Reinsurance Co Stock Corp in Munich bought a new position in Incyte Corporation (NASDAQ:INCY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 57,088 shares of the biopharmaceutical company’s stock, valued at approximately $6,471,000.

Other institutional investors have also recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its position in shares of Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock worth $763,000 after buying an additional 9,913 shares during the period. Jones Financial Companies Lllp lifted its position in shares of Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock valued at $299,000 after acquiring an additional 648 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock valued at $49,322,000 after acquiring an additional 48,751 shares during the period. United Services Automobile Association bought a new position in Incyte during the first quarter worth $219,000. Finally, Focus Partners Wealth boosted its stake in Incyte by 74.1% during the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after acquiring an additional 8,951 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was 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 of the company’s stock, valued at approximately $23,002,592. The trade was a 5.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible 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 the stock in a transaction that occurred 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. This trade represents a 40.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

INCY has been the subject of several research analyst reports. Citigroup reaffirmed a “buy” rating on shares of Incyte in a research note on Monday, August 3rd. Leerink Partners increased their price objective on shares of Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Oppenheimer restated a “market perform” rating and issued a $120.00 target price on shares of Incyte in a research note on Tuesday, July 28th. UBS Group boosted their target price on Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Finally, Mizuho upped their price target on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $124.05.

Incyte Trading Down 1.0%

Shares of INCY stock opened at $126.75 on Friday. The firm has a fifty day simple moving average of $120.87 and a two-hundred day simple moving average of $105.87. Incyte Corporation has a 12 month low of $81.09 and a 12 month high of $132.60. The firm has a market capitalization of $25.69 billion, a PE ratio of 16.15, a price-to-earnings-growth ratio of 3.72 and a beta of 0.77.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same period last year, the firm earned $1.57 earnings per share. On average, equities analysts predict that Incyte Corporation will post 2.64 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.