CIBC Asset Management Inc Acquires 15,397 Shares of Incyte Corporation $INCY

CIBC Asset Management Inc raised its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 61.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 40,478 shares of the biopharmaceutical company’s stock after purchasing an additional 15,397 shares during the quarter. CIBC Asset Management Inc’s holdings in Incyte were worth $3,998,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. Norges Bank bought a new stake in shares of Incyte in the 4th quarter worth about $122,893,000. Caisse de depot et placement du Quebec lifted 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 worth $127,046,000 after acquiring an additional 1,087,091 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted 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 worth $58,950,000 after acquiring an additional 585,618 shares during the last quarter. Man Group plc lifted its holdings in shares of Incyte by 52.8% in the 2nd quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company’s stock worth $109,687,000 after acquiring an additional 556,243 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in shares of Incyte by 9,739.1% in the 2nd quarter. Squarepoint Ops LLC now owns 558,171 shares of the biopharmaceutical company’s stock worth $38,011,000 after acquiring an additional 552,498 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Insiders Place Their Bets

In related news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction dated 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 completion of the sale, the insider owned 262,692 shares in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on INCY. Morgan Stanley set a $102.00 target price on shares of Incyte in a report on Wednesday, February 11th. Jefferies Financial Group lowered shares of Incyte from a “buy” rating to a “hold” rating and lowered their target price for the stock from $120.00 to $94.00 in a report on Monday, March 16th. Barclays restated an “overweight” rating on shares of Incyte in a report on Tuesday, March 24th. Weiss Ratings upgraded shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Finally, Stifel Nicolaus raised their target price on shares of Incyte from $120.00 to $123.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $104.00.

Incyte Trading Up 1.1%

Shares of INCY opened at $102.38 on Friday. Incyte Corporation has a 1-year low of $66.74 and a 1-year high of $112.29. The company has a 50-day moving average of $96.49 and a 200 day moving average of $99.09. The firm has a market capitalization of $20.45 billion, a price-to-earnings ratio of 14.46, a PEG ratio of 0.99 and a beta of 0.79. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating 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 company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter last year, the business posted $1.16 EPS. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. On average, research analysts expect that Incyte Corporation will post 6.65 EPS for the current year.

Incyte 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.