Principal Financial Group Inc. Raises Stake in Incyte Corporation $INCY

Principal Financial Group Inc. lifted its stake in shares of Incyte Corporation (NASDAQ:INCY) by 3.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 215,319 shares of the biopharmaceutical company’s stock after acquiring an additional 7,564 shares during the period. Principal Financial Group Inc. owned 0.11% of Incyte worth $18,261,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of INCY. Transcend Capital Advisors LLC increased its position in Incyte by 25.4% during the third quarter. Transcend Capital Advisors LLC now owns 8,038 shares of the biopharmaceutical company’s stock worth $682,000 after purchasing an additional 1,628 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Incyte by 106.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 76,911 shares of the biopharmaceutical company’s stock valued at $6,522,000 after buying an additional 39,660 shares during the period. Frank Rimerman Advisors LLC acquired a new stake in shares of Incyte during the 3rd quarter worth approximately $200,000. National Pension Service purchased a new stake in shares of Incyte during the 3rd quarter valued at approximately $1,569,000. Finally, Significant Wealth Partners LLC lifted its holdings in Incyte by 8.1% in the third quarter. Significant Wealth Partners LLC now owns 9,676 shares of the biopharmaceutical company’s stock valued at $821,000 after acquiring an additional 728 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Stock Up 5.5%

Shares of NASDAQ:INCY opened at $108.39 on Monday. The firm has a market capitalization of $21.28 billion, a PE ratio of 18.16, a price-to-earnings-growth ratio of 0.65 and a beta of 0.82. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $112.29. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13. The firm’s 50-day moving average is $101.69 and its two-hundred day moving average is $93.29.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. 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. Royal Bank Of Canada increased their price target on Incyte from $81.00 to $84.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 29th. HC Wainwright assumed coverage on shares of Incyte in a report on Thursday. They issued a “buy” rating and a $135.00 price objective on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Incyte in a research report on Thursday, January 22nd. Finally, Barclays lifted their price target on shares of Incyte from $115.00 to $116.00 and gave the company an “overweight” rating in a research report on Wednesday. Nine investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $103.29.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Steven H. Stein sold 20,105 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total value of $2,060,963.55. Following the completion of the transaction, the executive vice president owned 63,129 shares of the company’s stock, valued at $6,471,353.79. This trade represents a 24.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president owned 66,132 shares of the company’s stock, valued at approximately $7,213,017.24. This trade represents a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 95,225 shares of company stock valued at $9,519,745 in the last quarter. Corporate insiders own 17.80% of the company’s stock.

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.