Incyte Corporation $INCY Shares Bought by Fjarde AP Fonden Fourth Swedish National Pension Fund

Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Incyte Corporation (NASDAQ:INCY) by 60.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 175,469 shares of the biopharmaceutical company’s stock after purchasing an additional 66,250 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Incyte were worth $16,515,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of INCY. Norges Bank acquired a new stake in Incyte in the 4th quarter valued at $122,893,000. Caisse de depot et placement du Quebec increased 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 period. Marshall Wace LLP increased its holdings in shares of Incyte by 6,586.4% during the fourth quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock valued at $105,930,000 after purchasing an additional 1,056,451 shares during the period. Wellington Management Group LLP raised its position in Incyte by 3,406.8% in the fourth quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock worth $73,028,000 after acquiring an additional 718,294 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position 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. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on INCY shares. Weiss Ratings restated a “buy (b-)” rating on shares of Incyte in a research report on Monday. Jefferies Financial Group downgraded Incyte from a “buy” rating to a “hold” rating and lowered their price target for the company from $120.00 to $94.00 in a report on Monday, March 16th. Sanford C. Bernstein initiated coverage on Incyte in a research note on Thursday, May 21st. They set a “market perform” rating and a $99.00 price target on the stock. Truist Financial lifted their price target on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Finally, TD Cowen reissued a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Eight equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $107.85.

Incyte Stock Performance

Shares of INCY stock opened at $116.86 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The company has a market capitalization of $23.35 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 1.07 and a beta of 0.76. The company’s 50 day moving average price is $101.13 and its two-hundred day moving average price is $99.85. Incyte Corporation has a 52 week low of $66.85 and a 52 week high of $118.69.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the company earned $1.16 earnings per share. The business’s quarterly revenue was up 20.9% compared to the same quarter last year. On average, analysts expect that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the transaction, the insider directly owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. This represents a 6.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% 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.