Arbejdsmarkedets Tillaegspension Purchases Shares of 244,419 Incyte Corporation $INCY

Key Points

• Arbejdsmarkedets Tillaegspension opened a new position in Incyte during the fourth quarter, buying 244,419 shares worth about $24.1 million. The stake represented roughly 0.12% of the company.
• Incyte reported better-than-expected quarterly results, posting EPS of $1.81 versus estimates of $1.38 and revenue of $1.27 billion versus $1.22 billion expected. Revenue rose 20.9% year over year.
• Despite solid earnings and some analyst price-target adjustments, the stock was down 1.2% in Friday trading, and the overall analyst consensus remains Hold with an average price target of $104.26.

Arbejdsmarkedets Tillaegspension purchased a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 244,419 shares of the biopharmaceutical company's stock, valued at approximately $24,141,000. Arbejdsmarkedets Tillaegspension owned approximately 0.12% of Incyte at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. LSV Asset Management raised its position in Incyte by 3.2% in the 3rd quarter. LSV Asset Management now owns 3,986,097 shares of the biopharmaceutical company's stock valued at $338,061,000 after purchasing an additional 124,266 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Incyte by 13.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company's stock valued at $263,246,000 after acquiring an additional 373,298 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of Incyte by 7.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company's stock valued at $245,028,000 after acquiring an additional 161,405 shares during the last quarter. Man Group plc increased its holdings in shares of Incyte by 20.0% in the 3rd quarter. Man Group plc now owns 1,933,547 shares of the biopharmaceutical company's stock valued at $163,984,000 after acquiring an additional 322,877 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of Incyte by 34.7% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,743,794 shares of the biopharmaceutical company's stock valued at $147,891,000 after acquiring an additional 448,911 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Down 1.2%

Incyte stock opened at $97.63 on Friday. Incyte Corporation has a twelve month low of $61.10 and a twelve month high of $112.29. The stock has a 50 day moving average of $95.45 and a two-hundred day moving average of $99.52. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $19.50 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 0.95 and a beta of 0.79.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping analysts' consensus estimates of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company had revenue of $1.27 billion during the quarter, compared to analysts' expectations of $1.22 billion. During the same period last year, the firm earned $1.16 EPS. The firm's revenue for the quarter was up 20.9% on a year-over-year basis. As a group, research analysts expect that Incyte Corporation will post 6.73 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Weiss Ratings upgraded Incyte from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, April 1st. Piper Sandler increased their price objective on Incyte from $102.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, February 6th. Royal Bank Of Canada dropped their price objective on Incyte from $95.00 to $92.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 11th. UBS Group dropped their price objective on Incyte from $104.00 to $94.00 and set a "neutral" rating on the stock in a report on Wednesday, March 25th. Finally, Morgan Stanley set a $102.00 price objective on Incyte in a report on Wednesday, February 11th. Ten analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Incyte presently has an average rating of "Hold" and a consensus price target of $104.26.

Insiders Place Their Bets

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the firm's stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the sale, the insider directly owned 262,692 shares of the company's stock, valued at $25,349,778. This trade represents a 6.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.

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