Canada Pension Plan Investment Board Boosts Stock Position in Incyte Corporation $INCY

Key Points

• The Canada Pension Plan Investment Board increased its stake in Incyte Corporation by 148.4% in the first quarter, owning 245,926 shares valued at approximately $14.89 million as of the latest reporting period.
• Incyte's stock has attracted further attention from institutional investors, with 96.97% of its shares currently held by hedge funds and other institutions.
• Analysts have varying ratings on Incyte, with seven giving it a Buy rating, while the average target price is set at $81.60.

Canada Pension Plan Investment Board raised its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 148.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 245,926 shares of the biopharmaceutical company's stock after acquiring an additional 146,926 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.13% of Incyte worth $14,891,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in shares of Incyte by 0.7% in the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock worth $12,954,000 after buying an additional 1,419 shares during the period. Amalgamated Bank raised its stake in shares of Incyte by 1.9% in the first quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock worth $1,910,000 after buying an additional 591 shares during the period. Asset Management One Co. Ltd. raised its stake in shares of Incyte by 0.8% in the first quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock worth $5,451,000 after buying an additional 747 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Incyte by 474.1% in the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock worth $94,000 after buying an additional 1,280 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Incyte by 10.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,026 shares of the biopharmaceutical company's stock worth $1,577,000 after buying an additional 2,559 shares during the period. Institutional investors own 96.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on INCY. Barclays began coverage on Incyte in a research note on Friday, August 1st. They issued an "overweight" rating and a $90.00 price objective on the stock. Bank of America increased their target price on Incyte from $90.00 to $104.00 and gave the stock a "buy" rating in a research report on Thursday. JPMorgan Chase & Co. increased their target price on Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, August 22nd. Citigroup increased their target price on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Finally, Truist Financial increased their target price on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research report on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $82.53.

Incyte Price Performance

NASDAQ INCY traded up $1.20 during trading on Friday, hitting $86.64. 1,387,671 shares of the stock traded hands, compared to its average volume of 1,693,140. The company has a market capitalization of $16.92 billion, a P/E ratio of 19.69, a price-to-earnings-growth ratio of 0.67 and a beta of 0.75. The firm has a 50-day simple moving average of $76.83 and a 200-day simple moving average of $68.67. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $87.99.

Insider Buying and Selling

In other news, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the transaction, the executive vice president owned 26,504 shares in the company, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 10,903 shares of Incyte stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total value of $743,039.45. Following the completion of the transaction, the executive vice president owned 39,744 shares of the company's stock, valued at approximately $2,708,553.60. This trade represents a 21.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,098 shares of company stock worth $3,836,196 in the last 90 days. Company insiders own 17.80% of the company's stock.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.