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

Key Points

• The Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in Incyte Corporation by 28.7% during Q1, bringing its total to 95,564 shares valued at approximately $5.79 million.
• Several institutional investors have increased their stakes in Incyte, with the combined ownership by institutional investors now at 96.97% of the company's stock.
• Wall Street analysts remain divided on Incyte's stock, with one sell rating, ten hold ratings, seven buy ratings, and an average target price of $81.20.

Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 28.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 95,564 shares of the biopharmaceutical company's stock after buying an additional 21,300 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Incyte were worth $5,786,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in INCY. Neuberger Berman Group LLC acquired a new position in Incyte during the first quarter valued at $587,000. E Fund Management Co. Ltd. increased its holdings in Incyte by 8.7% in the first quarter. E Fund Management Co. Ltd. now owns 19,754 shares of the biopharmaceutical company's stock valued at $1,196,000 after buying an additional 1,577 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. increased its holdings in Incyte by 11.7% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,669 shares of the biopharmaceutical company's stock valued at $464,000 after buying an additional 806 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in Incyte by 161.2% in the first quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock valued at $52,000 after buying an additional 527 shares in the last quarter. Finally, S Bank Fund Management Ltd purchased a new position in Incyte in the first quarter valued at $136,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Trading Up 0.6%

NASDAQ:INCY traded up $0.4860 on Wednesday, hitting $85.9460. The stock had a trading volume of 755,254 shares, compared to its average volume of 1,875,969. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The stock has a market cap of $16.78 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 0.67 and a beta of 0.71. The company has a fifty day moving average price of $72.52 and a two-hundred day moving average price of $67.40. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $87.24.

Insider Activity

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

Analysts Set New Price Targets

A number of research analysts have weighed in on INCY shares. Barclays started coverage on shares of Incyte in a report on Friday, August 1st. They issued an "overweight" rating and a $90.00 price objective for the company. JPMorgan Chase & Co. cut their price objective on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a report on Monday, July 14th. UBS Group reissued a "neutral" rating and set a $68.00 target price (up previously from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Citigroup boosted their target price on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $81.20.

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.