Incyte Corporation $INCY Position Boosted by Arbejdsmarkedets Tillaegspension

Key Points

• Arbejdsmarkedets Tillaegspension increased its stake in Incyte by 14.4% in the first quarter, adding 35,173 shares and making the stock its 10th-largest holding.
• Incyte reported better-than-expected quarterly results, with EPS of $1.81 versus $1.38 expected and revenue of $1.27 billion, up 20.9% year over year.
• Wall Street’s view remains cautious overall: the stock has a consensus Hold rating with an average price target of $108.20, even after several analysts adjusted targets and ratings.

Arbejdsmarkedets Tillaegspension lifted its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 14.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 279,592 shares of the biopharmaceutical company's stock after purchasing an additional 35,173 shares during the quarter. Incyte accounts for 0.7% of Arbejdsmarkedets Tillaegspension's portfolio, making the stock its 10th largest position. Arbejdsmarkedets Tillaegspension owned about 0.14% of Incyte worth $26,315,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Geode Capital Management LLC boosted its position in Incyte by 11.3% during the fourth quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company's stock valued at $491,500,000 after purchasing an additional 506,842 shares during the last quarter. Invesco Ltd. increased its position in Incyte by 13.2% in the 4th quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company's stock worth $343,105,000 after purchasing an additional 405,611 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Incyte by 13.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company's stock worth $263,246,000 after purchasing an additional 373,298 shares during the last quarter. Morgan Stanley raised its stake in shares of Incyte by 0.9% during the 4th quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company's stock worth $263,106,000 after purchasing an additional 23,087 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Incyte by 7.0% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company's stock worth $245,028,000 after purchasing an additional 161,405 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Performance

INCY opened at $116.71 on Monday. The stock's 50 day simple moving average is $103.20 and its 200-day simple moving average is $100.50. 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 cap of $23.32 billion, a PE ratio of 16.48, a P/E/G ratio of 1.07 and a beta of 0.76. Incyte Corporation has a 1 year low of $67.17 and a 1 year high of $118.97.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data 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 return on equity of 26.66% and a net margin of 26.71%.The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the company posted $1.16 EPS. The company's revenue was up 20.9% compared to the same quarter last year. Sell-side analysts forecast that Incyte Corporation will post 6.61 EPS for the current year.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction 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 trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

INCY has been the topic of several recent research reports. TD Cowen reaffirmed a "hold" rating on shares of Incyte in a research report on Tuesday, June 9th. Jefferies Financial Group lowered shares of Incyte from a "buy" rating to a "hold" rating and dropped their price target for the stock from $120.00 to $94.00 in a research note on Monday, March 16th. Stifel Nicolaus set a $123.00 price target on shares of Incyte in a report on Tuesday, June 9th. UBS Group lifted their price objective on shares of Incyte from $103.00 to $113.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Incyte in a report on Monday, June 29th. Eight analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $108.20.

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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