Incyte Corporation $INCY Shares Acquired by Tredje AP fonden

Key Points

• Tredje AP fonden boosted its stake in Incyte by 194.5% in the fourth quarter, ending with 52,820 shares valued at about $5.2 million.
• Incyte’s latest quarterly results beat expectations, with EPS of $1.81 versus $1.38 expected and revenue of $1.27 billion, up 20.9% year over year.
• Wall Street sentiment remains mixed: analysts currently rate the stock an average of “Hold” with a consensus price target of $104.26, while the shares recently traded at $95.60.

Tredje AP fonden increased its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 194.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 52,820 shares of the biopharmaceutical company's stock after purchasing an additional 34,887 shares during the period. Tredje AP fonden's holdings in Incyte were worth $5,217,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in INCY. Oregon Public Employees Retirement Fund increased its stake in Incyte by 0.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company's stock worth $1,864,000 after acquiring an additional 100 shares during the last quarter. Bank of Nova Scotia boosted its position in shares of Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company's stock worth $1,160,000 after purchasing an additional 124 shares during the period. Perbak Capital Partners LLP raised its position in Incyte by 2.5% in the third quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company's stock valued at $449,000 after purchasing an additional 129 shares during the period. Savvy Advisors Inc. boosted its position in Incyte by 2.6% in the 4th quarter. Savvy Advisors Inc. now owns 5,339 shares of the biopharmaceutical company's stock valued at $527,000 after buying an additional 133 shares during the period. Finally, Haven Capital Group Inc. boosted its position in Incyte by 0.8% in the 4th quarter. Haven Capital Group Inc. now owns 17,985 shares of the biopharmaceutical company's stock valued at $1,776,000 after buying an additional 144 shares during the period. Hedge funds and other institutional investors own 96.97% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on INCY. Wall Street Zen lowered Incyte from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 14th. Morgan Stanley set a $102.00 price target on Incyte in a research note on Wednesday, February 11th. Weiss Ratings raised Incyte from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, April 1st. HC Wainwright reissued a "buy" rating and issued a $135.00 price objective on shares of Incyte in a report on Monday, May 4th. Finally, Wells Fargo & Company lowered their target price on shares of Incyte from $107.00 to $101.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 11th. Ten equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $104.26.

Incyte Price Performance

Incyte stock opened at $95.60 on Wednesday. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. The firm has a fifty day moving average of $95.33 and a 200-day moving average of $99.60. The firm has a market capitalization of $19.10 billion, a P/E ratio of 13.50, a PEG ratio of 0.91 and a beta of 0.79. Incyte Corporation has a 52-week low of $63.51 and a 52-week high of $112.29.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating analysts' consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm's revenue was up 20.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.16 EPS. As a group, analysts predict that Incyte Corporation will post 6.74 EPS for the current year.

Insider Activity at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction dated 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 transaction, the insider directly owned 262,692 shares in the company, valued at approximately $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The transaction 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.

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