Incyte Corporation $INCY Shares Sold by Andra AP fonden

Key Points

• Andra AP fonden cut its Incyte stake by 34% in the second quarter, selling 88,100 shares and retaining 170,948 shares valued at approximately $19.4 million.
• Other major institutional investors increased their positions, while institutional investors collectively own 96.97% of Incyte’s stock.
• Incyte reported quarterly EPS of $3.09, beating estimates by $0.94, and revenue of $1.67 billion, up 37.7% year over year. Analysts rate the stock a “Moderate Buy,” with a consensus price target of $124.05.

Andra AP fonden decreased its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 34.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 170,948 shares of the biopharmaceutical company's stock after selling 88,100 shares during the period. Andra AP fonden owned approximately 0.08% of Incyte worth $19,379,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in INCY. BlackRock Inc. bought a new position in Incyte in the 2nd quarter worth approximately $2,044,189,000. Geode Capital Management LLC boosted its position in Incyte by 11.3% during the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company's stock worth $491,500,000 after acquiring an additional 506,842 shares during the period. Wellington Management Group LLP boosted its position in Incyte by 9.5% during the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company's stock worth $405,321,000 after acquiring an additional 309,385 shares during the period. Los Angeles Capital Management LLC grew its stake in shares of Incyte by 30.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,288,874 shares of the biopharmaceutical company's stock worth $211,927,000 after purchasing an additional 527,703 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Incyte by 10.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company's stock valued at $185,873,000 after purchasing an additional 187,354 shares during the period. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Performance

Shares of NASDAQ:INCY traded up $1.22 during trading hours on Tuesday, hitting $125.87. 432,966 shares of the company's stock traded hands, compared to its average volume of 1,716,643. The company's fifty day simple moving average is $122.71 and its two-hundred day simple moving average is $107.73. The company has a market cap of $25.51 billion, a price-to-earnings ratio of 16.03, a price-to-earnings-growth ratio of 3.64 and a beta of 0.77. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60.

Incyte (NASDAQ:INCY - Get Free Report) last released its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business's quarterly revenue was up 37.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.57 earnings per share. On average, analysts anticipate that Incyte Corporation will post 2.64 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the business's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the sale, the insider directly owned 183,200 shares of the company's stock, valued at $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of the company's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the sale, the executive vice president directly owned 61,441 shares of the company's stock, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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

Several equities research analysts recently weighed in on INCY shares. JPMorgan Chase & Co. upped their price objective on shares of Incyte from $105.00 to $110.00 and gave the stock a "neutral" rating in a report on Thursday, July 23rd. Piper Sandler raised their target price on shares of Incyte from $110.00 to $130.00 and gave the company an "overweight" rating in a research note on Monday, August 17th. Morgan Stanley set a $119.00 price target on shares of Incyte in a research note on Wednesday, July 29th. Oppenheimer reiterated a "market perform" rating and issued a $120.00 price objective on shares of Incyte in a report on Tuesday, July 28th. Finally, Citigroup reiterated a "buy" rating on shares of Incyte in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat, Incyte has an average rating of "Moderate Buy" and a consensus target price of $124.05.

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte's commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.

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