Forsta AP Fonden Has $1.88 Million Stake in Incyte Corporation (NASDAQ:INCY)

Key Points

• Forsta AP Fonden reduced its holdings in Incyte Corporation by 70.4%, owning 31,000 shares valued at $1,877,000 after selling 73,700 shares in the first quarter.
• Several large investors, including NBC Securities and Farther Finance Advisors, have significantly increased their positions in Incyte, indicating growing institutional interest.
• Research analysts have raised target prices for Incyte, with Citigroup increasing their target from $88 to $103 and multiple analysts giving it a combination of "buy" and "hold" ratings.

Forsta AP Fonden reduced its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 70.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,000 shares of the biopharmaceutical company's stock after selling 73,700 shares during the period. Forsta AP Fonden's holdings in Incyte were worth $1,877,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. AQR Capital Management LLC grew its position in Incyte by 29.7% during the 4th quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock worth $241,519,000 after acquiring an additional 801,090 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in Incyte by 861.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company's stock worth $61,587,000 after buying an additional 798,877 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Incyte by 581.3% during the 1st quarter. Victory Capital Management Inc. now owns 813,140 shares of the biopharmaceutical company's stock worth $49,236,000 after buying an additional 693,782 shares in the last quarter. Jupiter Asset Management Ltd. lifted its holdings in Incyte by 469.9% during the 1st quarter. Jupiter Asset Management Ltd. now owns 829,764 shares of the biopharmaceutical company's stock worth $50,242,000 after buying an additional 684,171 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Incyte by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company's stock worth $1,210,868,000 after buying an additional 417,346 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Stock Up 0.9%

Shares of NASDAQ INCY traded up $0.76 during mid-day trading on Friday, hitting $86.92. The company had a trading volume of 1,883,502 shares, compared to its average volume of 1,899,944. The company has a market capitalization of $16.97 billion, a PE ratio of 19.75, a price-to-earnings-growth ratio of 0.68 and a beta of 0.71. The firm has a 50-day simple moving average of $71.91 and a two-hundred day simple moving average of $67.29. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. Incyte Corporation has a one year low of $53.56 and a one year high of $87.06.

Insider Buying and Selling

In related news, EVP Vijay K. Iyengar sold 8,617 shares of Incyte stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total transaction of $587,248.55. Following the completion of the transaction, the executive vice president owned 37,701 shares in the company, valued at approximately $2,569,323.15. This trade represents a 18.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 10,903 shares of Incyte stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total value of $743,039.45. Following the transaction, the executive vice president owned 39,744 shares of the company's stock, valued at $2,708,553.60. The trade was a 21.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock worth $3,836,196 over the last 90 days. 17.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Truist Financial upped their price objective on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. BMO Capital Markets reissued an "underperform" rating and issued a $60.00 price target (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Wells Fargo & Company raised Incyte from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $67.00 to $89.00 in a research note on Wednesday, August 6th. Wall Street Zen raised Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. cut their price target on Incyte from $68.00 to $67.00 and set a "neutral" rating on the stock in a research note on Monday, July 14th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $81.20.

About Incyte

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.