KLP Kapitalforvaltning AS Has $8.97 Million Stock Position in Incyte Corporation $INCY

Key Points

• KLP Kapitalforvaltning AS increased its stake in Incyte Corporation by 140.3% during Q2 2023, acquiring an additional 76,900 shares for a total holding worth $8.97 million.
• Institutional investors now own approximately 96.97% of Incyte's stock, indicating strong investor confidence in the company.
• Recent analyst reports suggest a bullish outlook, with Bank of America raising Incyte's price target to $104.00 and several analysts issuing "buy" ratings.

KLP Kapitalforvaltning AS increased its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 140.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 131,705 shares of the biopharmaceutical company's stock after acquiring an additional 76,900 shares during the quarter. KLP Kapitalforvaltning AS owned about 0.07% of Incyte worth $8,969,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Belpointe Asset Management LLC acquired a new position in shares of Incyte in the second quarter worth approximately $217,000. Strid Group LLC acquired a new position in Incyte in the second quarter valued at approximately $999,000. LGT Fund Management Co Ltd. acquired a new position in Incyte in the second quarter valued at approximately $3,555,000. Hilltop National Bank acquired a new position in Incyte in the second quarter valued at approximately $37,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Incyte by 9.2% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,433 shares of the biopharmaceutical company's stock valued at $1,936,000 after buying an additional 2,407 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Bank of America boosted their price target on Incyte from $90.00 to $104.00 and gave the company a "buy" rating in a research note on Thursday, September 4th. UBS Group reissued a "neutral" rating and issued a $68.00 price target (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Weiss Ratings restated a "hold (c+)" rating on shares of Incyte in a report on Wednesday. Barclays started coverage on Incyte in a report on Friday, August 1st. They set an "overweight" rating and a $90.00 price objective for the company. Finally, Guggenheim restated a "neutral" rating on shares of Incyte in a report on Friday, September 19th. Five equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Incyte currently has a consensus rating of "Hold" and a consensus price target of $84.79.

Incyte Trading Down 0.7%

Shares of Incyte stock opened at $84.75 on Friday. The stock has a fifty day simple moving average of $84.16 and a 200 day simple moving average of $71.42. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $88.66. The company has a market capitalization of $16.55 billion, a P/E ratio of 19.26, a price-to-earnings-growth ratio of 0.67 and a beta of 0.73. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01.

Insider Buying and Selling

In related news, EVP Vijay K. Iyengar sold 1,177 shares of the company's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $82,225.22. Following the completion of the sale, the executive vice president owned 35,929 shares in the company, valued at approximately $2,509,999.94. This represents a 3.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Steven H. Stein sold 3,706 shares of the company's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $67.94, for a total value of $251,785.64. Following the sale, the executive vice president owned 102,886 shares of the company's stock, valued at $6,990,074.84. This trade represents a 3.48% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,257 shares of company stock worth $2,487,927. 17.80% of the stock is owned by corporate insiders.

Incyte 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.

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