Norges Bank Invests $122.89 Million in Incyte Corporation $INCY

Key Points

• Norges Bank bought a new stake in Incyte during the fourth quarter, purchasing 1,244,233 shares worth about $122.9 million and ending with roughly 0.63% ownership.
• Incyte reported strong quarterly results, posting EPS of $1.81 versus the $1.38 consensus and revenue of $1.27 billion, with revenue up 20.9% year over year.
• Analyst sentiment is mixed: the stock has a Hold consensus rating with an average price target of $104, while individual targets range from $92 to $135.

Norges Bank purchased a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,244,233 shares of the biopharmaceutical company's stock, valued at approximately $122,893,000. Norges Bank owned approximately 0.63% of Incyte at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Caisse de depot et placement du Quebec increased its holdings in Incyte by 264.5% in the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company's stock valued at $127,046,000 after buying an additional 1,087,091 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Incyte by 5,218.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company's stock worth $58,950,000 after acquiring an additional 585,618 shares in the last quarter. Man Group plc boosted its stake in shares of Incyte by 52.8% during the 2nd quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company's stock worth $109,687,000 after acquiring an additional 556,243 shares in the last quarter. Squarepoint Ops LLC grew its holdings in shares of Incyte by 9,739.1% in the 2nd quarter. Squarepoint Ops LLC now owns 558,171 shares of the biopharmaceutical company's stock worth $38,011,000 after acquiring an additional 552,498 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Incyte by 1,346.2% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 571,234 shares of the biopharmaceutical company's stock worth $48,446,000 after acquiring an additional 531,734 shares during the period. Institutional investors and hedge funds own 96.97% of the company's stock.

Insiders Place Their Bets

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 262,692 shares in the company, valued at approximately $25,349,778. This represents a 6.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Incyte Stock Up 3.3%

Shares of NASDAQ:INCY opened at $101.24 on Friday. The company has a 50 day moving average of $96.29 and a two-hundred day moving average of $99.07. The company has a market capitalization of $20.23 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 0.94 and a beta of 0.79. Incyte Corporation has a 52-week low of $66.74 and a 52-week high of $112.29. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01.

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on INCY shares. HC Wainwright reaffirmed a "buy" rating and set a $135.00 price objective on shares of Incyte in a report on Thursday, May 21st. Royal Bank Of Canada lowered their target price on Incyte from $95.00 to $92.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 11th. Jefferies Financial Group cut Incyte from a "buy" rating to a "hold" rating and dropped their price target for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Sanford C. Bernstein assumed coverage on shares of Incyte in a research report on Thursday, May 21st. They set a "market perform" rating and a $99.00 target price for the company. Finally, Piper Sandler boosted their price target on Incyte from $102.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, February 6th. Nine research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Incyte currently has a consensus rating of "Hold" and an average price target of $104.00.

About Incyte

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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