Fjarde AP Fonden Fourth Swedish National Pension Fund Boosts Stake in Incyte Corporation $INCY

Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in Incyte Corporation (NASDAQ:INCY) by 60.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 175,469 shares of the biopharmaceutical company’s stock after acquiring an additional 66,250 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund owned 0.09% of Incyte worth $16,515,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in Incyte in the first quarter worth approximately $4,951,000. iA Global Asset Management Inc. boosted its holdings in shares of Incyte by 20.5% in the 1st quarter. iA Global Asset Management Inc. now owns 19,346 shares of the biopharmaceutical company’s stock valued at $1,821,000 after buying an additional 3,290 shares in the last quarter. Element Squared LLC purchased a new position in shares of Incyte in the 1st quarter valued at approximately $2,255,000. Impact Partnership Wealth LLC boosted its position in Incyte by 2.6% in the first quarter. Impact Partnership Wealth LLC now owns 12,971 shares of the biopharmaceutical company’s stock valued at $1,221,000 after buying an additional 334 shares during the last quarter. Finally, MQS Management LLC increased its holdings in Incyte by 68.4% in the 1st quarter. MQS Management LLC now owns 4,857 shares of the biopharmaceutical company’s stock worth $457,000 after buying an additional 1,972 shares during the period. Institutional investors own 96.97% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on INCY. HC Wainwright reiterated a “buy” rating and set a $140.00 target price on shares of Incyte in a research report on Wednesday, June 24th. Jefferies Financial Group downgraded shares of Incyte from a “buy” rating to a “hold” rating and decreased their price objective for the company from $120.00 to $94.00 in a report on Monday, March 16th. Stifel Nicolaus set a $123.00 price target on shares of Incyte in a research report on Tuesday, June 9th. Oppenheimer reiterated a “market perform” rating and issued a $107.00 target price on shares of Incyte in a report on Monday, June 8th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Incyte in a research note on Monday. Eight research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Incyte has an average rating of “Hold” and an average target price of $107.85.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $116.86 on Friday. The firm has a market capitalization of $23.35 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 1.07 and a beta of 0.76. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The business’s 50 day simple moving average is $101.13 and its 200-day simple moving average is $99.85. Incyte Corporation has a 12 month low of $66.85 and a 12 month high of $118.69.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the previous year, the firm posted $1.16 earnings per share. The business’s revenue for the quarter was up 20.9% compared to the same quarter last year. As a group, equities analysts forecast that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

Insider Activity at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the transaction, the insider directly owned 262,692 shares in the company, valued at $25,349,778. This represents a 6.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by corporate insiders.

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.