Forsta AP Fonden Cuts Stock Position in Incyte Co. (NASDAQ:INCY)

Forsta AP Fonden decreased its holdings in shares of Incyte Co. (NASDAQ:INCY) by 17.0% during the second quarter, Holdings Channel.com reports. The fund owned 68,100 shares of the biopharmaceutical company’s stock after selling 13,900 shares during the period. Forsta AP Fonden’s holdings in Incyte were worth $4,128,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of INCY. Norges Bank purchased a new stake in shares of Incyte during the fourth quarter worth about $123,253,000. KBC Group NV grew its stake in shares of Incyte by 842.2% during the fourth quarter. KBC Group NV now owns 955,749 shares of the biopharmaceutical company’s stock worth $60,011,000 after acquiring an additional 854,311 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Incyte by 28.0% during the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock worth $215,833,000 after acquiring an additional 779,243 shares during the last quarter. Swedbank AB purchased a new stake in shares of Incyte during the first quarter worth about $37,440,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Incyte by 122.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock worth $54,116,000 after acquiring an additional 490,680 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 8,148 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the transaction, the executive vice president now directly owns 50,534 shares in the company, valued at approximately $3,032,040. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Barry P. Flannelly sold 1,306 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total transaction of $83,832.14. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $3,725,715.98. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 8,148 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total value of $488,880.00. Following the transaction, the executive vice president now owns 50,534 shares of the company’s stock, valued at $3,032,040. The disclosure for this sale can be found here. Insiders sold a total of 25,025 shares of company stock worth $1,662,682 in the last three months. 17.50% of the stock is owned by corporate insiders.

Incyte Stock Up 0.3 %

Shares of NASDAQ:INCY opened at $63.56 on Friday. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average of $63.87 and a two-hundred day moving average of $59.56. The stock has a market cap of $14.27 billion, a P/E ratio of 19.26, a PEG ratio of 5.03 and a beta of 0.73. Incyte Co. has a 52-week low of $50.27 and a 52-week high of $70.36.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.77 earnings per share. On average, research analysts expect that Incyte Co. will post 0.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on INCY shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $67.00 target price on shares of Incyte in a research report on Tuesday, September 3rd. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research report on Monday, September 9th. JPMorgan Chase & Co. upped their target price on Incyte from $59.00 to $61.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Citigroup upped their target price on Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Oppenheimer dropped their target price on Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $73.29.

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.