Incyte Co. (NASDAQ:INCY) Shares Acquired by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board increased its stake in shares of Incyte Co. (NASDAQ:INCY) by 53.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 645,889 shares of the biopharmaceutical company’s stock after purchasing an additional 225,523 shares during the period. Canada Pension Plan Investment Board’s holdings in Incyte were worth $39,154,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Intech Investment Management LLC raised its position in shares of Incyte by 103.1% during the 2nd quarter. Intech Investment Management LLC now owns 106,153 shares of the biopharmaceutical company’s stock worth $6,435,000 after purchasing an additional 53,886 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Incyte during the 2nd quarter worth about $1,882,000. Hsbc Holdings PLC raised its position in shares of Incyte by 6.1% during the 2nd quarter. Hsbc Holdings PLC now owns 1,240,952 shares of the biopharmaceutical company’s stock worth $75,179,000 after purchasing an additional 70,900 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of Incyte by 6.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 24,553 shares of the biopharmaceutical company’s stock worth $1,486,000 after purchasing an additional 1,434 shares during the last quarter. Finally, E Fund Management Co. Ltd. raised its position in shares of Incyte by 92.6% during the 2nd quarter. E Fund Management Co. Ltd. now owns 20,240 shares of the biopharmaceutical company’s stock worth $1,227,000 after purchasing an additional 9,733 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on INCY shares. Truist Financial reiterated a “hold” rating and issued a $74.00 price objective (down previously from $83.00) on shares of Incyte in a report on Wednesday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $67.00 price objective on shares of Incyte in a report on Tuesday, September 3rd. JMP Securities reiterated a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. Bank of America increased their price objective on shares of Incyte from $66.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, September 16th. Finally, Guggenheim increased their price objective on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, Incyte currently has a consensus rating of “Hold” and an average target price of $73.24.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 8,148 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total value of $488,880.00. Following the completion of the transaction, the executive vice president now owns 50,534 shares of the company’s stock, valued at approximately $3,032,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Incyte news, EVP Barry P. Flannelly sold 8,148 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total value of $488,880.00. Following the sale, the executive vice president now directly owns 50,534 shares of the company’s stock, valued at approximately $3,032,040. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the sale, the executive vice president now owns 36,390 shares in the company, valued at $2,269,280.40. The disclosure for this sale can be found here. Insiders sold 34,047 shares of company stock valued at $2,225,626 in the last 90 days. Company insiders own 17.50% of the company’s stock.

Incyte Stock Performance

NASDAQ:INCY opened at $65.74 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The stock has a market capitalization of $14.76 billion, a P/E ratio of 19.92, a PEG ratio of 5.03 and a beta of 0.73. The company has a 50 day moving average price of $64.37 and a 200 day moving average price of $59.80. Incyte Co. has a fifty-two week low of $50.27 and a fifty-two week high of $70.36.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.77 EPS. Equities research analysts forecast that Incyte Co. will post 0.67 EPS for the current year.

Incyte Company 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.