Incyte Corporation $INCY Position Lessened by Forsta AP Fonden

Forsta AP Fonden reduced its stake in shares of Incyte Corporation (NASDAQ:INCY) by 2.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,100 shares of the biopharmaceutical company’s stock after selling 900 shares during the quarter. Forsta AP Fonden’s holdings in Incyte were worth $2,050,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. grew its position in shares of Incyte by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company’s stock worth $612,000 after acquiring an additional 147 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Incyte by 10.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company’s stock valued at $116,000 after purchasing an additional 156 shares during the last quarter. Advisory Alpha LLC boosted its stake in Incyte by 2.1% during the 1st quarter. Advisory Alpha LLC now owns 8,056 shares of the biopharmaceutical company’s stock valued at $488,000 after purchasing an additional 166 shares during the period. Wealthfront Advisers LLC boosted its stake in Incyte by 2.4% during the 2nd quarter. Wealthfront Advisers LLC now owns 7,366 shares of the biopharmaceutical company’s stock valued at $502,000 after purchasing an additional 171 shares during the period. Finally, Huntington National Bank grew its position in Incyte by 24.3% in the 2nd quarter. Huntington National Bank now owns 1,002 shares of the biopharmaceutical company’s stock worth $68,000 after purchasing an additional 196 shares during the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Stock Down 1.2%

INCY opened at $104.15 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 3.20. The company has a market capitalization of $20.45 billion, a PE ratio of 17.45, a P/E/G ratio of 0.70 and a beta of 0.74. The stock’s fifty day moving average is $90.34 and its 200-day moving average is $78.13. Incyte Corporation has a one year low of $53.56 and a one year high of $109.28.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $0.61. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the previous year, the company earned $1.07 earnings per share. Incyte’s revenue was up 20.0% compared to the same quarter last year. On average, equities analysts predict that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on INCY shares. Zacks Research cut Incyte from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Bank of America raised their target price on Incyte from $90.00 to $104.00 and gave the company a “buy” rating in a research report on Thursday, September 4th. BMO Capital Markets reiterated an “underperform” rating and set a $60.00 price target (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Weiss Ratings reissued a “hold (c+)” rating on shares of Incyte in a research note on Wednesday, October 8th. Finally, Citigroup lifted their price objective on shares of Incyte from $88.00 to $103.00 and gave the company a “buy” rating in a research note on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $92.77.

Insider Buying and Selling

In related news, EVP Lee Heeson sold 3,074 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $94.02, for a total value of $289,017.48. Following the sale, the executive vice president directly owned 29,241 shares in the company, valued at $2,749,238.82. The trade was a 9.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Sheila A. Denton sold 598 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total transaction of $60,613.28. Following the sale, the executive vice president owned 26,569 shares of the company’s stock, valued at $2,693,033.84. The trade was a 2.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 4,227 shares of company stock worth $396,327 over the last quarter. Insiders own 17.80% of the company’s stock.

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.