Norges Bank Buys New Shares in Incyte Co. (NASDAQ:INCY)

Norges Bank purchased a new stake in shares of Incyte Co. (NASDAQ:INCY) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,764,725 shares of the biopharmaceutical company’s stock, valued at approximately $121,890,000.

Other hedge funds have also recently bought and sold shares of the company. Cerity Partners LLC boosted its holdings in shares of Incyte by 40.7% in the 3rd quarter. Cerity Partners LLC now owns 19,157 shares of the biopharmaceutical company’s stock valued at $1,266,000 after buying an additional 5,537 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Incyte by 33.3% in the third quarter. The Manufacturers Life Insurance Company now owns 165,537 shares of the biopharmaceutical company’s stock valued at $10,942,000 after acquiring an additional 41,348 shares during the last quarter. CreativeOne Wealth LLC bought a new position in shares of Incyte in the 3rd quarter valued at about $457,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Incyte by 30.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 160,415 shares of the biopharmaceutical company’s stock valued at $10,603,000 after acquiring an additional 37,132 shares during the period. Finally, Public Sector Pension Investment Board increased its stake in shares of Incyte by 4.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 6,622 shares of the biopharmaceutical company’s stock worth $438,000 after purchasing an additional 300 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Stock Performance

NASDAQ INCY opened at $60.55 on Tuesday. The firm’s 50 day simple moving average is $69.31 and its 200 day simple moving average is $70.12. The firm has a market capitalization of $11.72 billion, a price-to-earnings ratio of 224.27, a P/E/G ratio of 0.41 and a beta of 0.76. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. Incyte Co. has a 1 year low of $50.35 and a 1 year high of $83.95.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. As a group, research analysts expect that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Incyte news, EVP Barry P. Flannelly sold 19,807 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the sale, the executive vice president now directly owns 33,567 shares of the company’s stock, valued at $2,272,150.23. The trade was a 37.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Sheila A. Denton sold 599 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total transaction of $41,924.01. Following the completion of the transaction, the executive vice president now owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. This trade represents a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,827 shares of company stock worth $3,322,618 in the last 90 days. Insiders own 17.60% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. StockNews.com cut Incyte from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. Wells Fargo & Company lifted their target price on Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 19th. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research note on Friday, January 10th. Stifel Nicolaus lifted their price objective on shares of Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research report on Monday, February 10th. Finally, Morgan Stanley dropped their price objective on shares of Incyte from $69.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $74.88.

About Incyte

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.