1,764,725 Shares in Incyte Co. (NASDAQ:INCY) Purchased by Norges Bank

Norges Bank purchased a new stake in Incyte Co. (NASDAQ:INCY) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,764,725 shares of the biopharmaceutical company’s stock, valued at approximately $121,890,000. Norges Bank owned approximately 0.92% of Incyte as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new position in shares of Incyte in the 3rd quarter worth approximately $156,611,000. Sound Shore Management Inc. CT raised its position in Incyte by 98.4% in the 4th quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company’s stock valued at $82,959,000 after purchasing an additional 595,741 shares during the last quarter. Long Corridor Asset Management Ltd acquired a new position in Incyte in the fourth quarter worth $22,793,000. Candriam S.C.A. grew its holdings in shares of Incyte by 27.8% during the fourth quarter. Candriam S.C.A. now owns 1,034,652 shares of the biopharmaceutical company’s stock worth $71,463,000 after purchasing an additional 224,919 shares during the last quarter. Finally, LBP AM SA acquired a new stake in shares of Incyte in the fourth quarter valued at $13,905,000. 96.97% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Incyte news, EVP Barry P. Flannelly sold 19,807 shares of the firm’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 in the company, valued at approximately $2,272,150.23. This trade represents a 37.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Sheila A. Denton sold 14,069 shares of the business’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total value of $1,042,090.83. Following the completion of the sale, the executive vice president now owns 25,848 shares in the company, valued at approximately $1,914,561.36. This trade represents a 35.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,827 shares of company stock worth $3,322,618. Corporate insiders own 17.60% of the company’s stock.

Incyte Stock Performance

Shares of 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. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The company 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 debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94.

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on INCY shares. Wells Fargo & Company increased their price objective on shares of Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. Royal Bank of Canada decreased their price target on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 11th. Guggenheim cut shares of Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price objective for the company. in a research report on Tuesday, March 18th. Truist Financial decreased their price objective on Incyte from $74.00 to $72.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Finally, Citigroup dropped their target price on Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $74.88.

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.