KLP Kapitalforvaltning AS Invests $3.79 Million in Incyte Co. (NASDAQ:INCY)

KLP Kapitalforvaltning AS acquired a new stake in Incyte Co. (NASDAQ:INCY) during the fourth quarter, HoldingsChannel reports. The fund acquired 54,805 shares of the biopharmaceutical company’s stock, valued at approximately $3,785,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of INCY. Point72 Asset Management L.P. acquired a new stake in shares of Incyte in the 3rd quarter worth $156,611,000. Candriam S.C.A. lifted its position in Incyte by 27.8% in the fourth quarter. Candriam S.C.A. now owns 1,034,652 shares of the biopharmaceutical company’s stock valued at $71,463,000 after purchasing an additional 224,919 shares during the period. LBP AM SA acquired a new position in Incyte during the 4th quarter worth approximately $13,905,000. Los Angeles Capital Management LLC raised its stake in shares of Incyte by 94.1% during the 4th quarter. Los Angeles Capital Management LLC now owns 407,201 shares of the biopharmaceutical company’s stock worth $28,125,000 after buying an additional 197,406 shares in the last quarter. Finally, Bridgewater Associates LP lifted its holdings in shares of Incyte by 142.8% in the 3rd quarter. Bridgewater Associates LP now owns 308,632 shares of the biopharmaceutical company’s stock valued at $20,401,000 after buying an additional 181,504 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Incyte Stock Performance

Shares of INCY opened at $61.26 on Thursday. The company has a market capitalization of $11.86 billion, a price-to-earnings ratio of 226.90, a PEG ratio of 0.41 and a beta of 0.76. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. Incyte Co. has a 1 year low of $50.35 and a 1 year high of $83.95. The company’s 50 day simple moving average is $70.00 and its 200 day simple moving average is $70.12.

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on INCY shares. UBS Group assumed coverage on Incyte in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price objective for the company. Truist Financial reduced their price objective on shares of Incyte from $74.00 to $72.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Wells Fargo & Company upped their target price on shares of Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 19th. Citigroup reduced their price target on shares of Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday, February 11th. Finally, Guggenheim cut Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price target on the stock. in a report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus 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.