Tredje AP fonden Cuts Stake in Incyte Co. (NASDAQ:INCY)

Tredje AP fonden reduced its position in Incyte Co. (NASDAQ:INCY) by 1.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,689 shares of the biopharmaceutical company’s stock after selling 468 shares during the quarter. Tredje AP fonden’s holdings in Incyte were worth $1,800,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. purchased a new position in Incyte during the 4th quarter valued at about $25,000. MFA Wealth Advisors LLC bought a new position in Incyte in the second quarter worth approximately $26,000. Redmont Wealth Advisors LLC purchased a new stake in Incyte during the first quarter worth $28,000. Riverview Trust Co bought a new stake in Incyte during the 1st quarter valued at $29,000. Finally, Innealta Capital LLC purchased a new position in shares of Incyte in the 2nd quarter valued at $32,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the sale, the executive vice president now owns 36,701 shares of the company’s stock, valued at $2,569,070. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the completion of the transaction, the executive vice president now owns 36,701 shares of the company’s stock, valued at $2,569,070. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Barry P. Flannelly sold 8,148 shares of the business’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 transaction of $488,880.00. Following the completion of the sale, the executive vice president now directly owns 50,534 shares in the company, valued at $3,032,040. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,047 shares of company stock valued at $2,225,626. 17.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

INCY has been the topic of a number of recent research reports. Oppenheimer dropped their price objective on Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a research report on Friday, July 26th. Truist Financial reissued a “hold” rating and set a $74.00 price target (down from $83.00) on shares of Incyte in a research report on Wednesday. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research report on Monday, September 16th. Guggenheim increased their target price on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, William Blair reaffirmed an “outperform” rating on shares of Incyte in a report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $73.24.

Incyte Stock Performance

Shares of Incyte stock 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 business’s 50 day moving average price is $64.37 and its 200 day moving average price is $59.79. The company has a market cap of $14.76 billion, a price-to-earnings ratio of 19.92, a PEG ratio of 5.03 and a beta of 0.73. Incyte Co. has a one year low of $50.27 and a one year high of $70.36.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the firm earned $0.77 EPS. The firm’s revenue was up 9.3% on a year-over-year basis. On average, research analysts predict 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.