Canada Pension Plan Investment Board Raises Stock Position in Incyte Co. (NASDAQ:INCY)

Canada Pension Plan Investment Board lifted its position in Incyte Co. (NASDAQ:INCY) by 53.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 645,889 shares of the biopharmaceutical company’s stock after purchasing an additional 225,523 shares during the period. Canada Pension Plan Investment Board owned 0.29% of Incyte worth $39,154,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of INCY. Wellington Management Group LLP grew its position in shares of Incyte by 48.8% during the 4th quarter. Wellington Management Group LLP now owns 131,649 shares of the biopharmaceutical company’s stock worth $8,266,000 after buying an additional 43,160 shares in the last quarter. Fulton Bank N.A. bought a new position in Incyte during the 1st quarter worth about $1,425,000. FORVIS Wealth Advisors LLC purchased a new position in Incyte during the 1st quarter valued at about $1,495,000. ProShare Advisors LLC raised its holdings in shares of Incyte by 14.4% in the 1st quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock valued at $3,594,000 after purchasing an additional 7,925 shares in the last quarter. Finally, Kennedy Capital Management LLC purchased a new stake in shares of Incyte in the 1st quarter worth approximately $463,000. Institutional investors own 96.97% of the company’s stock.

Insider Activity

In other Incyte news, insider Thomas Tray sold 572 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the sale, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at $2,569,070. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Thomas Tray sold 572 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the sale, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. The disclosure for this sale can be found here. Insiders have sold 34,047 shares of company stock valued at $2,225,626 over the last ninety days. 17.50% of the stock is currently owned by insiders.

Incyte Price Performance

Shares of INCY opened at $65.74 on Friday. The firm has a market capitalization of $14.76 billion, a PE ratio of 19.92, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. Incyte Co. has a 1-year low of $50.27 and a 1-year high of $70.36. The company’s fifty day moving average price is $64.37 and its 200-day moving average price is $59.80.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. Incyte’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period last year, the firm earned $0.77 earnings per share. On average, equities research analysts predict that Incyte Co. will post 0.67 EPS for the current year.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of recent research reports. Oppenheimer reduced their price objective on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. William Blair reissued an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. BMO Capital Markets reissued an “underperform” rating and issued a $48.00 price objective (down previously from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. Truist Financial reissued a “hold” rating and issued a $74.00 price objective (down previously from $83.00) on shares of Incyte in a research note on Wednesday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Incyte from $59.00 to $61.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $73.24.

Incyte 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.