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

KLP Kapitalforvaltning AS acquired a new stake in Incyte Co. (NASDAQ:INCY) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 54,805 shares of the biopharmaceutical company’s stock, valued at approximately $3,785,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA acquired a new stake in shares of Incyte during the 3rd quarter worth approximately $4,739,000. Cerity Partners LLC increased its stake in Incyte by 40.7% during the third quarter. Cerity Partners LLC now owns 19,157 shares of the biopharmaceutical company’s stock worth $1,266,000 after acquiring an additional 5,537 shares during the last quarter. Summit Trail Advisors LLC purchased a new stake in Incyte in the third quarter valued at $362,000. Fisher Asset Management LLC raised its position in Incyte by 24.5% in the third quarter. Fisher Asset Management LLC now owns 11,522 shares of the biopharmaceutical company’s stock valued at $762,000 after purchasing an additional 2,264 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Incyte by 33.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 165,537 shares of the biopharmaceutical company’s stock valued at $10,942,000 after purchasing an additional 41,348 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Incyte

In related news, EVP Steven H. Stein sold 12,352 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value of $897,866.88. Following the completion of the sale, the executive vice president now owns 66,967 shares in the company, valued at $4,867,831.23. This represents a 15.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sheila A. Denton sold 14,069 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the transaction, the executive vice president now directly owns 25,848 shares in the company, valued at $1,914,561.36. The trade was a 35.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,827 shares of company stock worth $3,322,618 over the last 90 days. Corporate insiders own 17.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on INCY. Guggenheim lowered shares of Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price objective on the stock. in a report on Tuesday, March 18th. UBS Group initiated coverage on shares of Incyte in a report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price objective on the stock. William Blair downgraded shares of Incyte from an “outperform” rating to a “market perform” rating in a report on Tuesday, March 18th. Wells Fargo & Company boosted their target price on Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, December 19th. Finally, Stifel Nicolaus raised their price target on Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $74.88.

Incyte Price Performance

INCY stock opened at $61.26 on Thursday. The business has a 50 day moving average price of $70.00 and a 200 day moving average price of $70.12. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The stock has a market cap of $11.86 billion, a price-to-earnings ratio of 226.90, a PEG ratio of 0.41 and a beta of 0.76. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data 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%. Equities research analysts anticipate that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

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.