Norges Bank Acquires Shares of 1,764,725 Incyte Co. (NASDAQ:INCY)

Norges Bank acquired a new position in Incyte Co. (NASDAQ:INCY - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 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 filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the business. Quintet Private Bank Europe S.A. purchased a new stake in shares of Incyte in the 4th quarter valued at about $26,000. Global X Japan Co. Ltd. raised its stake in Incyte by 144.7% in the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company's stock valued at $27,000 after purchasing an additional 230 shares in the last quarter. R Squared Ltd bought a new stake in Incyte during the fourth quarter valued at approximately $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Incyte in the 3rd quarter worth approximately $33,000. Finally, Groupama Asset Managment increased its holdings in shares of Incyte by 11.4% in the 3rd quarter. Groupama Asset Managment now owns 59,597 shares of the biopharmaceutical company's stock worth $39,000 after buying an additional 6,105 shares during the last quarter. Institutional investors own 96.97% of the company's stock.

Insider Activity

In other news, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total value of $897,866.88. Following the completion of the transaction, the executive vice president now owns 66,967 shares of the company's stock, valued at approximately $4,867,831.23. This represents a 15.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 completion of the sale, the executive vice president now directly owns 33,567 shares in the company, 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 90 days, insiders have sold 46,827 shares of company stock valued at $3,322,618. Corporate insiders own 17.60% of the company's stock.

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Incyte Trading Down 3.0 %

NASDAQ INCY traded down $1.88 on Friday, hitting $60.58. The company's stock had a trading volume of 3,670,885 shares, compared to its average volume of 2,351,276. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. Incyte Co. has a 52-week low of $50.35 and a 52-week high of $83.95. The firm has a market cap of $11.72 billion, a P/E ratio of 224.38, a PEG ratio of 0.41 and a beta of 0.89. The company's 50-day simple moving average is $68.41 and its 200 day simple moving average is $69.97.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly 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 net margin of 0.77% and a return on equity of 0.05%. Research analysts predict that Incyte Co. will post 4.86 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on INCY. Morgan Stanley dropped their price objective on shares of Incyte from $69.00 to $65.00 and set an "equal weight" rating for the company in a report on Monday, March 24th. JMP Securities reiterated a "market perform" rating on shares of Incyte in a report on Tuesday, February 11th. Guggenheim cut 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. William Blair lowered Incyte from an "outperform" rating to a "market perform" rating in a research note on Tuesday, March 18th. Finally, StockNews.com downgraded shares of Incyte from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $74.88.

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.