Norges Bank Buys Shares of 1,244,233 Incyte Corporation $INCY

Norges Bank purchased a new position in shares of Incyte Corporation (NASDAQ:INCY) during the fourth quarter, Holdings Channel.com reports. The fund purchased 1,244,233 shares of the biopharmaceutical company’s stock, valued at approximately $122,893,000.

A number of other institutional investors also recently made changes to their positions in INCY. NewEdge Advisors LLC increased its stake in shares of Incyte by 369.3% during the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock valued at $763,000 after acquiring an additional 9,913 shares during the period. Jones Financial Companies Lllp lifted its position in Incyte by 15.1% in the first quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after purchasing an additional 648 shares during the period. Goldman Sachs Group Inc. boosted its stake in Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock valued at $49,322,000 after purchasing an additional 48,751 shares in the last quarter. United Services Automobile Association bought a new position in Incyte during the 1st quarter valued at $219,000. Finally, Focus Partners Wealth increased its position in shares of Incyte by 74.1% during the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after purchasing an additional 8,951 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the sale, the insider owned 262,692 shares in the company, valued at $25,349,778. This represents a 6.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Incyte Trading Up 3.3%

NASDAQ:INCY opened at $101.24 on Friday. The stock has a market cap of $20.23 billion, a PE ratio of 14.30, a price-to-earnings-growth ratio of 0.94 and a beta of 0.79. Incyte Corporation has a fifty-two week low of $66.74 and a fifty-two week high of $112.29. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The stock’s 50-day moving average is $96.29 and its two-hundred day moving average is $99.07.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the firm earned $1.16 earnings per share. The firm’s revenue was up 20.9% compared to the same quarter last year. As a group, equities research analysts forecast that Incyte Corporation will post 6.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. HC Wainwright reissued a “buy” rating and issued a $135.00 price objective on shares of Incyte in a research note on Thursday, May 21st. Wall Street Zen cut Incyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Barclays reiterated an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. UBS Group cut their price target on shares of Incyte from $104.00 to $94.00 and set a “neutral” rating for the company in a report on Wednesday, March 25th. Finally, Stifel Nicolaus raised their price objective on shares of Incyte from $120.00 to $123.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Nine research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Incyte has an average rating of “Hold” and an average price target of $104.00.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.