KLP Kapitalforvaltning AS Acquires 76,900 Shares of Incyte Corporation $INCY

KLP Kapitalforvaltning AS raised its holdings in Incyte Corporation (NASDAQ:INCY) by 140.3% in the second quarter, Holdings Channel reports. The firm owned 131,705 shares of the biopharmaceutical company’s stock after purchasing an additional 76,900 shares during the period. KLP Kapitalforvaltning AS’s holdings in Incyte were worth $8,969,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Banque Transatlantique SA bought a new position in Incyte in the 1st quarter valued at $26,000. Hilltop National Bank bought a new position in shares of Incyte during the 2nd quarter worth $37,000. SVB Wealth LLC bought a new position in shares of Incyte during the 1st quarter worth $39,000. Geneos Wealth Management Inc. grew its stake in shares of Incyte by 350.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock worth $46,000 after acquiring an additional 588 shares during the period. Finally, WPG Advisers LLC bought a new position in shares of Incyte during the 1st quarter worth $47,000. Institutional investors own 96.97% of the company’s stock.

Insider Buying and Selling

In other Incyte news, EVP Vijay K. Iyengar sold 1,177 shares of the firm’s stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $82,225.22. Following the sale, the executive vice president owned 35,929 shares of the company’s stock, valued at $2,509,999.94. This trade represents a 3.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Barry P. Flannelly sold 1,192 shares of the firm’s stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $83,273.12. Following the completion of the sale, the executive vice president directly owned 37,630 shares in the company, valued at approximately $2,628,831.80. The trade was a 3.07% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 36,257 shares of company stock valued at $2,487,927. Corporate insiders own 17.80% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on INCY. UBS Group reiterated a “neutral” rating and set a $68.00 price target (up previously from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. BMO Capital Markets reiterated an “underperform” rating and set a $60.00 price target (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Truist Financial increased their price target on Incyte from $73.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, July 30th. Stifel Nicolaus increased their price target on Incyte from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Finally, Oppenheimer downgraded Incyte from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Incyte currently has an average rating of “Hold” and an average price target of $84.79.

Incyte Stock Performance

Shares of INCY opened at $84.75 on Friday. The stock’s 50-day simple moving average is $84.16 and its 200 day simple moving average is $71.42. The stock has a market capitalization of $16.55 billion, a price-to-earnings ratio of 19.26, a price-to-earnings-growth ratio of 0.67 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $88.66.

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.