Nordea Investment Management AB Boosts Stock Position in Incyte Corporation $INCY

Nordea Investment Management AB grew its position in shares of Incyte Corporation (NASDAQ:INCY) by 3.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 14,276 shares of the biopharmaceutical company’s stock after buying an additional 490 shares during the quarter. Nordea Investment Management AB’s holdings in Incyte were worth $977,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Praxis Investment Management Inc. grew its holdings in shares of Incyte by 82.2% during the second quarter. Praxis Investment Management Inc. now owns 6,980 shares of the biopharmaceutical company’s stock worth $475,000 after purchasing an additional 3,150 shares during the last quarter. Generali Asset Management SPA SGR grew its holdings in shares of Incyte by 93.4% during the second quarter. Generali Asset Management SPA SGR now owns 30,934 shares of the biopharmaceutical company’s stock worth $2,107,000 after purchasing an additional 14,943 shares during the last quarter. Twin Tree Management LP grew its holdings in shares of Incyte by 500.8% during the second quarter. Twin Tree Management LP now owns 20,217 shares of the biopharmaceutical company’s stock worth $1,377,000 after purchasing an additional 25,261 shares during the last quarter. NorthRock Partners LLC purchased a new position in shares of Incyte during the second quarter worth about $495,000. Finally, Sequoia Financial Advisors LLC grew its holdings in shares of Incyte by 46.7% during the second quarter. Sequoia Financial Advisors LLC now owns 6,923 shares of the biopharmaceutical company’s stock worth $471,000 after purchasing an additional 2,204 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $89.31 on Friday. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The company has a market cap of $17.44 billion, a P/E ratio of 20.30, a PEG ratio of 0.69 and a beta of 0.73. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $92.86. The company has a 50-day moving average price of $85.56 and a 200 day moving average price of $73.19.

Wall Street Analyst Weigh In

Several brokerages have issued reports on INCY. Truist Financial raised their price objective on Incyte from $73.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, July 30th. Oppenheimer downgraded shares of Incyte from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Incyte from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Citigroup increased their target price on shares of Incyte from $88.00 to $103.00 and gave the stock a “buy” rating in a research note on Wednesday, July 30th. Finally, Stifel Nicolaus increased their target price on shares of Incyte from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $84.79.

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.