Danske Bank A S raised its stake in Incyte Corporation (NASDAQ:INCY – Free Report) by 29.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,571 shares of the biopharmaceutical company’s stock after purchasing an additional 24,278 shares during the quarter. Danske Bank A S’s holdings in Incyte were worth $10,625,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in the stock. Root Financial Partners LLC purchased a new stake in shares of Incyte during the third quarter valued at approximately $28,000. Quent Capital LLC purchased a new stake in shares of Incyte during the third quarter valued at approximately $30,000. MUFG Securities EMEA plc purchased a new stake in shares of Incyte during the second quarter valued at approximately $32,000. CYBER HORNET ETFs LLC purchased a new stake in shares of Incyte during the second quarter valued at approximately $33,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of Incyte during the third quarter valued at approximately $42,000. 96.97% of the stock is owned by hedge funds and other institutional investors.
Incyte Stock Up 0.2%
Shares of NASDAQ:INCY opened at $97.14 on Tuesday. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $95.71 and a 200 day simple moving average of $98.92. The firm has a market cap of $19.41 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 0.91 and a beta of 0.79. Incyte Corporation has a 12-month low of $57.77 and a 12-month high of $112.29.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on the stock. Jefferies Financial Group lowered shares of Incyte from a “buy” rating to a “hold” rating and dropped their price objective for the company from $120.00 to $94.00 in a research note on Monday, March 16th. TD Cowen reaffirmed a “buy” rating on shares of Incyte in a research report on Tuesday, January 13th. HC Wainwright reaffirmed a “buy” rating and set a $135.00 target price on shares of Incyte in a research report on Monday. Royal Bank Of Canada dropped their target price on Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 11th. Finally, Stifel Nicolaus lifted their target price on Incyte from $120.00 to $123.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Ten research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $104.26.
Read Our Latest Research Report on INCY
Insiders Place Their Bets
In related news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction dated Friday, April 17th. The stock was 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 directly owned 262,692 shares of the company’s stock, valued at $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.80% of the stock is currently owned by corporate insiders.
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.
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