DNB Asset Management AS Grows Stock Holdings in Incyte Co. (NASDAQ:INCY)

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DNB Asset Management AS increased its stake in shares of Incyte Co. (NASDAQ:INCY) by 5.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,093 shares of the biopharmaceutical company’s stock after buying an additional 927 shares during the period. DNB Asset Management AS’s holdings in Incyte were worth $1,343,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Incyte by 1.6% in the second quarter. Vanguard Group Inc. now owns 19,441,152 shares of the biopharmaceutical company’s stock valued at $1,651,720,000 after purchasing an additional 306,066 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Incyte by 76.2% in the second quarter. Invesco Ltd. now owns 5,210,785 shares of the biopharmaceutical company’s stock valued at $442,708,000 after purchasing an additional 2,252,891 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Incyte by 3,415.7% in the second quarter. Nuveen Asset Management LLC now owns 2,212,722 shares of the biopharmaceutical company’s stock valued at $187,993,000 after purchasing an additional 2,149,784 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Incyte by 6.7% in the second quarter. Northern Trust Corp now owns 2,150,745 shares of the biopharmaceutical company’s stock valued at $182,728,000 after purchasing an additional 135,914 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Incyte by 133.3% in the second quarter. Renaissance Technologies LLC now owns 1,962,310 shares of the biopharmaceutical company’s stock valued at $166,718,000 after purchasing an additional 1,121,310 shares in the last quarter. 91.86% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Paul A. Friedman sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $82.69, for a total transaction of $8,269,000.00. Following the completion of the transaction, the director now owns 277,597 shares of the company’s stock, valued at $22,954,495.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Paula J. Swain sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $80.96, for a total transaction of $202,400.00. Following the transaction, the executive vice president now directly owns 44,112 shares of the company’s stock, valued at approximately $3,571,307.52. The disclosure for this sale can be found here. In the last three months, insiders sold 106,724 shares of company stock valued at $8,818,061. Company insiders own 17.10% of the company’s stock.

NASDAQ:INCY opened at $77.76 on Monday. The firm has a 50 day simple moving average of $77.40 and a 200-day simple moving average of $80.20. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.61 and a quick ratio of 5.59. The firm has a market cap of $16.65 billion, a PE ratio of 94.83 and a beta of 1.05. Incyte Co. has a 1-year low of $57.00 and a 1-year high of $89.30.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.37. The business had revenue of $529.93 million during the quarter, compared to analyst estimates of $498.57 million. Incyte had a net margin of 15.25% and a return on equity of 17.10%. The company’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.63 earnings per share. As a group, sell-side analysts expect that Incyte Co. will post 1.99 earnings per share for the current fiscal year.

INCY has been the topic of several recent research reports. Leerink Swann set a $90.00 price target on shares of Incyte and gave the company a “hold” rating in a report on Wednesday, July 31st. Mizuho initiated coverage on shares of Incyte in a report on Wednesday, October 2nd. They issued a “buy” rating and a $95.00 price target on the stock. JMP Securities upped their price target on shares of Incyte from $107.00 to $110.00 and gave the company a “market outperform” rating in a report on Monday, September 30th. BMO Capital Markets initiated coverage on shares of Incyte in a report on Thursday, September 12th. They issued a “market perform” rating and a $85.00 price target on the stock. Finally, ValuEngine downgraded shares of Incyte from a “sell” rating to a “strong sell” rating in a report on Saturday, October 5th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $92.05.

About Incyte

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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Institutional Ownership by Quarter for Incyte (NASDAQ:INCY)

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