North Dakota State Investment Board Makes New $2.69 Million Investment in Incyte Corporation $INCY

North Dakota State Investment Board acquired a new position in shares of Incyte Corporation (NASDAQ:INCY) in the 4th quarter, HoldingsChannel reports. The fund acquired 27,272 shares of the biopharmaceutical company’s stock, valued at approximately $2,694,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. AustralianSuper Pty Ltd acquired a new position in shares of Incyte during the 3rd quarter worth about $18,085,000. Rakuten Investment Management Inc. purchased a new stake in shares of Incyte during the 3rd quarter worth approximately $14,646,000. LBP AM SA lifted its position in shares of Incyte by 33.6% during the 3rd quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company’s stock worth $20,245,000 after buying an additional 59,974 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Incyte by 38.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 387,605 shares of the biopharmaceutical company’s stock worth $32,873,000 after buying an additional 108,645 shares during the last quarter. Finally, Nordea Investment Management AB lifted its position in shares of Incyte by 941.8% during the 4th quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock worth $31,874,000 after buying an additional 291,293 shares during the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on INCY. Stifel Nicolaus boosted their price objective on shares of Incyte from $120.00 to $123.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Wall Street Zen downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 14th. HC Wainwright restated a “buy” rating and set a $135.00 price objective on shares of Incyte in a research report on Monday, May 4th. Oppenheimer boosted their price objective on shares of Incyte from $84.00 to $90.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings upgraded shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. Ten investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $104.26.

Incyte Trading Down 0.1%

NASDAQ:INCY opened at $95.19 on Tuesday. The stock’s 50 day moving average price is $95.34 and its 200 day moving average price is $99.56. The company has a market capitalization of $19.02 billion, a PE ratio of 13.44, a P/E/G ratio of 0.91 and a beta of 0.79. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 52-week low of $62.84 and a 52-week high of $112.29.

Incyte (NASDAQ:INCY) last released 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. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.16 EPS. On average, research analysts anticipate that Incyte Corporation will post 6.74 EPS for the current year.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the transaction, the insider owned 262,692 shares in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by corporate insiders.

Incyte 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.