Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Position in Incyte Co. (NASDAQ:INCY)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Incyte Co. (NASDAQ:INCY) by 104.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 327,272 shares of the biopharmaceutical company’s stock after purchasing an additional 166,857 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Incyte were worth $22,605,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Ruffer LLP purchased a new position in Incyte in the fourth quarter valued at approximately $5,530,000. AlphaQuest LLC raised its stake in shares of Incyte by 163.5% in the 4th quarter. AlphaQuest LLC now owns 6,019 shares of the biopharmaceutical company’s stock valued at $416,000 after acquiring an additional 3,735 shares during the period. Amundi lifted its holdings in shares of Incyte by 28.9% during the 4th quarter. Amundi now owns 670,350 shares of the biopharmaceutical company’s stock valued at $49,023,000 after acquiring an additional 150,431 shares in the last quarter. Andra AP fonden lifted its holdings in shares of Incyte by 7.9% during the 4th quarter. Andra AP fonden now owns 212,500 shares of the biopharmaceutical company’s stock valued at $14,677,000 after acquiring an additional 15,500 shares in the last quarter. Finally, Edgestream Partners L.P. boosted its position in Incyte by 173.0% during the 4th quarter. Edgestream Partners L.P. now owns 61,174 shares of the biopharmaceutical company’s stock worth $4,225,000 after purchasing an additional 38,766 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Wells Fargo & Company boosted their price objective on Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 19th. StockNews.com lowered Incyte from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a research report on Friday, January 10th. Royal Bank of Canada reduced their target price on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a research report on Tuesday, February 11th. Finally, Citigroup lowered their price target on shares of Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $75.25.

Insider Activity at Incyte

In related news, EVP Sheila A. Denton sold 14,069 shares of the business’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the completion of the sale, the executive vice president now owns 25,848 shares of the company’s stock, valued at $1,914,561.36. This represents a 35.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas Tray sold 650 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $69.31, for a total transaction of $45,051.50. Following the sale, the insider now owns 23,312 shares in the company, valued at approximately $1,615,754.72. This trade represents a 2.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,320 shares of company stock valued at $2,072,849. Corporate insiders own 17.60% of the company’s stock.

Incyte Stock Performance

Shares of Incyte stock opened at $68.07 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. Incyte Co. has a 1 year low of $50.35 and a 1 year high of $83.95. The firm’s 50-day simple moving average is $71.85 and its 200-day simple moving average is $70.29. The firm has a market cap of $13.17 billion, a PE ratio of 252.12, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. Equities analysts forecast that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

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.