Canada Pension Plan Investment Board Sells 151,400 Shares of Incyte Co. (NASDAQ:INCY)

Canada Pension Plan Investment Board reduced its stake in Incyte Co. (NASDAQ:INCY) by 40.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 224,139 shares of the biopharmaceutical company’s stock after selling 151,400 shares during the quarter. Canada Pension Plan Investment Board owned about 0.10% of Incyte worth $13,953,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in Incyte by 4.0% in the 1st quarter. BlackRock Inc. now owns 20,635,865 shares of the biopharmaceutical company’s stock valued at $1,491,354,000 after acquiring an additional 798,475 shares during the period. Royal Bank of Canada increased its holdings in shares of Incyte by 117.4% during the first quarter. Royal Bank of Canada now owns 7,682,752 shares of the biopharmaceutical company’s stock worth $610,164,000 after purchasing an additional 4,148,559 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Incyte by 22.6% during the first quarter. Renaissance Technologies LLC now owns 5,602,433 shares of the biopharmaceutical company’s stock worth $404,888,000 after purchasing an additional 1,034,200 shares during the period. Geode Capital Management LLC increased its holdings in shares of Incyte by 2.4% during the first quarter. Geode Capital Management LLC now owns 3,961,742 shares of the biopharmaceutical company’s stock worth $285,676,000 after purchasing an additional 93,329 shares during the period. Finally, Pictet Asset Management SA increased its holdings in shares of Incyte by 168.8% during the first quarter. Pictet Asset Management SA now owns 2,216,141 shares of the biopharmaceutical company’s stock worth $160,161,000 after purchasing an additional 1,391,714 shares during the period. 92.61% of the stock is owned by institutional investors.

Incyte Price Performance

INCY stock opened at $54.98 on Thursday. The company has a quick ratio of 3.86, a current ratio of 3.91 and a debt-to-equity ratio of 0.01. The company’s fifty day simple moving average is $57.32 and its 200 day simple moving average is $61.47. The firm has a market cap of $12.32 billion, a price-to-earnings ratio of 29.09, a PEG ratio of 0.93 and a beta of 0.72. Incyte Co. has a 12-month low of $50.27 and a 12-month high of $86.29.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Morgan Stanley decreased their price objective on shares of Incyte from $74.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 1st. Royal Bank of Canada decreased their price objective on shares of Incyte from $74.00 to $63.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 1st. Oppenheimer reissued an “outperform” rating and issued a $92.00 price objective on shares of Incyte in a research note on Wednesday, August 2nd. The Goldman Sachs Group decreased their price objective on shares of Incyte from $114.00 to $98.00 and set a “buy” rating on the stock in a research note on Thursday, November 2nd. Finally, JMP Securities restated a “market outperform” rating and issued a $93.00 target price on shares of Incyte in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Incyte presently has an average rating of “Moderate Buy” and an average target price of $81.78.

Incyte Company 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, Europe, Japan, and internationally. The company offers JAKAFI (ruxolitinib), for the treatment of adults with intermediate or high-risk myelofibrosis; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab), for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.