Swedbank AB Sells 4,773 Shares of Incyte Corporation $INCY

Swedbank AB reduced its position in shares of Incyte Corporation (NASDAQ:INCY) by 1.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 362,456 shares of the biopharmaceutical company’s stock after selling 4,773 shares during the quarter. Swedbank AB’s holdings in Incyte were worth $34,114,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Nordea Investment Management AB raised its holdings in Incyte by 941.8% in the 4th quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock worth $31,874,000 after purchasing an additional 291,293 shares during the period. Toth Financial Advisory Corp bought a new position in shares of Incyte in the fourth quarter worth about $1,213,000. Fairvoy Private Wealth LLC lifted its position in shares of Incyte by 468.8% during the 4th quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company’s stock valued at $2,980,000 after buying an additional 24,865 shares in the last quarter. Swiss Life Asset Management Ltd grew its stake in shares of Incyte by 180.8% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 85,480 shares of the biopharmaceutical company’s stock valued at $7,250,000 after acquiring an additional 55,039 shares during the period. Finally, Faithward Advisors LLC purchased a new stake in Incyte in the 3rd quarter worth approximately $4,452,000. Institutional investors own 96.97% of the company’s stock.

Incyte Trading Down 0.7%

Shares of INCY opened at $117.26 on Thursday. The stock has a market capitalization of $23.43 billion, a PE ratio of 16.56, a P/E/G ratio of 1.08 and a beta of 0.76. The company’s fifty day moving average is $102.43 and its 200 day moving average is $100.28. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. Incyte Corporation has a fifty-two week low of $67.17 and a fifty-two week high of $118.77.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business’s revenue was up 20.9% on a year-over-year basis. During the same period last year, the company posted $1.16 EPS. Sell-side analysts expect that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the company’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 sale, the insider directly owned 262,692 shares in the company, valued at $25,349,778. This represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on INCY shares. BMO Capital Markets upgraded shares of Incyte from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $75.00 to $94.00 in a research report on Monday, June 22nd. UBS Group increased their price target on Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Sanford C. Bernstein assumed coverage on Incyte in a research report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price objective on the stock. Jefferies Financial Group lowered Incyte from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $120.00 to $94.00 in a research note on Monday, March 16th. Finally, TD Cowen reissued a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Eight analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $108.20.

About Incyte

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.