Handelsbanken Fonder AB Cuts Holdings in Incyte Co. (NASDAQ:INCY)

Handelsbanken Fonder AB trimmed its holdings in shares of Incyte Co. (NASDAQ:INCY) by 19.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 101,773 shares of the biopharmaceutical company’s stock after selling 23,976 shares during the quarter. Handelsbanken Fonder AB’s holdings in Incyte were worth $6,390,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of INCY. Turtle Creek Wealth Advisors LLC purchased a new position in Incyte in the fourth quarter worth $31,000. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in Incyte by 157.3% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 772 shares of the biopharmaceutical company’s stock worth $48,000 after purchasing an additional 472 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Incyte by 40.0% during the fourth quarter. Allworth Financial LP now owns 802 shares of the biopharmaceutical company’s stock worth $50,000 after buying an additional 229 shares during the period. NBC Securities Inc. acquired a new stake in shares of Incyte during the third quarter worth $83,000. Finally, Lindbrook Capital LLC lifted its stake in shares of Incyte by 118.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,566 shares of the biopharmaceutical company’s stock worth $98,000 after buying an additional 848 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Trading Down 1.1 %

INCY stock opened at $51.18 on Friday. The company’s 50-day simple moving average is $56.90 and its 200-day simple moving average is $57.73. The company has a quick ratio of 3.36, a current ratio of 3.55 and a debt-to-equity ratio of 0.01. Incyte Co. has a 52-week low of $50.27 and a 52-week high of $75.74. The firm has a market cap of $11.49 billion, a P/E ratio of 19.31, a PEG ratio of 1.20 and a beta of 0.65.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.09). Incyte had a return on equity of 12.56% and a net margin of 16.17%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the company earned $0.44 earnings per share. The company’s revenue was up 9.3% compared to the same quarter last year. As a group, equities analysts forecast that Incyte Co. will post 3.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on INCY. Royal Bank of Canada reiterated a “sector perform” rating and set a $65.00 price objective on shares of Incyte in a research note on Monday, March 25th. Oppenheimer lowered their price objective on shares of Incyte from $92.00 to $84.00 and set an “outperform” rating for the company in a research note on Wednesday. William Blair reiterated an “outperform” rating on shares of Incyte in a research note on Tuesday, February 6th. Citigroup lowered their price objective on shares of Incyte from $82.00 to $81.00 and set a “buy” rating for the company in a research note on Wednesday, February 14th. Finally, Stifel Nicolaus boosted their target price on shares of Incyte from $67.00 to $68.00 and gave the company a “hold” rating in a research report on Wednesday, February 14th. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $75.50.

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 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.