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

Swedbank AB reduced its stake in Incyte Corporation (NASDAQ:INCY) by 1.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 362,456 shares of the biopharmaceutical company’s stock after selling 4,773 shares during the period. Swedbank AB owned 0.18% of Incyte worth $34,114,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Astoria Portfolio Advisors LLC. lifted its stake in shares of Incyte by 16.5% in the 1st quarter. Astoria Portfolio Advisors LLC. now owns 2,473 shares of the biopharmaceutical company’s stock valued at $237,000 after purchasing an additional 350 shares during the period. Revisor Wealth Management LLC grew its stake in Incyte by 9.1% in the first quarter. Revisor Wealth Management LLC now owns 2,625 shares of the biopharmaceutical company’s stock worth $247,000 after purchasing an additional 220 shares during the period. QRG Capital Management Inc. raised its holdings in Incyte by 40.4% in the first quarter. QRG Capital Management Inc. now owns 10,998 shares of the biopharmaceutical company’s stock worth $1,035,000 after purchasing an additional 3,165 shares in the last quarter. World Investment Advisors lifted its position in Incyte by 70.8% during the first quarter. World Investment Advisors now owns 3,471 shares of the biopharmaceutical company’s stock valued at $327,000 after buying an additional 1,439 shares during the period. Finally, Sierra Summit Advisors LLC bought a new stake in shares of Incyte during the 1st quarter valued at $890,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INCY has been the subject of several research reports. Oppenheimer reiterated a “market perform” rating and issued a $107.00 price target on shares of Incyte in a research note on Monday, June 8th. Sanford C. Bernstein began coverage on shares of Incyte in a report on Thursday, May 21st. They set a “market perform” rating and a $99.00 target price for the company. UBS Group upped 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. Royal Bank Of Canada lifted their price objective on Incyte from $95.00 to $99.00 and gave the company a “sector perform” rating in a research note on Tuesday. Finally, Citigroup reissued a “market perform” rating on shares of Incyte in a research note on Tuesday, June 2nd. Eight equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $108.20.

Incyte Price Performance

Shares of NASDAQ INCY opened at $117.26 on Thursday. The firm has a market cap of $23.43 billion, a P/E ratio of 16.56, a PEG ratio of 1.08 and a beta of 0.76. Incyte Corporation has a twelve month low of $67.17 and a twelve month high of $118.77. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average of $102.43 and a 200 day moving average of $100.28.

Incyte (NASDAQ:INCY) last posted its earnings results 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 analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.16 EPS. As a group, research analysts expect that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Insider Transactions at Incyte

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

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.