Atle Fund Management AB Takes $7 Million Position in Incyte Corporation $INCY

Atle Fund Management AB bought a new stake in Incyte Corporation (NASDAQ:INCY) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 70,851 shares of the biopharmaceutical company’s stock, valued at approximately $6,998,000. Incyte accounts for 2.2% of Atle Fund Management AB’s investment portfolio, making the stock its 19th biggest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in INCY. AustralianSuper Pty Ltd purchased a new position in Incyte during the third quarter valued at $18,085,000. Rakuten Investment Management Inc. purchased a new position in Incyte during the third quarter valued at $14,646,000. LBP AM SA raised its stake in Incyte by 33.6% during the third quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company’s stock valued at $20,245,000 after buying an additional 59,974 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Incyte by 38.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 387,605 shares of the biopharmaceutical company’s stock worth $32,873,000 after purchasing an additional 108,645 shares in the last quarter. Finally, Nordea Investment Management AB increased its holdings in shares of 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 in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on INCY shares. Oppenheimer lifted their target price on Incyte from $84.00 to $90.00 and gave the stock a “market perform” rating in a report on Wednesday, April 29th. UBS Group reduced their target price on Incyte from $104.00 to $94.00 and set a “neutral” rating for the company in a report on Wednesday, March 25th. HC Wainwright reissued a “buy” rating and issued a $135.00 target price on shares of Incyte in a report on Monday, May 4th. Jefferies Financial Group lowered Incyte from a “buy” rating to a “hold” rating and reduced their target price for the stock from $120.00 to $94.00 in a report on Monday, March 16th. Finally, Weiss Ratings raised Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Ten investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $104.26.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction on Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the transaction, the insider directly owned 262,692 shares in the company, valued at approximately $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 can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Incyte Price Performance

Shares of Incyte stock opened at $95.60 on Wednesday. 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 market capitalization of $19.10 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 0.91 and a beta of 0.79. Incyte Corporation has a 52 week low of $63.51 and a 52 week high of $112.29. The stock’s 50-day simple moving average is $95.33 and its 200-day simple moving average is $99.60.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the firm earned $1.16 earnings per share. Incyte’s revenue was up 20.9% compared to the same quarter last year. As a group, analysts expect that Incyte Corporation will post 6.74 earnings per share for the current fiscal year.

Incyte Profile

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.