Incyte Corporation $INCY Shares Acquired by Handelsbanken Fonder AB

Handelsbanken Fonder AB lifted its position in Incyte Corporation (NASDAQ:INCY) by 15.8% in the second quarter, Holdings Channel reports. The firm owned 56,300 shares of the biopharmaceutical company’s stock after acquiring an additional 7,700 shares during the period. Handelsbanken Fonder AB’s holdings in Incyte were worth $6,382,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH grew its position in Incyte by 11.5% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 210,097 shares of the biopharmaceutical company’s stock worth $20,719,000 after purchasing an additional 21,735 shares during the last quarter. Twin Capital Management Inc. purchased a new position in shares of Incyte during the first quarter worth about $875,000. GC Wealth Management RIA LLC acquired a new position in Incyte in the 4th quarter valued at about $1,629,000. Northwestern Mutual Wealth Management Co. lifted its position in Incyte by 5,218.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock worth $58,950,000 after acquiring an additional 585,618 shares during the period. Finally, Sector Gamma AS lifted its position in Incyte by 6.7% during the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock worth $21,609,000 after acquiring an additional 13,669 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

INCY has been the subject of several recent research reports. Morgan Stanley set a $119.00 price target on Incyte in a report on Wednesday, July 29th. Royal Bank Of Canada lifted their target price on shares of Incyte from $99.00 to $109.00 and gave the company a “sector perform” rating in a report on Wednesday, July 29th. Barclays boosted their price target on shares of Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. TD Cowen restated a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Finally, Truist Financial boosted their target price on Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Monday, June 22nd. Ten research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $120.65.

Incyte Trading Down 0.3%

Shares of INCY opened at $120.16 on Friday. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60. The firm has a market capitalization of $24.36 billion, a P/E ratio of 15.31, a PEG ratio of 3.78 and a beta of 0.76. The firm’s 50-day moving average is $114.08 and its two-hundred day moving average is $103.32.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company’s revenue was up 37.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.57 EPS. Analysts predict that Incyte Corporation will post 2.64 EPS for the current year.

Insider Transactions at Incyte

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the sale, the executive vice president owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

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.