70,851 Shares in Incyte Corporation $INCY Acquired by Atle Fund Management AB

Key Points

• Atle Fund Management AB initiated a new position in Incyte, buying 70,851 shares valued at about $7.0 million, making the stock its 19th-largest holding.
• Incyte reported strong quarterly results, with EPS of $1.81 topping estimates of $1.38 and revenue of $1.27 billion exceeding forecasts; revenue rose 20.9% year over year.
• Analysts remain split on the stock: Incyte has a Hold consensus rating, with 10 Buy, 10 Hold, and 1 Sell ratings, and an average price target of $104.26.

Atle Fund Management AB purchased a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 70,851 shares of the biopharmaceutical company's stock, valued at approximately $6,998,000. Incyte accounts for about 2.2% of Atle Fund Management AB's holdings, making the stock its 19th biggest holding.

Several other institutional investors have also recently added to or reduced their stakes in the business. Caisse de depot et placement du Quebec raised its position in shares of Incyte by 264.5% during the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company's stock worth $127,046,000 after purchasing an additional 1,087,091 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in Incyte by 5,218.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company's stock worth $58,950,000 after buying an additional 585,618 shares in the last quarter. Man Group plc grew its holdings in Incyte by 52.8% during the second quarter. Man Group plc now owns 1,610,670 shares of the biopharmaceutical company's stock worth $109,687,000 after buying an additional 556,243 shares in the last quarter. Squarepoint Ops LLC grew its holdings in Incyte by 9,739.1% during the second quarter. Squarepoint Ops LLC now owns 558,171 shares of the biopharmaceutical company's stock worth $38,011,000 after buying an additional 552,498 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ grew its holdings in Incyte by 1,346.2% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 571,234 shares of the biopharmaceutical company's stock worth $48,446,000 after buying an additional 531,734 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the firm'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 transaction, the insider directly owned 262,692 shares in the company, valued at $25,349,778. This trade represents a 6.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Incyte Price Performance

Shares of Incyte stock opened at $95.60 on Wednesday. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $19.10 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 0.91 and a beta of 0.79. The business's 50-day moving average price is $95.33 and its 200-day moving average price is $99.60. Incyte Corporation has a 12 month low of $63.51 and a 12 month high of $112.29.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating the consensus estimate of $1.38 by $0.43. The firm had revenue of $1.27 billion for 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 revenue was up 20.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.16 EPS. Sell-side analysts forecast that Incyte Corporation will post 6.74 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on INCY. Barclays reiterated an "overweight" rating on shares of Incyte in a report on Tuesday, March 24th. Piper Sandler upped their price target on Incyte from $102.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, February 6th. HC Wainwright reiterated a "buy" rating and set a $135.00 price target on shares of Incyte in a report on Monday, May 4th. Wells Fargo & Company decreased their price target on Incyte from $107.00 to $101.00 and set an "equal weight" rating for the company in a report on Wednesday, February 11th. Finally, Royal Bank Of Canada reduced their price objective on Incyte from $95.00 to $92.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 11th. Ten investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $104.26.

Incyte Company 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.

Want to see what other hedge funds are holding INCY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Incyte Corporation (NASDAQ:INCY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.