Danske Bank A S Boosts Stake in Incyte Corporation $INCY

Key Points

• Danske Bank A/S increased its stake in Incyte by 29.1% in Q4, buying 24,278 shares to hold 107,571 shares (about 0.05% of the company) valued at roughly $10.63 million.
• Incyte beat expectations for the quarter, reporting EPS of $1.81 vs. $1.38 consensus and revenue of $1.27B (up 20.9% year-over-year), with a ROE of 26.66% and a net margin of 26.71%.
• Wall Street remains mixed: the consensus rating is "Hold" with a $104.26 target, while shares trade around $97.14 and the company has a market cap of about $19.4 billion.

Danske Bank A S boosted its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 29.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 107,571 shares of the biopharmaceutical company's stock after buying an additional 24,278 shares during the quarter. Danske Bank A S owned approximately 0.05% of Incyte worth $10,625,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in INCY. Root Financial Partners LLC purchased a new position in Incyte in the 3rd quarter valued at about $28,000. Quent Capital LLC purchased a new position in shares of Incyte during the 3rd quarter worth $30,000. MUFG Securities EMEA plc purchased a new position in shares of Incyte during the 2nd quarter worth $32,000. CYBER HORNET ETFs LLC purchased a new position in shares of Incyte during the 2nd quarter worth $33,000. Finally, Atlantic Union Bankshares Corp purchased a new position in Incyte during the third quarter worth about $42,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Trading Up 0.2%

Shares of INCY opened at $97.14 on Tuesday. 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 $19.41 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 0.91 and a beta of 0.79. The stock's fifty day simple moving average is $95.71 and its 200 day simple moving average is $98.92. Incyte Corporation has a twelve month low of $57.77 and a twelve month high of $112.29.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share 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 business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the company posted $1.16 EPS. The business's quarterly revenue was up 20.9% on a year-over-year basis. On average, equities research analysts forecast that Incyte Corporation will post 6.73 earnings per share for the current year.

Insider Buying and Selling

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 shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the transaction, the insider owned 262,692 shares in the company, valued at approximately $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 17.80% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on INCY. HC Wainwright reiterated a "buy" rating and set a $135.00 target price on shares of Incyte in a research report on Monday. Wells Fargo & Company cut their price objective on shares of Incyte from $107.00 to $101.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 11th. Stifel Nicolaus increased their price objective on shares of Incyte from $120.00 to $123.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Oppenheimer increased their price objective on shares of Incyte from $84.00 to $90.00 and gave the stock a "market perform" rating in a report on Wednesday, April 29th. Finally, Piper Sandler increased their price objective on shares of Incyte from $102.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, February 6th. Ten investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $104.26.

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.

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