SEB Asset Management AB Acquires Shares of 646,168 Incyte Corporation $INCY

Key Points

• SEB Asset Management AB disclosed a new position in Incyte, buying 646,168 shares valued at about $60.8 million. The stake represented roughly 0.32% of the company at quarter-end.
• Incyte reported strong first-quarter results, with EPS of $1.81 beating estimates and revenue of $1.27 billion also topping forecasts. Revenue rose 20.9% year over year, and the company posted solid profitability metrics.
• Analyst sentiment remains mixed but generally cautious, with a consensus rating of “Hold” and an average target price of $109.95. Recent price-target increases from several firms suggest improving expectations, even as most still rate the stock conservatively.

SEB Asset Management AB bought a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 646,168 shares of the biopharmaceutical company's stock, valued at approximately $60,817,000. SEB Asset Management AB owned approximately 0.32% of Incyte at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Elyxium Wealth LLC purchased a new position in Incyte during the 4th quarter valued at about $28,000. Smithfield Trust Co boosted its stake in Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock worth $28,000 after acquiring an additional 162 shares in the last quarter. University of Texas Texas AM Investment Management Co. purchased a new stake in Incyte in the fourth quarter worth about $35,000. Atlas Capital Advisors Inc. purchased a new stake in Incyte in the fourth quarter worth about $35,000. Finally, Leonteq Securities AG bought a new position in shares of Incyte during the fourth quarter valued at approximately $35,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Up 0.5%

INCY stock opened at $117.25 on Friday. The stock has a market capitalization of $23.42 billion, a P/E ratio of 16.56, a P/E/G ratio of 1.06 and a beta of 0.76. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. Incyte Corporation has a 1-year low of $67.17 and a 1-year high of $119.60. The business has a fifty day moving average price of $104.99 and a 200-day moving average price of $101.03.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 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 during the quarter, compared to the consensus estimate of $1.22 billion. During the same period last year, the company earned $1.16 EPS. Incyte's revenue for the quarter was up 20.9% on a year-over-year basis. Equities analysts forecast that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on INCY shares. Royal Bank Of Canada lifted their target price on shares of Incyte from $95.00 to $99.00 and gave the company a "sector perform" rating in a report on Tuesday, July 7th. Truist Financial upped their price target on Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a research note on Monday, June 22nd. Citigroup reaffirmed a "market perform" rating on shares of Incyte in a research report on Wednesday. BMO Capital Markets boosted their target price on Incyte from $94.00 to $112.00 and gave the stock a "market perform" rating in a report on Monday, July 13th. Finally, Barclays boosted their target price on Incyte from $117.00 to $134.00 and gave the stock an "overweight" rating in a report on Tuesday. Eight investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $109.95.

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.

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