Skandinaviska Enskilda Banken AB publ Sells 5,210 Shares of Incyte Corporation (NASDAQ:INCY)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its stake in Incyte Corporation by 11.6%, selling 5,210 shares in the first quarter, leaving them with 39,712 shares valued at approximately $2.4 million.
• Insiders at Incyte have sold a total of 56,098 shares worth around $3.8 million over the last 90 days, indicating a decrease in their ownership stakes.
• Analyst ratings for Incyte are mixed, with a consensus rating of "Hold" and price objectives ranging from $58 to $107, reflecting varying outlooks on the stock's future performance.

Skandinaviska Enskilda Banken AB publ decreased its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 11.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,712 shares of the biopharmaceutical company's stock after selling 5,210 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Incyte were worth $2,403,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in INCY. Raiffeisen Bank International AG bought a new stake in Incyte during the 4th quarter valued at $34,000. NBC Securities Inc. raised its stake in Incyte by 88,200.0% during the 1st quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock valued at $53,000 after acquiring an additional 882 shares in the last quarter. Huntington National Bank raised its stake in Incyte by 40.7% during the 4th quarter. Huntington National Bank now owns 934 shares of the biopharmaceutical company's stock valued at $65,000 after acquiring an additional 270 shares in the last quarter. Intact Investment Management Inc. bought a new stake in Incyte during the 1st quarter valued at $73,000. Finally, Farther Finance Advisors LLC raised its stake in Incyte by 474.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock valued at $94,000 after acquiring an additional 1,280 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on INCY. BMO Capital Markets reaffirmed an "underperform" rating and set a $60.00 target price (up previously from $52.00) on shares of Incyte in a research note on Wednesday. UBS Group reaffirmed a "neutral" rating and set a $68.00 target price (up previously from $62.00) on shares of Incyte in a research note on Wednesday. Wells Fargo & Company lifted their target price on Incyte from $59.00 to $67.00 and gave the company an "equal weight" rating in a research note on Wednesday. Royal Bank Of Canada lifted their price target on Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a research report on Wednesday. Finally, Truist Financial lifted their price target on Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $78.50.

Incyte Price Performance

Shares of NASDAQ INCY traded up $0.04 during mid-day trading on Friday, reaching $74.93. The company had a trading volume of 543,521 shares, compared to its average volume of 1,878,245. The company has a current ratio of 2.85, a quick ratio of 2.00 and a debt-to-equity ratio of 0.01. The stock has a market cap of $14.50 billion, a PE ratio of 17.03, a P/E/G ratio of 0.65 and a beta of 0.68. The company has a 50-day moving average price of $68.72 and a two-hundred day moving average price of $66.68. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.01 by $0.15. The business had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $996.17 million. Incyte had a return on equity of 21.99% and a net margin of 18.99%. The company's quarterly revenue was up 19.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.64 EPS. On average, equities analysts anticipate that Incyte Corporation will post 4.86 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Sheila A. Denton sold 599 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the sale, the executive vice president owned 26,504 shares of the company's stock, valued at $1,818,439.44. This trade represents a 2.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Vijay K. Iyengar sold 1,177 shares of the firm's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $82,225.22. Following the completion of the sale, the executive vice president directly owned 35,929 shares of the company's stock, valued at approximately $2,509,999.94. This trade represents a 3.17% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,098 shares of company stock worth $3,836,196. 17.80% of the stock is currently owned by corporate insiders.

Incyte Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.