Swedbank AB Buys 43,870 Shares of Incyte Corporation $INCY

Key Points

• Swedbank AB has increased its stake in Incyte Corporation by 7.7%, owning 611,294 shares valued at approximately $41.6 million.
• Multiple institutional investors also boosted their holdings in Incyte, with AQR Capital Management increasing theirs by 92.3%, now owning over 6.7 million shares.
• Several analysts raised their price targets for Incyte, with Citigroup upgrading it from $88.00 to $103.00 and maintaining a "buy" rating.

Swedbank AB lifted its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 7.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 611,294 shares of the biopharmaceutical company's stock after purchasing an additional 43,870 shares during the quarter. Swedbank AB owned 0.32% of Incyte worth $41,629,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in INCY. Cetera Investment Advisers boosted its holdings in Incyte by 10.8% during the fourth quarter. Cetera Investment Advisers now owns 13,288 shares of the biopharmaceutical company's stock worth $918,000 after purchasing an additional 1,294 shares during the last quarter. Royal Bank of Canada boosted its holdings in Incyte by 24.4% during the fourth quarter. Royal Bank of Canada now owns 209,479 shares of the biopharmaceutical company's stock worth $14,468,000 after purchasing an additional 41,071 shares during the last quarter. Two Sigma Investments LP grew its stake in Incyte by 36.3% in the fourth quarter. Two Sigma Investments LP now owns 28,049 shares of the biopharmaceutical company's stock valued at $1,937,000 after purchasing an additional 7,465 shares in the last quarter. Twinbeech Capital LP bought a new position in Incyte in the fourth quarter valued at approximately $265,000. Finally, Squarepoint Ops LLC grew its stake in Incyte by 326.1% in the fourth quarter. Squarepoint Ops LLC now owns 108,835 shares of the biopharmaceutical company's stock valued at $7,517,000 after purchasing an additional 83,291 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on INCY. Royal Bank Of Canada raised their price target on Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 30th. Guggenheim restated a "neutral" rating on shares of Incyte in a research note on Friday. Bank of America raised their price target on Incyte from $90.00 to $104.00 and gave the company a "buy" rating in a research note on Thursday, September 4th. Truist Financial raised their price target on Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. Finally, Citigroup raised their price target on Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $83.07.

Incyte Stock Performance

Shares of INCY traded up $0.69 during mid-day trading on Tuesday, reaching $85.42. The company's stock had a trading volume of 112,896 shares, compared to its average volume of 1,863,252. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $87.99. The stock has a market cap of $16.68 billion, a P/E ratio of 19.43, a PEG ratio of 0.68 and a beta of 0.75. The business has a 50-day simple moving average of $80.47 and a two-hundred day simple moving average of $69.65. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01.

Insider Transactions at Incyte

In related news, EVP Vijay K. Iyengar sold 1,177 shares of Incyte stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction that occurred 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 sale, the executive vice president directly owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,376 shares of company stock valued at $3,859,312. 17.80% of the stock is currently owned by company insiders.

About Incyte

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.