Swiss Life Asset Management Ltd Boosts Stake in Incyte Corporation $INCY

Key Points

• Swiss Life Asset Management boosted its Incyte stake by 12.8% in the fourth quarter, adding 10,983 shares to bring its total holding to 96,463 shares worth about $9.53 million.
• Incyte beat earnings expectations in its latest quarterly report, posting $1.81 EPS versus the $1.38 consensus and revenue of $1.27 billion, up 20.9% year over year.
• Wall Street remains mixed on the stock: analysts currently have an average “Hold” rating with an average price target of $104.26, even as several firms recently raised targets or upgraded the shares.

Swiss Life Asset Management Ltd raised its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 12.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 96,463 shares of the biopharmaceutical company's stock after buying an additional 10,983 shares during the period. Swiss Life Asset Management Ltd's holdings in Incyte were worth $9,528,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in INCY. NewEdge Advisors LLC increased its stake in Incyte by 369.3% in the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company's stock valued at $763,000 after buying an additional 9,913 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company's stock worth $299,000 after purchasing an additional 648 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company's stock worth $49,322,000 after purchasing an additional 48,751 shares during the last quarter. United Services Automobile Association purchased a new stake in shares of Incyte during the 1st quarter worth approximately $219,000. Finally, Focus Partners Wealth increased its stake in shares of Incyte by 74.1% during the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company's stock worth $1,273,000 after purchasing an additional 8,951 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on INCY shares. Weiss Ratings upgraded shares of Incyte from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, April 1st. Stifel Nicolaus raised their price target on shares of Incyte from $120.00 to $123.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Piper Sandler raised their price target on shares of Incyte from $102.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, February 6th. Royal Bank Of Canada decreased their price target on shares of Incyte from $95.00 to $92.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 11th. Finally, Morgan Stanley set a $102.00 price target on shares of Incyte in a research note on Wednesday, February 11th. Ten 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. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $104.26.

Incyte Stock Down 1.2%

INCY opened at $99.13 on Wednesday. The company has a fifty day moving average price of $95.48 and a 200-day moving average price of $99.41. The firm has a market capitalization of $19.80 billion, a P/E ratio of 14.00, a price-to-earnings-growth ratio of 0.94 and a beta of 0.79. 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 one year low of $59.15 and a one year high of $112.29.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating analysts' consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business's revenue for the quarter was up 20.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.16 EPS. Equities research analysts expect that Incyte Corporation will post 6.73 earnings per share for the current fiscal year.

Insider Activity at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the business's stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider directly owned 262,692 shares in the company, valued at $25,349,778. The trade was a 6.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by company insiders.

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.

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