Nordea Investment Management AB Acquires 291,293 Shares of Incyte Corporation $INCY

Nordea Investment Management AB increased its holdings in Incyte Corporation (NASDAQ:INCY) by 941.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 322,223 shares of the biopharmaceutical company’s stock after purchasing an additional 291,293 shares during the period. Nordea Investment Management AB owned approximately 0.16% of Incyte worth $31,874,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. bought a new stake in shares of Incyte in the 3rd quarter valued at approximately $26,000. Root Financial Partners LLC acquired a new position in shares of Incyte in the 3rd quarter worth approximately $28,000. Quent Capital LLC bought a new position in shares of Incyte during the 3rd quarter worth approximately $30,000. MUFG Securities EMEA plc acquired a new stake in Incyte in the 2nd quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC acquired a new stake in Incyte in the 2nd quarter valued at $33,000. Institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $135.00 price objective on shares of Incyte in a research note on Monday, March 9th. Morgan Stanley set a $102.00 target price on shares of Incyte in a research note on Wednesday, February 11th. Jefferies Financial Group cut shares of Incyte from a “buy” rating to a “hold” rating and dropped their target price for the stock from $120.00 to $94.00 in a research report on Monday, March 16th. Wall Street Zen downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 14th. Finally, Wells Fargo & Company reduced their price target on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 11th. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $103.44.

Incyte Price Performance

Shares of INCY stock opened at $90.45 on Tuesday. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $112.29. The stock has a market capitalization of $18.00 billion, a PE ratio of 14.11, a PEG ratio of 0.72 and a beta of 0.84. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32. The stock’s fifty day moving average is $100.09 and its 200-day moving average is $96.95.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). Incyte had a net margin of 25.03% and a return on equity of 26.34%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the prior year, the firm earned $1.43 earnings per share. The business’s quarterly revenue was up 27.8% compared to the same quarter last year. Equities research analysts expect that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Insider Transactions at Incyte

In other news, EVP Mohamed Khairie Issa sold 10,856 shares of the stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the sale, the executive vice president directly owned 66,132 shares of the company’s stock, valued at $7,213,017.24. This represents a 14.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Pablo J. Cagnoni sold 18,667 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the completion of the sale, the insider directly owned 234,800 shares of the company’s stock, valued at approximately $22,127,552. This represents a 7.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 17.80% of the company’s stock.

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.