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

Swiss Life Asset Management Ltd increased its stake in Incyte Corporation (NASDAQ:INCY) by 180.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,480 shares of the biopharmaceutical company’s stock after buying an additional 55,039 shares during the period. Swiss Life Asset Management Ltd’s holdings in Incyte were worth $7,250,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Harbor Capital Advisors Inc. purchased a new position in shares of Incyte during the 3rd quarter worth approximately $26,000. Root Financial Partners LLC bought a new stake in shares of Incyte during the third quarter valued at approximately $28,000. Quent Capital LLC bought a new stake in shares of Incyte during the third quarter valued at approximately $30,000. MUFG Securities EMEA plc purchased a new stake in Incyte in the second quarter worth $32,000. Finally, CYBER HORNET ETFs LLC purchased a new stake in Incyte in the second quarter worth $33,000. 96.97% of the stock is owned by institutional investors.

Insider Activity

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $94.24, for a total value of $1,759,178.08. Following the completion of the transaction, the insider owned 234,800 shares of the company’s stock, valued at approximately $22,127,552. The trade was a 7.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president owned 66,132 shares in the company, valued at $7,213,017.24. This represents a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. 17.80% of the stock is currently owned by company insiders.

Incyte Stock Performance

INCY stock opened at $90.78 on Friday. The stock’s 50 day simple moving average is $100.41 and its 200 day simple moving average is $96.84. The company has a current ratio of 3.32, a quick ratio of 3.25 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $112.29. The stock has a market capitalization of $18.07 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 0.72 and a beta of 0.84.

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

Analyst Ratings Changes

Several brokerages have commented on INCY. Mizuho set a $121.00 price objective on Incyte and gave the company an “outperform” rating in a research report on Monday, December 8th. Piper Sandler upped their target price on shares of Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Morgan Stanley set a $102.00 price target on shares of Incyte in a research note on Wednesday, February 11th. Royal Bank Of Canada dropped their price objective on shares of Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 11th. Finally, TD Cowen restated a “buy” rating on shares of Incyte in a report on Tuesday, January 13th. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Incyte presently has a consensus rating of “Hold” and an average price target of $103.44.

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.