Swiss National Bank Decreases Stake in Incyte Corporation $INCY

Swiss National Bank decreased its holdings in Incyte Corporation (NASDAQ:INCY) by 4.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 474,174 shares of the biopharmaceutical company’s stock after selling 23,700 shares during the quarter. Swiss National Bank’s holdings in Incyte were worth $40,215,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Harbor Capital Advisors Inc. acquired a new stake in shares of Incyte in the third quarter worth $26,000. Root Financial Partners LLC purchased a new position in shares of Incyte in the third quarter valued at $28,000. Quent Capital LLC purchased a new stake in Incyte during the 3rd quarter worth $30,000. MUFG Securities EMEA plc acquired a new position in Incyte in the 2nd quarter worth $32,000. Finally, CYBER HORNET ETFs LLC purchased a new position in Incyte in the 2nd quarter valued at about $33,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Incyte news, insider Thomas Tray sold 2,774 shares of Incyte stock in a transaction on Friday, December 19th. The shares were sold at an average price of $100.00, for a total value of $277,400.00. Following the completion of the transaction, the insider owned 22,973 shares of the company’s stock, valued at $2,297,300. The trade was a 10.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the business’s stock in a transaction 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 owned 66,132 shares of the company’s stock, valued at approximately $7,213,017.24. The trade was a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 72,561 shares of company stock worth $7,195,307. 17.80% of the stock is currently owned by insiders.

Incyte Stock Up 0.4%

Shares of INCY stock traded up $0.34 during trading hours on Friday, hitting $92.37. 208,280 shares of the company were exchanged, compared to its average volume of 1,894,798. The stock has a market capitalization of $18.38 billion, a price-to-earnings ratio of 14.41, a P/E/G ratio of 0.75 and a beta of 0.84. Incyte Corporation has a one year low of $53.56 and a one year high of $112.29. The business’s 50-day simple moving average is $101.96 and its two-hundred day simple moving average is $96.42. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.96 by ($0.16). Incyte had a net margin of 25.03% and a return on equity of 26.34%. The firm 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 firm’s quarterly revenue was up 27.8% compared to the same quarter last year. Sell-side analysts predict that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on INCY shares. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $90.00 target price on shares of Incyte in a research report on Thursday, January 8th. Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 2nd. Mizuho set a $121.00 price objective on Incyte and gave the stock an “outperform” rating in a report on Monday, December 8th. TD Cowen reiterated a “buy” rating on shares of Incyte in a research note on Tuesday, January 13th. Finally, Piper Sandler increased their target price on Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 6th. Ten analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $104.00.

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.