Skandinaviska Enskilda Banken AB publ Raises Stock Holdings in Incyte Co. (NASDAQ:INCY)

Skandinaviska Enskilda Banken AB publ boosted its position in Incyte Co. (NASDAQ:INCY) by 7.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 204,910 shares of the biopharmaceutical company’s stock after purchasing an additional 13,686 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned approximately 0.09% of Incyte worth $12,420,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Deseret Mutual Benefit Administrators raised its stake in shares of Incyte by 37.1% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock worth $37,000 after acquiring an additional 164 shares in the last quarter. Moody National Bank Trust Division lifted its holdings in shares of Incyte by 1.3% during the 2nd quarter. Moody National Bank Trust Division now owns 14,199 shares of the biopharmaceutical company’s stock valued at $861,000 after purchasing an additional 179 shares during the last quarter. Ballentine Partners LLC boosted its position in shares of Incyte by 4.0% in the 2nd quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock worth $287,000 after purchasing an additional 182 shares in the last quarter. 180 Wealth Advisors LLC grew its stake in Incyte by 4.5% during the 1st quarter. 180 Wealth Advisors LLC now owns 4,764 shares of the biopharmaceutical company’s stock worth $271,000 after buying an additional 204 shares during the last quarter. Finally, Empirical Finance LLC increased its position in Incyte by 3.7% during the 1st quarter. Empirical Finance LLC now owns 6,395 shares of the biopharmaceutical company’s stock valued at $364,000 after buying an additional 230 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Price Performance

NASDAQ:INCY opened at $65.74 on Friday. The company has a 50 day moving average price of $64.37 and a 200-day moving average price of $59.80. Incyte Co. has a 1-year low of $50.27 and a 1-year high of $70.36. The firm has a market cap of $14.76 billion, a price-to-earnings ratio of 19.92, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). Incyte had a net margin of 2.52% and a return on equity of 0.75%. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the previous year, the firm posted $0.77 EPS. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. Equities research analysts forecast that Incyte Co. will post 0.67 EPS for the current year.

Insider Buying and Selling

In other Incyte news, insider Thomas Tray sold 572 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now directly owns 24,825 shares of the company’s stock, valued at $1,562,485.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Barry P. Flannelly sold 1,306 shares of Incyte stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total value of $83,832.14. Following the sale, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $3,725,715.98. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Thomas Tray sold 572 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the transaction, the insider now directly owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,047 shares of company stock valued at $2,225,626. 17.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

INCY has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their price target on Incyte from $59.00 to $61.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Citigroup upped their price target on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada reiterated a “sector perform” rating and set a $67.00 price objective on shares of Incyte in a research note on Tuesday, September 3rd. JMP Securities reissued a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. Finally, Guggenheim lifted their price target on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $73.24.

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.