Incyte Co. (NASDAQ:INCY) Stock Position Reduced by Meiji Yasuda Asset Management Co Ltd.

Meiji Yasuda Asset Management Co Ltd. trimmed its position in Incyte Co. (NASDAQ:INCY) by 61.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,445 shares of the biopharmaceutical company’s stock after selling 13,331 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Incyte were worth $512,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in INCY. Norges Bank acquired a new position in Incyte in the fourth quarter worth $123,253,000. KBC Group NV lifted its position in shares of Incyte by 842.2% in the 4th quarter. KBC Group NV now owns 955,749 shares of the biopharmaceutical company’s stock worth $60,011,000 after buying an additional 854,311 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Incyte by 28.0% in the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after buying an additional 779,243 shares during the period. Swedbank AB bought a new stake in shares of Incyte during the 1st quarter valued at about $37,440,000. Finally, Allspring Global Investments Holdings LLC raised its stake in Incyte by 122.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock worth $54,116,000 after acquiring an additional 490,680 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $67.00 target price on shares of Incyte in a report on Tuesday, September 3rd. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research note on Monday, September 16th. Citigroup increased their target price on Incyte from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Guggenheim boosted their price target on shares of Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $73.24.

Incyte Stock Performance

NASDAQ:INCY opened at $65.74 on Friday. The company has a 50-day moving average of $64.37 and a 200-day moving average of $59.79. 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 current ratio of 1.92, a quick ratio of 1.84 and a debt-to-equity ratio of 0.01. Incyte Co. has a twelve month low of $50.27 and a twelve month high of $70.36.

Incyte (NASDAQ:INCY) last issued its earnings results 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). The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The company’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.77 earnings per share. Analysts forecast that Incyte Co. will post 0.67 earnings per share for the current fiscal year.

Insider Transactions at Incyte

In other news, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $70.00, for a total transaction of $1,089,970.00. Following the sale, the executive vice president now directly owns 36,701 shares of the company’s stock, valued at $2,569,070. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Thomas Tray sold 572 shares of the firm’s 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 completion of the transaction, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Vijay K. Iyengar sold 15,571 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the sale, the executive vice president now owns 36,701 shares of the company’s stock, valued at approximately $2,569,070. The disclosure for this sale can be found here. Insiders sold a total of 34,047 shares of company stock valued at $2,225,626 in the last three months. 17.50% of the stock is currently owned by corporate insiders.

Incyte Company Profile

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.