Meiji Yasuda Life Insurance Co Trims Position in Incyte Co. (NASDAQ:INCY)

Meiji Yasuda Life Insurance Co decreased its holdings in Incyte Co. (NASDAQ:INCY) by 23.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,096 shares of the biopharmaceutical company’s stock after selling 2,210 shares during the quarter. Meiji Yasuda Life Insurance Co’s holdings in Incyte were worth $430,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. E Fund Management Co. Ltd. lifted its position in shares of Incyte by 92.6% in the 2nd quarter. E Fund Management Co. Ltd. now owns 20,240 shares of the biopharmaceutical company’s stock worth $1,227,000 after purchasing an additional 9,733 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Incyte by 24.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,181,269 shares of the biopharmaceutical company’s stock worth $71,617,000 after buying an additional 230,665 shares during the period. Inspire Advisors LLC boosted its position in Incyte by 5.5% during the 2nd quarter. Inspire Advisors LLC now owns 11,364 shares of the biopharmaceutical company’s stock valued at $689,000 after acquiring an additional 591 shares in the last quarter. Qsemble Capital Management LP purchased a new position in shares of Incyte during the 2nd quarter worth approximately $3,341,000. Finally, Sentry Investment Management LLC bought a new position in shares of Incyte in the 2nd quarter worth approximately $56,000. Institutional investors own 96.97% of the company’s stock.

Incyte Trading Down 1.9 %

Incyte stock opened at $65.17 on Thursday. Incyte Co. has a one year low of $50.27 and a one year high of $70.36. The business’s fifty day moving average is $64.23 and its 200 day moving average is $59.70. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.92 and a quick ratio of 1.84. The stock has a market capitalization of $14.63 billion, a PE ratio of 19.75, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The company had revenue of $1.04 billion during 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 business’s revenue was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.77 earnings per share. On average, sell-side analysts predict that Incyte Co. will post 0.67 EPS for the current year.

Wall Street Analysts Forecast Growth

INCY has been the topic of several research reports. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research report on Monday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $67.00 target price on shares of Incyte in a research report on Tuesday, September 3rd. BMO Capital Markets reiterated an “underperform” rating and issued a $48.00 price target (down from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. Bank of America boosted their price objective on shares of Incyte from $66.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, William Blair reaffirmed an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $73.24.

Insider Buying and Selling at Incyte

In related news, EVP Barry P. Flannelly sold 8,148 shares of the company’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the sale, the executive vice president now owns 50,534 shares in the company, valued at $3,032,040. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Incyte news, EVP Barry P. Flannelly sold 8,148 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the sale, the executive vice president now directly owns 50,534 shares in the company, valued at approximately $3,032,040. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 transaction of $36,001.68. Following the completion of the transaction, the insider now directly owns 24,825 shares in the company, valued at approximately $1,562,485.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,047 shares of company stock worth $2,225,626. Insiders own 17.50% of the company’s stock.

Incyte 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.