AIA Group Ltd Makes New Investment in Incyte Co. (NASDAQ:INCY)

AIA Group Ltd acquired a new stake in Incyte Co. (NASDAQ:INCY) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 31,000 shares of the biopharmaceutical company’s stock, valued at approximately $2,141,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Quintet Private Bank Europe S.A. acquired a new stake in Incyte in the fourth quarter valued at $26,000. Global X Japan Co. Ltd. raised its position in shares of Incyte by 144.7% during the 4th quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 230 shares in the last quarter. R Squared Ltd acquired a new stake in shares of Incyte during the 4th quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Incyte during the third quarter worth approximately $33,000. Finally, Groupama Asset Managment boosted its holdings in Incyte by 11.4% in the third quarter. Groupama Asset Managment now owns 59,597 shares of the biopharmaceutical company’s stock valued at $39,000 after purchasing an additional 6,105 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on INCY shares. Truist Financial reduced their price objective on shares of Incyte from $74.00 to $72.00 and set a “hold” rating for the company in a research report on Tuesday, March 18th. William Blair cut shares of Incyte from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 18th. Wells Fargo & Company raised their price objective on Incyte from $68.00 to $70.00 and gave the stock an “equal weight” rating in a report on Thursday, December 19th. Morgan Stanley reduced their target price on Incyte from $69.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, March 24th. Finally, Royal Bank of Canada dropped their price target on Incyte from $70.00 to $68.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $74.88.

Insider Buying and Selling at Incyte

In related news, EVP Barry P. Flannelly sold 19,807 shares of the firm’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the completion of the sale, the executive vice president now owns 33,567 shares in the company, valued at $2,272,150.23. This trade represents a 37.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Sheila A. Denton sold 14,069 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the transaction, the executive vice president now owns 25,848 shares in the company, valued at $1,914,561.36. The trade was a 35.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,827 shares of company stock valued at $3,322,618. 17.60% of the stock is owned by company insiders.

Incyte Trading Down 0.1 %

Shares of Incyte stock opened at $60.55 on Tuesday. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The firm has a market cap of $11.72 billion, a price-to-earnings ratio of 224.27, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. Incyte Co. has a 52-week low of $50.35 and a 52-week high of $83.95. The company’s 50-day simple moving average is $69.31 and its 200-day simple moving average is $70.12.

Incyte (NASDAQ:INCY) last issued its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. As a group, equities research analysts anticipate that Incyte Co. will post 4.86 earnings per share for the current year.

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.