Meiji Yasuda Asset Management Co Ltd. Sells 11,408 Shares of Incyte Corporation $INCY

Meiji Yasuda Asset Management Co Ltd. cut its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 29.2% during the third quarter, Holdings Channel reports. The fund owned 27,630 shares of the biopharmaceutical company’s stock after selling 11,408 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Incyte were worth $2,343,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Incyte by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 20,135,393 shares of the biopharmaceutical company’s stock valued at $1,371,220,000 after purchasing an additional 137,570 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Incyte by 21.8% in the second quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock valued at $558,519,000 after purchasing an additional 1,465,286 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Incyte by 3.3% in the second quarter. Geode Capital Management LLC now owns 4,347,731 shares of the biopharmaceutical company’s stock valued at $294,899,000 after purchasing an additional 139,740 shares during the period. LSV Asset Management lifted its stake in shares of Incyte by 3.2% during the 3rd quarter. LSV Asset Management now owns 3,986,097 shares of the biopharmaceutical company’s stock worth $338,061,000 after buying an additional 124,266 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Incyte by 7.3% during the 2nd quarter. Invesco Ltd. now owns 3,401,018 shares of the biopharmaceutical company’s stock worth $231,609,000 after buying an additional 232,268 shares during the period. Institutional investors own 96.97% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on INCY shares. TD Cowen reissued a “buy” rating on shares of Incyte in a report on Tuesday, January 13th. Wells Fargo & Company decreased their target price on Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 11th. HC Wainwright reissued a “buy” rating and set a $135.00 price target on shares of Incyte in a report on Wednesday, February 11th. Royal Bank Of Canada reduced their price target on Incyte from $95.00 to $92.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 11th. Finally, Weiss Ratings upgraded Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. Ten investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $104.00.

Incyte Price Performance

Shares of NASDAQ INCY opened at $95.94 on Monday. The business has a fifty day moving average price of $102.28 and a two-hundred day moving average price of $96.32. The stock has a market capitalization of $19.09 billion, a PE ratio of 14.97, a P/E/G ratio of 0.76 and a beta of 0.84. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $112.29.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.96 by ($0.16). Incyte had a return on equity of 26.34% and a net margin of 25.03%.The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the company posted $1.43 earnings per share. The business’s revenue for the quarter was up 27.8% compared to the same quarter last year. As a group, equities analysts predict that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Mohamed Khairie Issa sold 10,856 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 66,132 shares of the company’s stock, valued at approximately $7,213,017.24. This represents a 14.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas Tray sold 2,774 shares of the firm’s 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 sale, the insider directly owned 22,973 shares in the company, valued at approximately $2,297,300. This represents a 10.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 72,561 shares of company stock worth $7,195,307 over the last ninety days. Corporate insiders own 17.80% of the company’s stock.

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.