Sumitomo Mitsui Trust Holdings Inc. Reduces Holdings in Incyte Co. (NASDAQ:INCY)

Sumitomo Mitsui Trust Holdings Inc. reduced its stake in Incyte Co. (NASDAQ:INCY) by 1.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 663,893 shares of the biopharmaceutical company’s stock after selling 7,243 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Incyte were worth $41,686,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cetera Advisor Networks LLC raised its stake in shares of Incyte by 7.4% during the first quarter. Cetera Advisor Networks LLC now owns 5,265 shares of the biopharmaceutical company’s stock valued at $418,000 after acquiring an additional 362 shares during the last quarter. Private Advisor Group LLC purchased a new stake in Incyte in the 1st quarter worth approximately $323,000. D.A. Davidson & CO. grew its position in shares of Incyte by 4.8% in the 1st quarter. D.A. Davidson & CO. now owns 3,300 shares of the biopharmaceutical company’s stock worth $262,000 after buying an additional 150 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Incyte by 6.8% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 25,172 shares of the biopharmaceutical company’s stock valued at $1,999,000 after buying an additional 1,605 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Incyte by 7.8% during the first quarter. Dimensional Fund Advisors LP now owns 596,022 shares of the biopharmaceutical company’s stock valued at $47,338,000 after acquiring an additional 43,168 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. BMO Capital Markets boosted their price objective on shares of Incyte from $58.00 to $64.00 and gave the company a “market perform” rating in a research report on Wednesday, February 14th. Royal Bank of Canada reissued a “sector perform” rating and issued a $65.00 price target on shares of Incyte in a research note on Monday, March 25th. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research report on Tuesday, February 6th. Citigroup reduced their target price on Incyte from $82.00 to $81.00 and set a “buy” rating on the stock in a report on Wednesday, February 14th. Finally, Jefferies Financial Group started coverage on Incyte in a research note on Friday, February 23rd. They issued a “buy” rating and a $81.00 target price for the company. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.07.

Incyte Stock Down 0.9 %

Shares of Incyte stock opened at $52.35 on Friday. The company has a 50-day simple moving average of $57.46 and a two-hundred day simple moving average of $57.92. The stock has a market capitalization of $11.75 billion, a PE ratio of 19.75, a price-to-earnings-growth ratio of 1.22 and a beta of 0.65. Incyte Co. has a 52-week low of $50.27 and a 52-week high of $75.74. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.55.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.09). The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Incyte had a return on equity of 12.56% and a net margin of 16.17%. During the same quarter in the previous year, the firm earned $0.44 earnings per share. Incyte’s revenue was up 9.3% on a year-over-year basis. On average, analysts anticipate that Incyte Co. will post 3.84 EPS for the current fiscal year.

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.