Daiwa Securities Group Inc. Purchases 2,599 Shares of Incyte Co. (NASDAQ:INCY)

Daiwa Securities Group Inc. increased its position in shares of Incyte Co. (NASDAQ:INCY) by 12.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,064 shares of the biopharmaceutical company’s stock after buying an additional 2,599 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Incyte were worth $1,448,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Pacer Advisors Inc. increased its stake in Incyte by 2,858.4% in the 4th quarter. Pacer Advisors Inc. now owns 1,025,784 shares of the biopharmaceutical company’s stock valued at $64,409,000 after buying an additional 991,110 shares during the last quarter. Los Angeles Capital Management LLC increased its position in shares of Incyte by 585.8% in the third quarter. Los Angeles Capital Management LLC now owns 1,145,362 shares of the biopharmaceutical company’s stock valued at $66,168,000 after acquiring an additional 978,342 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Incyte by 56.6% during the third quarter. Acadian Asset Management LLC now owns 2,684,621 shares of the biopharmaceutical company’s stock worth $155,053,000 after acquiring an additional 970,668 shares in the last quarter. Federated Hermes Inc. raised its holdings in Incyte by 145.2% during the third quarter. Federated Hermes Inc. now owns 864,710 shares of the biopharmaceutical company’s stock worth $49,954,000 after acquiring an additional 512,083 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in Incyte by 85.3% during the third quarter. Royal Bank of Canada now owns 987,052 shares of the biopharmaceutical company’s stock valued at $57,021,000 after purchasing an additional 454,416 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Stock Down 0.5 %

Shares of INCY opened at $51.65 on Wednesday. The firm’s 50-day simple moving average is $57.18 and its 200 day simple moving average is $57.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.36 and a current ratio of 3.55. The firm has a market cap of $11.60 billion, a P/E ratio of 19.49, a price-to-earnings-growth ratio of 1.21 and a beta of 0.65. Incyte Co. has a 52 week low of $50.27 and a 52 week high of $75.74.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.09). The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Incyte had a net margin of 16.17% and a return on equity of 12.56%. Incyte’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.44 EPS. On average, analysts forecast that Incyte Co. will post 3.85 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on INCY shares. Bank of America lowered their price target on Incyte from $69.00 to $67.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 13th. Stifel Nicolaus upped their price target on shares of Incyte from $67.00 to $68.00 and gave the stock a “hold” rating in a research report on Wednesday, February 14th. Cantor Fitzgerald started coverage on shares of Incyte in a research note on Tuesday. They issued a “neutral” rating for the company. Citigroup lowered their price objective on shares of Incyte from $82.00 to $81.00 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $65.00 target price on shares of Incyte in a report on Monday, March 25th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Incyte currently has a consensus rating of “Moderate Buy” and an average price target of $76.07.

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.