Mirae Asset Global Investments Co. Ltd. Increases Stake in Incyte Corporation $INCY

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 28.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,443 shares of the biopharmaceutical company’s stock after buying an additional 8,010 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Incyte were worth $3,091,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Bank of Nova Scotia grew its position in shares of Incyte by 0.7% during the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after buying an additional 124 shares in the last quarter. MAI Capital Management lifted its stake in Incyte by 19.9% in the second quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock worth $51,000 after acquiring an additional 125 shares during the last quarter. Atlantic Edge Private Wealth Management LLC grew its holdings in Incyte by 0.9% during the 3rd quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock worth $1,235,000 after acquiring an additional 125 shares in the last quarter. E Fund Management Co. Ltd. increased its position in shares of Incyte by 0.8% in the 2nd quarter. E Fund Management Co. Ltd. now owns 19,912 shares of the biopharmaceutical company’s stock valued at $1,356,000 after purchasing an additional 158 shares during the last quarter. Finally, Wealthfront Advisers LLC raised its holdings in shares of Incyte by 2.4% in the 2nd quarter. Wealthfront Advisers LLC now owns 7,366 shares of the biopharmaceutical company’s stock valued at $502,000 after purchasing an additional 171 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Analyst Upgrades and Downgrades

INCY has been the subject of a number of analyst reports. Royal Bank Of Canada boosted their target price on shares of Incyte from $81.00 to $84.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 29th. Oppenheimer cut Incyte from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 8th. The Goldman Sachs Group reissued a “neutral” rating and set a $90.00 target price on shares of Incyte in a research report on Thursday, January 8th. Guggenheim raised Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a report on Monday, November 3rd. Finally, Barclays increased their price target on shares of Incyte from $101.00 to $115.00 and gave the company an “overweight” rating in a research note on Monday, November 24th. Eight equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $100.75.

Incyte Trading Up 2.6%

NASDAQ:INCY opened at $102.67 on Tuesday. The company has a market capitalization of $20.16 billion, a PE ratio of 17.20, a P/E/G ratio of 0.60 and a beta of 0.82. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $112.29. The stock’s 50 day moving average price is $101.82 and its 200 day moving average price is $92.31. The company has a quick ratio of 3.13, a current ratio of 3.20 and a debt-to-equity ratio of 0.01.

Insider Buying and Selling at Incyte

In related news, insider Thomas Tray sold 2,774 shares of the firm’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $100.00, for a total transaction of $277,400.00. Following the transaction, the insider owned 22,973 shares of the company’s stock, valued at $2,297,300. This trade represents a 10.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Michael James Morrissey sold 4,323 shares of the business’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $97.26, for a total value of $420,454.98. Following the completion of the transaction, the executive vice president owned 27,507 shares in the company, valued at $2,675,330.82. This trade represents a 13.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 95,225 shares of company stock worth $9,519,745 in the last quarter. 17.80% of the stock is currently owned by company insiders.

About Incyte

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.