Dai ichi Life Insurance Company Ltd Boosts Stake in Incyte Corporation $INCY

Dai ichi Life Insurance Company Ltd boosted its holdings in Incyte Corporation (NASDAQ:INCY) by 60.3% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,971 shares of the biopharmaceutical company’s stock after acquiring an additional 6,008 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Incyte were worth $1,503,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of INCY. Elyxium Wealth LLC purchased a new position in shares of Incyte during the fourth quarter worth about $28,000. Smithfield Trust Co increased its position in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 162 shares during the last quarter. MUFG Securities EMEA plc purchased a new stake in Incyte in the second quarter valued at approximately $32,000. CYBER HORNET ETFs LLC purchased a new stake in Incyte in the second quarter valued at approximately $33,000. Finally, Leonteq Securities AG bought a new stake in Incyte during the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analyst Ratings Changes

INCY has been the subject of a number of research reports. Citigroup reissued a “market perform” rating on shares of Incyte in a research note on Wednesday, July 15th. TD Cowen restated a “hold” rating on shares of Incyte in a research report on Tuesday, June 9th. Morgan Stanley lifted their price objective on shares of Incyte from $103.00 to $104.00 and gave the stock an “equal weight” rating in a report on Thursday. Oppenheimer reiterated a “market perform” rating and issued a $107.00 target price on shares of Incyte in a research report on Monday, June 8th. Finally, Sanford C. Bernstein began coverage on Incyte in a research note on Thursday, May 21st. They issued a “market perform” rating and a $99.00 target price on the stock. Eight analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $111.10.

Incyte Price Performance

Shares of Incyte stock opened at $117.67 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. Incyte Corporation has a 52-week low of $69.69 and a 52-week high of $119.60. The company’s 50 day moving average price is $106.82 and its 200-day moving average price is $101.63. The stock has a market capitalization of $23.51 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 1.06 and a beta of 0.76.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.43. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm’s revenue was up 20.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.16 EPS. Equities research analysts forecast that Incyte Corporation will post 6.63 EPS for the current year.

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.