Meiji Yasuda Asset Management Co Ltd. Cuts Stock Position in Incyte Corporation $INCY

Meiji Yasuda Asset Management Co Ltd. cut its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 79.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,624 shares of the biopharmaceutical company’s stock after selling 22,006 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Incyte were worth $555,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. AustralianSuper Pty Ltd purchased a new stake in Incyte during the third quarter worth about $18,085,000. LBP AM SA increased its stake in Incyte by 33.6% during the third quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company’s stock worth $20,245,000 after purchasing an additional 59,974 shares during the period. Nordea Investment Management AB increased its stake in Incyte by 941.8% during the fourth quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock worth $31,874,000 after purchasing an additional 291,293 shares during the period. Toth Financial Advisory Corp purchased a new stake in Incyte during the fourth quarter worth about $1,213,000. Finally, Fairvoy Private Wealth LLC increased its stake in Incyte by 468.8% during the fourth quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company’s stock worth $2,980,000 after purchasing an additional 24,865 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Stock Down 0.3%

INCY opened at $97.16 on Friday. The business’s 50-day simple moving average is $95.41 and its 200-day simple moving average is $99.64. 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 one year low of $63.51 and a one year high of $112.29. The stock has a market capitalization of $19.41 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 0.93 and a beta of 0.79.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The business’s revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 earnings per share. Analysts anticipate that Incyte Corporation will post 6.74 EPS for the current year.

Analysts Set New Price Targets

INCY has been the topic of a number of recent research reports. Royal Bank Of Canada cut their target price on shares of Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 11th. Wells Fargo & Company cut their target price on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 11th. Jefferies Financial Group lowered shares of Incyte from a “buy” rating to a “hold” rating and cut their target price for the stock from $120.00 to $94.00 in a research note on Monday, March 16th. Citigroup restated a “buy” rating on shares of Incyte in a research note on Thursday. Finally, Piper Sandler upped their target price on shares of Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Ten equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $104.00.

Insider Activity

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the sale, the insider directly owned 262,692 shares of the company’s stock, valued at $25,349,778. This represents a 6.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Incyte 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.