Mitsubishi UFJ Asset Management Co. Ltd. Makes New $46.73 Million Investment in Incyte Corporation $INCY

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Incyte Corporation (NASDAQ:INCY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 412,258 shares of the biopharmaceutical company’s stock, valued at approximately $46,734,000.

A number of other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Incyte during the fourth quarter worth $122,893,000. Caisse de depot et placement du Quebec lifted its holdings in Incyte by 264.5% in the third quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock valued at $127,046,000 after buying an additional 1,087,091 shares during the period. Marshall Wace LLP lifted its holdings in Incyte by 6,586.4% in the fourth quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock valued at $105,930,000 after buying an additional 1,056,451 shares during the period. Bank of New York Mellon Corp bought a new stake in Incyte during the second quarter valued at $110,279,000. Finally, Wellington Management Group LLP boosted its position in Incyte by 3,406.8% during the fourth quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock valued at $73,028,000 after acquiring an additional 718,294 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

INCY has been the subject of several research analyst reports. Mizuho lifted their price objective on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Barclays upped their target price on Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Oppenheimer reaffirmed a “market perform” rating and set a $120.00 target price on shares of Incyte in a research note on Tuesday, July 28th. Wall Street Zen lowered Incyte from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Morgan Stanley set a $119.00 price target on Incyte in a report on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat, Incyte currently has a consensus rating of “Hold” and an average target price of $121.65.

Insider Buying and Selling

In related news, EVP Patrick A. Mayes sold 41,899 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the transaction, the executive vice president directly owned 61,441 shares of the company’s stock, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

Incyte Trading Up 4.0%

INCY opened at $128.47 on Thursday. The company has a fifty day moving average price of $115.40 and a two-hundred day moving average price of $103.81. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60. The company has a market cap of $26.04 billion, a P/E ratio of 16.37, a price-to-earnings-growth ratio of 3.91 and a beta of 0.76.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business’s revenue was up 37.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.57 EPS. On average, research analysts forecast that Incyte Corporation will post 2.61 EPS for the current fiscal 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.