Sumitomo Mitsui Trust Group Inc. Sells 16,012 Shares of Incyte Corporation $INCY

Sumitomo Mitsui Trust Group Inc. cut its position in Incyte Corporation (NASDAQ:INCY) by 3.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 422,427 shares of the biopharmaceutical company’s stock after selling 16,012 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Incyte were worth $39,759,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. NewEdge Advisors LLC increased its holdings in shares of Incyte by 369.3% during the first quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock valued at $763,000 after acquiring an additional 9,913 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Incyte by 15.1% in the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after purchasing an additional 648 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Incyte by 6.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after purchasing an additional 48,751 shares in the last quarter. United Services Automobile Association acquired a new stake in Incyte in the 1st quarter valued at $219,000. Finally, Focus Partners Wealth grew its position in Incyte by 74.1% in the 1st quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after purchasing an additional 8,951 shares during the period. 96.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on INCY shares. UBS Group upped their price objective on shares of Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. BMO Capital Markets raised shares of Incyte from an “underperform” rating to a “market perform” rating and raised their price target for the company from $75.00 to $94.00 in a research report on Monday, June 22nd. Barclays reiterated an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. Citigroup reissued a “market perform” rating on shares of Incyte in a report on Tuesday, June 2nd. Finally, Royal Bank Of Canada increased their price objective on Incyte from $95.00 to $99.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 7th. Eight analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $108.20.

Incyte Stock Performance

Shares of INCY stock opened at $116.71 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The firm has a 50-day moving average of $103.20 and a 200-day moving average of $100.50. Incyte Corporation has a one year low of $67.17 and a one year high of $118.97. The company has a market cap of $23.32 billion, a P/E ratio of 16.48, a P/E/G ratio of 1.07 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.16 EPS. Equities research analysts forecast that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction that occurred on 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by 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.