Meiji Yasuda Asset Management Co Ltd. Purchases New Shares in Incyte Corporation $INCY

Meiji Yasuda Asset Management Co Ltd. acquired a new stake in Incyte Corporation (NASDAQ:INCY) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 5,097 shares of the biopharmaceutical company’s stock, valued at approximately $578,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of INCY. Jacobi Capital Management LLC increased its stake in shares of Incyte by 0.9% in the fourth quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock valued at $1,048,000 after buying an additional 99 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in Incyte by 0.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock worth $1,864,000 after buying an additional 100 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in Incyte by 7.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock worth $161,000 after acquiring an additional 113 shares during the last quarter. Bank of Nova Scotia grew its holdings in Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after acquiring an additional 124 shares during the last quarter. Finally, Perbak Capital Partners LLP increased its position in Incyte by 2.5% in the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock valued at $449,000 after acquiring an additional 129 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Up 1.4%

Shares of Incyte stock opened at $129.72 on Wednesday. The business has a fifty day simple moving average of $117.29 and a 200 day simple moving average of $104.56. The stock has a market cap of $26.29 billion, a PE ratio of 16.52, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76. Incyte Corporation has a 12 month low of $81.09 and a 12 month high of $132.60.

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

Insider Buying and Selling

In related news, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the transaction, the executive vice president owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This trade represents a 40.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the transaction, the insider owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Analysts Set New Price Targets

INCY has been the topic of a number of research reports. Sanford C. Bernstein reiterated a “market perform” rating and set a $104.00 target price on shares of Incyte in a research report on Thursday, August 13th. Canaccord Genuity Group started coverage on shares of Incyte in a report on Thursday, August 20th. They issued a “buy” rating and a $152.00 price target for the company. Royal Bank Of Canada boosted their price objective on shares of Incyte from $99.00 to $109.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 29th. Morgan Stanley set a $119.00 price objective on Incyte in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. increased their price objective on Incyte from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $123.10.

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.