Mirae Asset Global Investments Co. Ltd. Acquires 2,407 Shares of Incyte Corporation $INCY

Mirae Asset Global Investments Co. Ltd. lifted its position in Incyte Corporation (NASDAQ:INCY) by 9.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,433 shares of the biopharmaceutical company’s stock after acquiring an additional 2,407 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Incyte were worth $1,936,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Assenagon Asset Management S.A. raised its holdings in shares of Incyte by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company’s stock valued at $612,000 after acquiring an additional 147 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Incyte by 10.1% in the second quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company’s stock valued at $116,000 after purchasing an additional 156 shares during the last quarter. Advisory Alpha LLC grew its stake in Incyte by 2.1% in the first quarter. Advisory Alpha LLC now owns 8,056 shares of the biopharmaceutical company’s stock valued at $488,000 after purchasing an additional 166 shares during the last quarter. Blackhawk Capital Partners LLC. grew its stake in Incyte by 4.4% in the first quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company’s stock valued at $250,000 after purchasing an additional 175 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in Incyte by 2.0% in the first quarter. Fifth Third Bancorp now owns 9,103 shares of the biopharmaceutical company’s stock valued at $551,000 after purchasing an additional 179 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Trading Down 2.1%

Shares of INCY stock opened at $85.38 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $88.66. The company has a market cap of $16.67 billion, a price-to-earnings ratio of 19.40, a PEG ratio of 0.68 and a beta of 0.73. The stock has a 50 day simple moving average of $83.96 and a 200-day simple moving average of $71.27.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on INCY shares. Wall Street Zen upgraded Incyte from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Truist Financial lifted their target price on Incyte from $73.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, July 30th. Stifel Nicolaus lifted their target price on Incyte from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. UBS Group restated a “neutral” rating and set a $68.00 price target (up previously from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Finally, Bank of America boosted their price target on Incyte from $90.00 to $104.00 and gave the stock a “buy” rating in a research note on Thursday, September 4th. Five analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $83.64.

Insider Buying and Selling

In other news, EVP Steven H. Stein sold 3,706 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $67.94, for a total transaction of $251,785.64. Following the completion of the transaction, the executive vice president directly owned 102,886 shares in the company, valued at approximately $6,990,074.84. This represents a 3.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Barry P. Flannelly sold 1,192 shares of the business’s stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $83,273.12. Following the sale, the executive vice president owned 37,630 shares in the company, valued at $2,628,831.80. This trade represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,257 shares of company stock worth $2,487,927. 17.80% of the stock is owned by corporate insiders.

Incyte Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.