Sumitomo Mitsui Trust Group Inc. Sells 49,495 Shares of Incyte Co. (NASDAQ:INCY)

Sumitomo Mitsui Trust Group Inc. reduced its holdings in shares of Incyte Co. (NASDAQ:INCY) by 9.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 483,699 shares of the biopharmaceutical company’s stock after selling 49,495 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.25% of Incyte worth $31,973,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of INCY. Pacer Advisors Inc. lifted its position in shares of Incyte by 17,460.4% during the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock worth $163,200,000 after purchasing an additional 2,676,851 shares during the last quarter. AQR Capital Management LLC increased its stake in Incyte by 70.5% in the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock worth $159,905,000 after buying an additional 1,101,041 shares during the period. Acadian Asset Management LLC lifted its holdings in Incyte by 28.0% during the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after buying an additional 779,243 shares in the last quarter. Swedbank AB purchased a new stake in Incyte in the 1st quarter valued at about $37,440,000. Finally, Allspring Global Investments Holdings LLC grew its stake in Incyte by 122.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock worth $54,116,000 after acquiring an additional 490,680 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ INCY opened at $75.87 on Friday. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. The company has a market cap of $14.62 billion, a PE ratio of 541.97, a P/E/G ratio of 9.28 and a beta of 0.71. The business has a 50-day simple moving average of $68.99 and a two-hundred day simple moving average of $63.75.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the business earned $0.91 earnings per share. The firm’s revenue for the quarter was up 23.8% on a year-over-year basis. As a group, equities analysts expect that Incyte Co. will post 0.4 EPS for the current fiscal year.

Insider Activity

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. This trade represents a 18.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Thomas Tray sold 572 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the sale, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. This represents a 2.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,702 shares of company stock valued at $856,166 over the last ninety days. 17.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

INCY has been the subject of a number of research reports. Royal Bank of Canada boosted their price target on Incyte from $72.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday. Citigroup upped their target price on Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Oppenheimer raised their price target on Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Finally, StockNews.com raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $77.16.

Incyte Company 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.