Meiji Yasuda Asset Management Co Ltd. Lowers Stock Position in Incyte Corporation $INCY

Meiji Yasuda Asset Management Co Ltd. cut its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 79.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 5,624 shares of the biopharmaceutical company’s stock after selling 22,006 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Incyte were worth $555,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Root Financial Partners LLC purchased a new position in shares of Incyte during the third quarter worth approximately $28,000. Elyxium Wealth LLC purchased a new position in shares of Incyte during the fourth quarter worth approximately $28,000. MUFG Securities EMEA plc purchased a new position in shares of Incyte during the second quarter worth approximately $32,000. CYBER HORNET ETFs LLC purchased a new position in shares of Incyte during the second quarter worth approximately $33,000. Finally, Leonteq Securities AG purchased a new position in shares of Incyte during the fourth quarter worth approximately $35,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on INCY. Weiss Ratings upgraded shares of Incyte from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. Sanford C. Bernstein initiated coverage on Incyte in a report on Thursday. They set a “market perform” rating and a $99.00 price target for the company. Jefferies Financial Group downgraded Incyte from a “buy” rating to a “hold” rating and decreased their price target for the stock from $120.00 to $94.00 in a report on Monday, March 16th. Stifel Nicolaus increased their price target on Incyte from $120.00 to $123.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Finally, UBS Group decreased their price target on Incyte from $104.00 to $94.00 and set a “neutral” rating for the company in a report on Wednesday, March 25th. Ten analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Incyte currently has a consensus rating of “Hold” and an average price target of $104.00.

Insider Activity at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the sale, the insider directly owned 262,692 shares in the company, valued at approximately $25,349,778. The trade was a 6.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ INCY opened at $97.16 on Friday. 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 stock has a fifty day moving average price of $95.41 and a 200 day moving average price of $99.64. Incyte Corporation has a 1-year low of $63.51 and a 1-year high of $112.29. The company has a market cap of $19.41 billion, a PE ratio of 13.72, a P/E/G ratio of 0.93 and a beta of 0.79.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period last year, the company earned $1.16 earnings per share. The company’s revenue for the quarter was up 20.9% on a year-over-year basis. Sell-side analysts forecast that Incyte Corporation will post 6.74 EPS for the current year.

Incyte 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.