Sumitomo Mitsui Trust Group Inc. Purchases 6,265 Shares of Incyte Corporation $INCY

Sumitomo Mitsui Trust Group Inc. boosted its position in Incyte Corporation (NASDAQ:INCY) by 1.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 456,736 shares of the biopharmaceutical company’s stock after purchasing an additional 6,265 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of Incyte worth $38,736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the company. Atlantic Edge Private Wealth Management LLC raised its position in shares of Incyte by 0.9% in the third quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock worth $1,235,000 after buying an additional 125 shares in the last quarter. Bayforest Capital Ltd bought a new position in Incyte in the 3rd quarter worth about $50,000. Forum Financial Management LP increased its stake in Incyte by 24.9% in the 3rd quarter. Forum Financial Management LP now owns 4,614 shares of the biopharmaceutical company’s stock worth $391,000 after acquiring an additional 919 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Incyte by 1.0% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,553 shares of the biopharmaceutical company’s stock valued at $1,828,000 after acquiring an additional 208 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in shares of Incyte by 35.1% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 18,770 shares of the biopharmaceutical company’s stock valued at $1,592,000 after acquiring an additional 4,872 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Trading Up 0.9%

Shares of INCY opened at $106.21 on Friday. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $112.29. The firm has a market cap of $20.85 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 0.64 and a beta of 0.82. The firm has a 50 day moving average price of $102.22 and a 200-day moving average price of $89.37. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.13 and a current ratio of 3.20.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.61. The company had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The firm’s revenue was up 20.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.07 EPS. As a group, equities research analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current year.

Insider Transactions at Incyte

In other news, EVP Mohamed Khairie Issa sold 10,856 shares of the business’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total value of $1,184,063.92. Following the completion of the sale, the executive vice president owned 66,132 shares of the company’s stock, valued at approximately $7,213,017.24. The trade was a 14.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Steven H. Stein sold 20,105 shares of the stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total value of $2,060,963.55. Following the sale, the executive vice president owned 63,129 shares of the company’s stock, valued at $6,471,353.79. This represents a 24.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 98,897 shares of company stock valued at $9,869,376. 17.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on INCY. Piper Sandler upped their price objective on shares of Incyte from $82.00 to $102.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. Royal Bank Of Canada boosted their price target on shares of Incyte from $81.00 to $84.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 29th. Oppenheimer lowered shares of Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 8th. Cowen restated a “buy” rating on shares of Incyte in a research report on Tuesday. Finally, Guggenheim upgraded shares of Incyte from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research report on Monday, November 3rd. Ten analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $101.31.

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.