Sumitomo Mitsui Trust Group Inc. Lowers Stock Position in Incyte Co. (NASDAQ:INCY)

Sumitomo Mitsui Trust Group Inc. lowered its position in Incyte Co. (NASDAQ:INCY) by 7.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 447,342 shares of the biopharmaceutical company’s stock after selling 36,357 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Incyte were worth $30,898,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. R Squared Ltd purchased a new stake in shares of Incyte in the fourth quarter valued at about $30,000. Brooklyn Investment Group purchased a new stake in shares of Incyte in the third quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Incyte in the third quarter valued at about $33,000. Cromwell Holdings LLC raised its holdings in shares of Incyte by 101.1% in the third quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock valued at $37,000 after purchasing an additional 283 shares during the last quarter. Finally, Blue Trust Inc. grew its position in Incyte by 124.6% during the fourth quarter. Blue Trust Inc. now owns 593 shares of the biopharmaceutical company’s stock valued at $39,000 after buying an additional 329 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

NASDAQ INCY opened at $66.33 on Wednesday. The stock has a market capitalization of $12.78 billion, a price-to-earnings ratio of 473.82, a PEG ratio of 0.53 and a beta of 0.70. Incyte Co. has a 1-year low of $50.35 and a 1-year high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. The business’s fifty day moving average price is $71.69 and its 200-day moving average price is $69.18.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. On average, equities analysts predict that Incyte Co. will post 0.35 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on INCY shares. JPMorgan Chase & Co. increased their price target on shares of Incyte from $65.00 to $71.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Morgan Stanley increased their price target on shares of Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research report on Friday, January 10th. Royal Bank of Canada cut their target price on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating for the company in a research report on Tuesday. Finally, Citigroup cut their target price on shares of Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $75.59.

Insider Activity at Incyte

In related news, EVP Steven H. Stein sold 12,352 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the sale, the executive vice president now owns 66,967 shares in the company, valued at approximately $4,867,831.23. This represents a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vijay K. Iyengar sold 6,043 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $75.38, for a total value of $455,521.34. Following the sale, the executive vice president now owns 30,658 shares of the company’s stock, valued at approximately $2,311,000.04. This trade represents a 16.47 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,695 shares of company stock worth $1,444,356. 17.60% of the stock is owned by insiders.

About Incyte

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.