Nikko Asset Management Americas Inc. Trims Holdings in Incyte Corporation (NASDAQ:INCY)

Nikko Asset Management Americas Inc. cut its position in shares of Incyte Corporation (NASDAQ:INCY) by 8.7% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 27,901 shares of the biopharmaceutical company’s stock after selling 2,664 shares during the quarter. Nikko Asset Management Americas Inc.’s holdings in Incyte were worth $1,688,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Raiffeisen Bank International AG acquired a new stake in Incyte during the fourth quarter worth approximately $34,000. NBC Securities Inc. lifted its stake in shares of Incyte by 88,200.0% during the 1st quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 882 shares during the period. Huntington National Bank boosted its holdings in shares of Incyte by 40.7% during the fourth quarter. Huntington National Bank now owns 934 shares of the biopharmaceutical company’s stock worth $65,000 after purchasing an additional 270 shares during the last quarter. Intact Investment Management Inc. acquired a new stake in shares of Incyte during the first quarter worth $73,000. Finally, Farther Finance Advisors LLC grew its position in shares of Incyte by 474.1% in the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company’s stock valued at $94,000 after purchasing an additional 1,280 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

INCY has been the topic of several recent analyst reports. UBS Group reiterated a “neutral” rating and set a $61.00 target price on shares of Incyte in a research report on Tuesday, June 3rd. Truist Financial increased their price objective on shares of Incyte from $72.00 to $73.00 and gave the stock a “hold” rating in a report on Tuesday, May 27th. Stifel Nicolaus raised shares of Incyte from a “hold” rating to a “buy” rating and raised their target price for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. Royal Bank Of Canada set a $67.00 price target on shares of Incyte and gave the stock a “sector perform” rating in a research report on Monday, June 23rd. Finally, Wells Fargo & Company lifted their price target on shares of Incyte from $58.00 to $59.00 and gave the company an “equal weight” rating in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $74.47.

Insider Buying and Selling

In other news, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the sale, the executive vice president owned 26,504 shares in the company, valued at $1,818,439.44. This trade represents a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Barry P. Flannelly sold 1,192 shares of the business’s stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $83,273.12. Following the transaction, the executive vice president directly owned 37,630 shares in the company, valued at approximately $2,628,831.80. The trade was a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,098 shares of company stock valued at $3,836,196. Corporate insiders own 17.80% of the company’s stock.

Incyte Stock Performance

Shares of INCY stock opened at $70.20 on Friday. The company has a current ratio of 2.04, a quick ratio of 2.00 and a debt-to-equity ratio of 0.01. The company has a market cap of $13.59 billion, a PE ratio of 219.38, a P/E/G ratio of 0.59 and a beta of 0.68. The company’s fifty day simple moving average is $67.89 and its 200-day simple moving average is $66.56. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $83.95.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.01 by $0.15. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. Incyte had a return on equity of 2.77% and a net margin of 0.48%. The firm’s revenue was up 19.5% compared to the same quarter last year. During the same period last year, the company posted $0.64 earnings per share. As a group, equities research analysts anticipate that Incyte Corporation will post 4.86 EPS for the current year.

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.