Pictet Asset Management Holding SA Has $84.79 Million Holdings in Incyte Corporation $INCY

Pictet Asset Management Holding SA decreased its position in shares of Incyte Corporation (NASDAQ:INCY) by 30.4% in the 1st quarter, HoldingsChannel reports. The fund owned 916,188 shares of the biopharmaceutical company’s stock after selling 399,478 shares during the period. Pictet Asset Management Holding SA’s holdings in Incyte were worth $84,788,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. AustralianSuper Pty Ltd acquired a new position in shares of Incyte during the third quarter valued at about $18,085,000. Nordea Investment Management AB raised its holdings in shares of Incyte by 941.8% in the 4th quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company’s stock worth $31,874,000 after acquiring an additional 291,293 shares during the last quarter. Toth Financial Advisory Corp bought a new position in Incyte in the 4th quarter valued at about $1,213,000. Fairvoy Private Wealth LLC lifted its position in Incyte by 468.8% in the 4th quarter. Fairvoy Private Wealth LLC now owns 30,169 shares of the biopharmaceutical company’s stock valued at $2,980,000 after acquiring an additional 24,865 shares in the last quarter. Finally, Swiss Life Asset Management Ltd boosted its stake in Incyte by 180.8% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 85,480 shares of the biopharmaceutical company’s stock valued at $7,250,000 after purchasing an additional 55,039 shares during the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. BMO Capital Markets raised Incyte from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $75.00 to $94.00 in a research note on Monday, June 22nd. Citigroup reaffirmed a “market perform” rating on shares of Incyte in a research report on Tuesday, June 2nd. Truist Financial upped their price target on Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. Stifel Nicolaus set a $123.00 price target on Incyte in a research report on Tuesday, June 9th. Finally, TD Cowen restated a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Eight equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $107.85.

Insider Buying and Selling

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 stock was sold at an average price of $96.50, for a total value of $1,801,365.50. Following the transaction, the insider owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Incyte Trading Up 0.8%

NASDAQ:INCY opened at $114.66 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. The firm has a market cap of $22.91 billion, a price-to-earnings ratio of 16.19, a price-to-earnings-growth ratio of 1.11 and a beta of 0.79. Incyte Corporation has a 52 week low of $66.83 and a 52 week high of $115.56. The firm has a 50-day moving average price of $99.67 and a two-hundred day moving average price of $99.33.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company’s revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.16 EPS. On average, equities analysts expect that Incyte Corporation will post 6.61 earnings per share for the current fiscal year.

About Incyte

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.