Sumitomo Mitsui DS Asset Management Company Ltd Reduces Stock Holdings in Incyte Co. (NASDAQ:INCY)

Sumitomo Mitsui DS Asset Management Company Ltd decreased its position in Incyte Co. (NASDAQ:INCY) by 1.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,730 shares of the biopharmaceutical company’s stock after selling 306 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Incyte were worth $1,490,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Signaturefd LLC boosted its holdings in shares of Incyte by 17.2% in the fourth quarter. Signaturefd LLC now owns 2,880 shares of the biopharmaceutical company’s stock worth $181,000 after acquiring an additional 423 shares during the period. Lindbrook Capital LLC boosted its holdings in shares of Incyte by 118.1% in the fourth quarter. Lindbrook Capital LLC now owns 1,566 shares of the biopharmaceutical company’s stock worth $98,000 after acquiring an additional 848 shares during the period. Grandfield & Dodd LLC boosted its holdings in shares of Incyte by 1.8% in the fourth quarter. Grandfield & Dodd LLC now owns 18,390 shares of the biopharmaceutical company’s stock worth $1,155,000 after acquiring an additional 319 shares during the period. abrdn plc boosted its holdings in shares of Incyte by 112.7% in the fourth quarter. abrdn plc now owns 146,427 shares of the biopharmaceutical company’s stock worth $9,194,000 after acquiring an additional 77,574 shares during the period. Finally, Federated Hermes Inc. boosted its holdings in shares of Incyte by 3.0% in the fourth quarter. Federated Hermes Inc. now owns 891,031 shares of the biopharmaceutical company’s stock worth $55,948,000 after acquiring an additional 26,321 shares during the period. Institutional investors own 96.97% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on INCY. Citigroup lowered their price objective on Incyte from $82.00 to $81.00 and set a “buy” rating on the stock in a research report on Wednesday, February 14th. William Blair reiterated an “outperform” rating on shares of Incyte in a research report on Tuesday, February 6th. Jefferies Financial Group began coverage on Incyte in a research report on Friday, February 23rd. They issued a “buy” rating and a $81.00 price objective on the stock. Oppenheimer lowered their price objective on Incyte from $92.00 to $84.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Bank of America lowered their price objective on Incyte from $69.00 to $67.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 13th. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Incyte presently has a consensus rating of “Moderate Buy” and an average price target of $75.50.

Incyte Trading Up 0.2 %

NASDAQ INCY opened at $51.74 on Thursday. The stock’s 50-day simple moving average is $57.06 and its two-hundred day simple moving average is $57.78. Incyte Co. has a twelve month low of $50.27 and a twelve month high of $75.74. The company has a quick ratio of 3.36, a current ratio of 3.55 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $11.62 billion, a price-to-earnings ratio of 19.52, a PEG ratio of 1.19 and a beta of 0.65.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, February 13th. The biopharmaceutical company reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.09). Incyte had a net margin of 16.17% and a return on equity of 12.56%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period last year, the business posted $0.44 earnings per share. The firm’s quarterly revenue was up 9.3% compared to the same quarter last year. Research analysts forecast that Incyte Co. will post 3.85 EPS for the current fiscal year.

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.