Mirae Asset Global Investments Co. Ltd. Increases Stock Holdings in Incyte Corporation (NASDAQ:INCY)

Mirae Asset Global Investments Co. Ltd. lifted its stake in Incyte Corporation (NASDAQ:INCY) by 10.9% in the first quarter, Holdings Channel.com reports. The firm owned 26,026 shares of the biopharmaceutical company’s stock after buying an additional 2,559 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Incyte were worth $1,577,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of INCY. Smartleaf Asset Management LLC boosted its holdings in shares of Incyte by 21.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,700 shares of the biopharmaceutical company’s stock worth $116,000 after purchasing an additional 297 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Incyte by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,643,067 shares of the biopharmaceutical company’s stock worth $113,487,000 after purchasing an additional 33,847 shares during the period. Commerzbank Aktiengesellschaft FI purchased a new position in shares of Incyte in the 4th quarter worth approximately $212,000. Victory Capital Management Inc. boosted its holdings in shares of Incyte by 11.1% in the 4th quarter. Victory Capital Management Inc. now owns 119,358 shares of the biopharmaceutical company’s stock worth $8,244,000 after purchasing an additional 11,902 shares during the period. Finally, Proficio Capital Partners LLC purchased a new position in shares of Incyte in the 4th quarter worth approximately $3,549,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on INCY shares. Royal Bank Of Canada set a $67.00 price target on Incyte and gave the stock a “sector perform” rating in a research note on Monday, June 23rd. Truist Financial raised their price target on Incyte from $72.00 to $73.00 and gave the stock a “hold” rating in a research note on Tuesday, May 27th. UBS Group reissued a “neutral” rating and set a $61.00 price target on shares of Incyte in a research note on Tuesday, June 3rd. Morgan Stanley decreased their price target on Incyte from $69.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday, March 24th. Finally, JPMorgan Chase & Co. decreased their price target on Incyte from $70.00 to $68.00 and set a “neutral” rating for the company in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $74.53.

Incyte Trading Up 0.4%

Shares of Incyte stock opened at $68.46 on Friday. The firm has a market capitalization of $13.25 billion, a price-to-earnings ratio of 213.94, a PEG ratio of 0.58 and a beta of 0.68. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.00 and a current ratio of 2.04. The stock has a 50 day moving average of $65.52 and a 200 day moving average of $66.67.

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