Bank of New York Mellon Corp Purchases 78,827 Shares of Incyte Co. (NASDAQ:INCY)

Bank of New York Mellon Corp lifted its holdings in Incyte Co. (NASDAQ:INCY) by 7.5% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,127,515 shares of the biopharmaceutical company’s stock after buying an additional 78,827 shares during the period. Bank of New York Mellon Corp owned approximately 0.59% of Incyte worth $77,877,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Y Intercept Hong Kong Ltd purchased a new position in Incyte in the fourth quarter worth $2,422,000. Union Bancaire Privee UBP SA bought a new stake in shares of Incyte during the 4th quarter worth $311,000. Forvis Mazars Wealth Advisors LLC boosted its holdings in shares of Incyte by 8.1% in the 4th quarter. Forvis Mazars Wealth Advisors LLC now owns 46,003 shares of the biopharmaceutical company’s stock worth $3,177,000 after buying an additional 3,453 shares during the last quarter. ING Groep NV bought a new position in Incyte during the fourth quarter valued at about $1,411,000. Finally, Hussman Strategic Advisors Inc. purchased a new stake in Incyte during the fourth quarter worth about $2,901,000. 96.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. UBS Group initiated coverage on shares of Incyte in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 target price on the stock. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a report on Friday, January 10th. William Blair reissued an “outperform” rating on shares of Incyte in a research report on Friday, December 13th. Stifel Nicolaus upped their price target on Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research report on Monday, February 10th. Finally, Citigroup decreased their price objective on Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a report on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $75.25.

Incyte Stock Performance

Incyte stock opened at $70.26 on Tuesday. The firm’s 50 day simple moving average is $71.78 and its 200 day simple moving average is $70.02. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. Incyte Co. has a 1-year low of $50.35 and a 1-year high of $83.95. The firm has a market capitalization of $13.60 billion, a PE ratio of 260.23, a price-to-earnings-growth ratio of 0.41 and a beta of 0.70.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. As a group, analysts expect that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Steven H. Stein sold 12,352 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total value of $897,866.88. Following the completion of the transaction, the executive vice president now owns 66,967 shares of the company’s stock, valued at $4,867,831.23. The trade was a 15.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas Tray sold 650 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $69.31, for a total transaction of $45,051.50. Following the sale, the insider now owns 23,312 shares in the company, valued at approximately $1,615,754.72. This trade represents a 2.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,721 shares of company stock valued at $2,030,925 in the last 90 days. Corporate insiders own 17.60% of the company’s stock.

Incyte 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.