AIA Group Ltd Buys New Holdings in Incyte Co. (NASDAQ:INCY)

AIA Group Ltd purchased a new stake in Incyte Co. (NASDAQ:INCY - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 31,000 shares of the biopharmaceutical company's stock, valued at approximately $2,141,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Point72 Asset Management L.P. purchased a new position in Incyte during the 3rd quarter worth approximately $156,611,000. Norges Bank acquired a new stake in shares of Incyte in the fourth quarter worth $121,890,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Incyte by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,643,067 shares of the biopharmaceutical company's stock valued at $113,487,000 after buying an additional 33,847 shares in the last quarter. Pictet Asset Management Holding SA raised its position in Incyte by 73.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock valued at $90,749,000 after buying an additional 556,218 shares during the period. Finally, Sound Shore Management Inc. CT lifted its stake in Incyte by 98.4% in the 4th quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company's stock worth $82,959,000 after acquiring an additional 595,741 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Performance

Shares of NASDAQ:INCY traded down $1.88 during trading on Friday, reaching $60.58. The stock had a trading volume of 3,670,885 shares, compared to its average volume of 2,351,276. The stock has a fifty day simple moving average of $68.41 and a two-hundred day simple moving average of $69.97. The company has a quick ratio of 1.94, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $83.95. The firm has a market capitalization of $11.72 billion, a price-to-earnings ratio of 224.38, a P/E/G ratio of 0.41 and a beta of 0.89.

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Incyte (NASDAQ:INCY - Get Free Report) last announced its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS 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 anticipate that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Steven H. Stein sold 12,352 shares of the company's stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the transaction, the executive vice president now directly owns 66,967 shares in the company, valued at $4,867,831.23. This represents a 15.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Sheila A. Denton sold 14,069 shares of the firm's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the completion of the sale, the executive vice president now owns 25,848 shares in the company, valued at $1,914,561.36. This represents a 35.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,827 shares of company stock valued at $3,322,618. Insiders own 17.60% of the company's stock.

Wall Street Analyst Weigh In

INCY has been the topic of several research analyst reports. Truist Financial lowered their target price on Incyte from $74.00 to $72.00 and set a "hold" rating on the stock in a research note on Tuesday, March 18th. Wells Fargo & Company upped their price objective on shares of Incyte from $68.00 to $70.00 and gave the company an "equal weight" rating in a research note on Thursday, December 19th. Morgan Stanley cut their target price on shares of Incyte from $69.00 to $65.00 and set an "equal weight" rating for the company in a research report on Monday, March 24th. Cantor Fitzgerald restated a "neutral" rating on shares of Incyte in a report on Friday, January 10th. Finally, UBS Group started coverage on Incyte in a report on Tuesday, December 17th. They set a "neutral" rating and a $77.00 price objective for the company. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $74.88.

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.