Nomura Asset Management Co. Ltd. raised its stake in Incyte Co. (NASDAQ:INCY - Free Report) by 14.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,955 shares of the biopharmaceutical company's stock after acquiring an additional 9,675 shares during the period. Nomura Asset Management Co. Ltd.'s holdings in Incyte were worth $5,087,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Greenwood Capital Associates LLC bought a new stake in shares of Incyte during the 3rd quarter worth approximately $433,000. Andra AP fonden lifted its stake in Incyte by 35.2% during the second quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company's stock worth $15,022,000 after purchasing an additional 64,500 shares during the last quarter. Cypress Capital Group bought a new stake in Incyte during the third quarter worth $971,000. Commerce Bank acquired a new stake in shares of Incyte in the 3rd quarter valued at $610,000. Finally, Bridgewater Associates LP increased its stake in shares of Incyte by 142.8% in the 3rd quarter. Bridgewater Associates LP now owns 308,632 shares of the biopharmaceutical company's stock valued at $20,401,000 after purchasing an additional 181,504 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
INCY has been the subject of several recent analyst reports. Wells Fargo & Company upped their price objective on Incyte from $62.00 to $68.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 30th. BMO Capital Markets reissued an "underperform" rating and issued a $52.00 target price (up previously from $48.00) on shares of Incyte in a report on Wednesday, October 30th. StockNews.com lowered shares of Incyte from a "strong-buy" rating to a "buy" rating in a report on Friday. Guggenheim upped their price objective on shares of Incyte from $86.00 to $92.00 and gave the stock a "buy" rating in a research report on Monday, September 16th. Finally, William Blair restated an "outperform" rating on shares of Incyte in a research report on Friday. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $76.18.
Get Our Latest Stock Analysis on Incyte
Incyte Trading Down 3.2 %
Incyte stock traded down $2.28 during mid-day trading on Friday, hitting $68.55. 1,769,106 shares of the stock were exchanged, compared to its average volume of 2,337,169. The firm's fifty day simple moving average is $72.14 and its two-hundred day simple moving average is $66.18. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95. The stock has a market capitalization of $13.21 billion, a price-to-earnings ratio of 489.64, a PEG ratio of 8.36 and a beta of 0.69.
Incyte (NASDAQ:INCY - Get Free Report) last announced its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing analysts' consensus estimates of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the business earned $0.91 EPS. Incyte's quarterly revenue was up 23.8% on a year-over-year basis. Analysts forecast that Incyte Co. will post 0.4 EPS for the current year.
Insider Activity at Incyte
In other Incyte news, EVP Vijay K. Iyengar sold 6,043 shares of Incyte stock in a transaction on Friday, November 29th. The shares were sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the sale, the executive vice president now directly owns 30,658 shares of the company's stock, valued at approximately $2,311,000.04. The trade was a 16.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 3,680 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at $4,624,786.56. This trade represents a 5.96 % decrease in their position. The disclosure for this sale can be found here. 17.60% of the stock is owned by corporate insiders.
About Incyte
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Free Report)
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.
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