Pictet Asset Management Holding SA Acquires 556,218 Shares of Incyte Co. (NASDAQ:INCY)

Pictet Asset Management Holding SA boosted its stake in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 73.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,313,873 shares of the biopharmaceutical company's stock after purchasing an additional 556,218 shares during the period. Pictet Asset Management Holding SA owned about 0.68% of Incyte worth $90,749,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. CWA Asset Management Group LLC purchased a new stake in shares of Incyte during the 4th quarter valued at about $1,933,000. Orion Portfolio Solutions LLC purchased a new stake in Incyte during the third quarter valued at approximately $770,000. Tri Ri Asset Management Corp bought a new position in Incyte in the third quarter worth approximately $3,292,000. Pallas Capital Advisors LLC purchased a new position in shares of Incyte during the 4th quarter worth $1,006,000. Finally, SG Americas Securities LLC grew its position in shares of Incyte by 262.2% during the 4th quarter. SG Americas Securities LLC now owns 99,407 shares of the biopharmaceutical company's stock valued at $6,866,000 after acquiring an additional 71,963 shares during the period. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Price Performance

Shares of NASDAQ INCY traded down $0.66 during midday trading on Thursday, reaching $61.67. 340,052 shares of the stock traded hands, compared to its average volume of 2,332,455. The company's 50 day moving average is $68.85 and its 200 day moving average is $70.04. Incyte Co. has a one year low of $50.35 and a one year high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94. The stock has a market capitalization of $11.93 billion, a PE ratio of 228.42, a P/E/G ratio of 0.41 and a beta of 0.76.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data 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 net margin of 0.77% and a return on equity of 0.05%. On average, equities research analysts anticipate that Incyte Co. will post 4.86 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 19,807 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the sale, the executive vice president now owns 33,567 shares in the company, valued at approximately $2,272,150.23. This represents a 37.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $69.99, for a total transaction of $41,924.01. Following the transaction, the executive vice president now directly owns 25,848 shares of the company's stock, valued at $1,809,101.52. The trade was a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,827 shares of company stock worth $3,322,618. Corporate insiders own 17.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on INCY shares. UBS Group started coverage on Incyte in a research report on Tuesday, December 17th. They set a "neutral" rating and a $77.00 target price on the stock. JMP Securities reaffirmed a "market perform" rating on shares of Incyte in a research report on Tuesday, February 11th. Truist Financial reduced their target price on shares of Incyte from $74.00 to $72.00 and set a "hold" rating for the company in a report on Tuesday, March 18th. Morgan Stanley lowered their price target on shares of Incyte from $69.00 to $65.00 and set an "equal weight" rating on the stock in a report on Monday, March 24th. Finally, Citigroup reduced their price objective on shares of Incyte from $97.00 to $88.00 and set a "buy" rating for the company in a research note on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Incyte presently has a consensus rating of "Hold" and an average target price of $74.88.

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.