Sumitomo Mitsui Trust Group Inc. Cuts Holdings in Incyte Co. (NASDAQ:INCY)

Sumitomo Mitsui Trust Group Inc. trimmed its stake in Incyte Co. (NASDAQ:INCY - Free Report) by 9.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 483,699 shares of the biopharmaceutical company's stock after selling 49,495 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.25% of Incyte worth $31,973,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. GSA Capital Partners LLP grew its holdings in Incyte by 26.5% in the third quarter. GSA Capital Partners LLP now owns 6,453 shares of the biopharmaceutical company's stock worth $427,000 after purchasing an additional 1,351 shares during the period. Venturi Wealth Management LLC acquired a new stake in Incyte in the third quarter worth $65,000. Crossmark Global Holdings Inc. grew its holdings in Incyte by 1.1% in the third quarter. Crossmark Global Holdings Inc. now owns 25,079 shares of the biopharmaceutical company's stock worth $1,657,000 after purchasing an additional 276 shares during the period. Capital Performance Advisors LLP acquired a new stake in Incyte in the third quarter worth $45,000. Finally, JB Capital LLC grew its holdings in Incyte by 2.5% in the third quarter. JB Capital LLC now owns 46,628 shares of the biopharmaceutical company's stock worth $3,082,000 after purchasing an additional 1,150 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on INCY shares. Wolfe Research started coverage on shares of Incyte in a report on Tuesday, October 1st. They set an "outperform" rating and a $84.00 price objective for the company. Guggenheim lifted their price objective on shares of Incyte from $86.00 to $92.00 and gave the company a "buy" rating in a report on Monday, September 16th. William Blair reiterated an "outperform" rating on shares of Incyte in a report on Monday, September 9th. The Goldman Sachs Group lifted their price objective on shares of Incyte from $63.00 to $70.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Incyte from $65.00 to $71.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Incyte presently has an average rating of "Hold" and a consensus target price of $77.16.

Insider Activity

In related news, EVP Barry P. Flannelly sold 3,680 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the transaction, the executive vice president now owns 58,042 shares of the company's stock, valued at approximately $4,624,786.56. The trade was a 5.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas Tray sold 572 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the transaction, the insider now directly owns 24,825 shares of the company's stock, valued at approximately $1,562,485.50. This represents a 2.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,702 shares of company stock valued at $856,166 over the last quarter. Company insiders own 17.60% of the company's stock.

Incyte Stock Performance

INCY stock traded down $1.86 during mid-day trading on Friday, hitting $75.87. The company had a trading volume of 3,842,709 shares, compared to its average volume of 2,015,147. The firm has a market cap of $14.62 billion, a PE ratio of 541.97, a price-to-earnings-growth ratio of 8.75 and a beta of 0.71. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95. The stock's fifty day moving average price is $68.99 and its two-hundred day moving average price is $63.90.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the firm posted $0.91 EPS. The business's revenue was up 23.8% on a year-over-year basis. On average, analysts forecast that Incyte Co. will post 0.4 earnings per share for the current fiscal year.

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.