Mirae Asset Global Investments Co. Ltd. Raises Holdings in Incyte Co. (NASDAQ:INCY)

Mirae Asset Global Investments Co. Ltd. increased its position in shares of Incyte Co. (NASDAQ:INCY) by 12.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,467 shares of the biopharmaceutical company’s stock after buying an additional 2,532 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Incyte were worth $1,624,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Truist Financial Corp bought a new stake in shares of Incyte in the 2nd quarter valued at about $1,122,000. CWM LLC raised its stake in Incyte by 79.3% in the third quarter. CWM LLC now owns 14,297 shares of the biopharmaceutical company’s stock worth $945,000 after buying an additional 6,325 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Incyte by 102.3% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,562 shares of the biopharmaceutical company’s stock worth $103,000 after buying an additional 790 shares during the period. Exchange Traded Concepts LLC boosted its position in Incyte by 81.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 33,325 shares of the biopharmaceutical company’s stock valued at $2,203,000 after acquiring an additional 14,953 shares in the last quarter. Finally, Creative Planning increased its holdings in shares of Incyte by 6.2% in the 3rd quarter. Creative Planning now owns 22,366 shares of the biopharmaceutical company’s stock valued at $1,478,000 after acquiring an additional 1,307 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Bank of America raised Incyte from a “neutral” rating to a “buy” rating and raised their price objective for the company from $68.00 to $90.00 in a research report on Tuesday, October 29th. JMP Securities restated a “market perform” rating on shares of Incyte in a report on Tuesday, January 14th. Morgan Stanley boosted their price objective on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. StockNews.com upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 4th. Finally, Citigroup upped their price target on Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $75.71.

Incyte Trading Down 7.9 %

NASDAQ INCY opened at $68.30 on Tuesday. The company has a fifty day moving average of $71.79 and a 200 day moving average of $69.18. The company has a market capitalization of $13.16 billion, a PE ratio of 487.89, a P/E/G ratio of 0.53 and a beta of 0.70. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.87 and a quick ratio of 1.82. Incyte Co. has a 1 year low of $50.35 and a 1 year high of $83.95.

Incyte (NASDAQ:INCY) last issued its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. Research analysts forecast that Incyte Co. will post 0.35 earnings per share for the current year.

Insider Transactions at Incyte

In other Incyte news, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total transaction of $897,866.88. Following the transaction, the executive vice president now owns 66,967 shares in the company, valued at approximately $4,867,831.23. This represents a 15.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Thomas Tray sold 650 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $70.64, for a total value of $45,916.00. Following the completion of the sale, the insider now owns 23,962 shares of the company’s stock, valued at $1,692,675.68. This trade represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,695 shares of company stock valued at $1,444,356 in the last 90 days. 17.60% of the stock is currently owned by company insiders.

Incyte Company 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.