Incyte Corporation $INCY Shares Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. grew its position in Incyte Corporation (NASDAQ:INCY) by 28.2% during the 3rd quarter, Holdings Channel reports. The fund owned 36,443 shares of the biopharmaceutical company’s stock after buying an additional 8,010 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Incyte were worth $3,091,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in INCY. Harbor Capital Advisors Inc. acquired a new position in Incyte during the 3rd quarter worth approximately $26,000. FNY Investment Advisers LLC purchased a new stake in shares of Incyte in the second quarter valued at approximately $27,000. Root Financial Partners LLC purchased a new stake in shares of Incyte in the third quarter valued at approximately $28,000. Quent Capital LLC acquired a new position in Incyte during the third quarter worth $30,000. Finally, MUFG Securities EMEA plc purchased a new position in Incyte in the second quarter worth $32,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Guggenheim raised Incyte from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a report on Monday, November 3rd. Royal Bank Of Canada boosted their price objective on shares of Incyte from $81.00 to $84.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 29th. Zacks Research lowered shares of Incyte from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. The Goldman Sachs Group reiterated a “neutral” rating and set a $90.00 price target on shares of Incyte in a research report on Thursday, January 8th. Finally, Oppenheimer cut Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Incyte has an average rating of “Hold” and a consensus price target of $100.75.

Incyte Price Performance

INCY stock opened at $102.67 on Tuesday. The stock’s 50 day moving average price is $101.82 and its 200 day moving average price is $92.31. The firm has a market cap of $20.16 billion, a P/E ratio of 17.20, a PEG ratio of 0.60 and a beta of 0.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.13 and a current ratio of 3.20. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $112.29.

Insider Buying and Selling

In related news, insider Thomas Tray sold 2,774 shares of the stock in a transaction on Friday, December 19th. The stock was sold at an average price of $100.00, for a total transaction of $277,400.00. Following the sale, the insider owned 22,973 shares of the company’s stock, valued at $2,297,300. This trade represents a 10.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the business’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the completion of the transaction, the executive vice president directly owned 66,132 shares of the company’s stock, valued at $7,213,017.24. The trade was a 14.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 95,225 shares of company stock valued at $9,519,745 over the last three months. Insiders own 17.80% of the company’s stock.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.