Bank of New York Mellon Corp Decreases Position in Incyte Corporation $INCY

Bank of New York Mellon Corp trimmed its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 1.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 1,002,249 shares of the biopharmaceutical company’s stock after selling 12,890 shares during the period. Bank of New York Mellon Corp’s holdings in Incyte were worth $98,992,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Natixis Advisors LLC raised its holdings in shares of Incyte by 31.8% in the fourth quarter. Natixis Advisors LLC now owns 44,730 shares of the biopharmaceutical company’s stock worth $4,418,000 after buying an additional 10,795 shares during the last quarter. 3Chopt Investment Partners LLC acquired a new stake in shares of Incyte during the fourth quarter worth about $306,000. Fielder Capital Group LLC boosted its position in Incyte by 6.3% in the fourth quarter. Fielder Capital Group LLC now owns 2,649 shares of the biopharmaceutical company’s stock valued at $262,000 after buying an additional 156 shares during the last quarter. Tandem Financial LLC acquired a new stake in Incyte during the 4th quarter valued at approximately $502,000. Finally, New Mexico Educational Retirement Board boosted its holdings in shares of Incyte by 4.1% in the 4th quarter. New Mexico Educational Retirement Board now owns 7,550 shares of the biopharmaceutical company’s stock valued at $746,000 after acquiring an additional 300 shares during the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Pablo J. Cagnoni sold 18,667 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the sale, the insider owned 262,692 shares of the company’s stock, valued at $25,349,778. This represents a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on INCY shares. Morgan Stanley set a $102.00 target price on shares of Incyte in a research report on Wednesday, February 11th. Citigroup reaffirmed a “market perform” rating on shares of Incyte in a research report on Tuesday, June 2nd. UBS Group dropped their target price on Incyte from $104.00 to $94.00 and set a “neutral” rating on the stock in a report on Wednesday, March 25th. Barclays reiterated an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. Finally, Oppenheimer raised their price objective on shares of Incyte from $84.00 to $90.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 29th. Nine research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $104.00.

Incyte Price Performance

Incyte stock opened at $102.38 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The stock has a market capitalization of $20.45 billion, a PE ratio of 14.46, a price-to-earnings-growth ratio of 0.99 and a beta of 0.79. The business has a 50 day simple moving average of $96.49 and a 200-day simple moving average of $99.06. Incyte Corporation has a 12 month low of $66.74 and a 12 month high of $112.29.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.16 earnings per share. On average, analysts anticipate that Incyte Corporation will post 6.65 EPS for the current fiscal year.

About Incyte

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.