Bank of New York Mellon Corp Reduces Holdings in Incyte Corporation $INCY

Bank of New York Mellon Corp decreased its position in shares of Incyte Corporation (NASDAQ:INCY) by 1.3% during the first quarter, HoldingsChannel reports. The fund owned 989,709 shares of the biopharmaceutical company’s stock after selling 12,540 shares during the quarter. Bank of New York Mellon Corp’s holdings in Incyte were worth $93,151,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in shares of Incyte by 11.3% in the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after acquiring an additional 506,842 shares during the last quarter. Invesco Ltd. grew its holdings in Incyte by 13.2% during the 4th quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock valued at $343,105,000 after purchasing an additional 405,611 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Incyte by 13.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company’s stock worth $263,246,000 after purchasing an additional 373,298 shares during the period. Morgan Stanley raised its position in Incyte by 0.9% in the 4th quarter. Morgan Stanley now owns 2,663,823 shares of the biopharmaceutical company’s stock worth $263,106,000 after purchasing an additional 23,087 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its stake in Incyte by 7.0% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company’s stock worth $245,028,000 after purchasing an additional 161,405 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

INCY has been the subject of several recent analyst reports. Barclays boosted their target price on Incyte from $117.00 to $134.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Truist Financial increased their price target on Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. Royal Bank Of Canada boosted their price objective on Incyte from $95.00 to $99.00 and gave the company a “sector perform” rating in a report on Tuesday, July 7th. Weiss Ratings restated a “buy (b-)” rating on shares of Incyte in a report on Monday, June 29th. Finally, Citigroup reaffirmed a “market perform” rating on shares of Incyte in a research report on Wednesday, July 15th. Eight analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $109.95.

Incyte Price Performance

Incyte stock opened at $115.65 on Tuesday. 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 cap of $23.10 billion, a price-to-earnings ratio of 16.33, a price-to-earnings-growth ratio of 1.06 and a beta of 0.76. The firm has a 50-day moving average of $105.29 and a two-hundred day moving average of $101.16. Incyte Corporation has a 1 year low of $67.17 and a 1 year high of $119.60.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the company posted $1.16 earnings per share. The company’s quarterly revenue was up 20.9% compared to the same quarter last year. On average, research analysts forecast that Incyte Corporation will post 6.61 earnings per share for the current year.

Incyte 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.