Nikko Asset Management Americas Inc. Decreases Position in Incyte Co. (NASDAQ:INCY)

Nikko Asset Management Americas Inc. decreased its position in shares of Incyte Co. (NASDAQ:INCY) by 8.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 30,565 shares of the biopharmaceutical company’s stock after selling 2,838 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Incyte were worth $2,111,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Quintet Private Bank Europe S.A. purchased a new position in Incyte in the 4th quarter worth about $26,000. Global X Japan Co. Ltd. grew its stake in shares of Incyte by 144.7% in the fourth quarter. Global X Japan Co. Ltd. now owns 389 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 230 shares during the period. R Squared Ltd purchased a new position in shares of Incyte during the fourth quarter valued at approximately $30,000. Brooklyn Investment Group bought a new position in Incyte during the third quarter valued at approximately $30,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Incyte in the third quarter worth approximately $33,000. Institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Stifel Nicolaus boosted their target price on shares of Incyte from $75.00 to $77.00 and gave the company a “hold” rating in a research note on Monday, February 10th. Wells Fargo & Company increased their target price on Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. William Blair reissued an “outperform” rating on shares of Incyte in a research report on Friday, December 13th. UBS Group assumed coverage on shares of Incyte in a research report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price target for the company. Finally, Citigroup dropped their price objective on shares of Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Incyte presently has an average rating of “Hold” and a consensus target price of $75.25.

Insider Buying and Selling at Incyte

In related news, EVP Steven H. Stein sold 12,352 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total value of $897,866.88. Following the sale, the executive vice president now directly owns 66,967 shares in the company, valued at approximately $4,867,831.23. The trade was a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total value of $41,924.01. Following the transaction, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. The trade was a 2.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,020 shares of company stock valued at $1,981,882 in the last three months. 17.60% of the stock is currently owned by corporate insiders.

Incyte Trading Down 8.6 %

Shares of Incyte stock opened at $62.01 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97. The company has a fifty day moving average of $71.55 and a 200 day moving average of $70.31. The company has a market capitalization of $12.00 billion, a P/E ratio of 229.68, a P/E/G ratio of 0.41 and a beta of 0.76. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95.

Incyte (NASDAQ:INCY) last released its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. On average, sell-side analysts anticipate that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

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.