Incyte Corporation (NASDAQ:INCY) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 8.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,223,136 shares of the biopharmaceutical company's stock after purchasing an additional 95,621 shares during the period. Bank of New York Mellon Corp owned about 0.63% of Incyte worth $74,061,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its stake in shares of Incyte by 0.7% in the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock worth $12,954,000 after acquiring an additional 1,419 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Incyte by 61.3% in the fourth quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company's stock worth $12,031,000 after acquiring an additional 66,220 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Incyte by 13.5% in the fourth quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company's stock worth $22,354,000 after acquiring an additional 38,550 shares in the last quarter. Amalgamated Bank grew its stake in shares of Incyte by 1.9% in the first quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock worth $1,910,000 after acquiring an additional 591 shares in the last quarter. Finally, Pictet Asset Management Holding SA grew its stake in shares of Incyte by 73.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock worth $90,749,000 after purchasing an additional 556,218 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Insider Buying and Selling

In other news, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the sale, the executive vice president owned 26,504 shares of the company's stock, valued at $1,818,439.44. The trade was a 2.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Vijay K. Iyengar sold 8,617 shares of the stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total transaction of $587,248.55. Following the transaction, the executive vice president directly owned 37,701 shares of the company's stock, valued at $2,569,323.15. This represents a 18.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,119 shares of company stock valued at $1,371,385 over the last three months. 17.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

INCY has been the subject of a number of analyst reports. Morgan Stanley lowered their target price on shares of Incyte from $69.00 to $65.00 and set an "equal weight" rating for the company in a research note on Monday, March 24th. UBS Group reiterated a "neutral" rating and set a $61.00 target price on shares of Incyte in a research note on Tuesday, June 3rd. Wells Fargo & Company boosted their target price on shares of Incyte from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 30th. JPMorgan Chase & Co. lowered their target price on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a research note on Monday. Finally, William Blair downgraded shares of Incyte from an "outperform" rating to a "market perform" rating in a research note on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $74.47.

Incyte Stock Performance

Shares of INCY traded up $1.37 during mid-day trading on Monday, hitting $69.96. 1,136,177 shares of the company's stock were exchanged, compared to its average volume of 1,950,449. The company has a current ratio of 2.04, a quick ratio of 2.00 and a debt-to-equity ratio of 0.01. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $83.95. The business's 50 day moving average is $66.23 and its two-hundred day moving average is $66.62. The firm has a market capitalization of $13.54 billion, a P/E ratio of 218.63, a P/E/G ratio of 0.58 and a beta of 0.68.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.15. The company had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $996.17 million. Incyte had a return on equity of 2.77% and a net margin of 0.48%. The firm's revenue for the quarter was up 19.5% on a year-over-year basis. During the same period last year, the firm earned $0.64 EPS. On average, equities analysts expect that Incyte Corporation will post 4.86 earnings per share for the current 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.