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

Key Points

• Bank of New York Mellon trimmed its Incyte stake by 1.3% in the first quarter, selling 12,540 shares and ending with 989,709 shares valued at about $93.2 million.
• Institutional ownership of Incyte remains very high at 96.97%, and several large funds including Geode Capital, Invesco, and Arrowstreet also reported notable position changes.
• Analysts are cautious overall: Incyte has a Hold consensus rating with an average price target of $109.95, even after some firms raised their targets; the stock recently traded at $115.65 and the company beat its latest earnings and revenue estimates.

Bank of New York Mellon Corp lessened its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 1.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 989,709 shares of the biopharmaceutical company's stock after selling 12,540 shares during the period. Bank of New York Mellon Corp owned about 0.50% of Incyte worth $93,151,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. BMO Capital Markets raised their target price on Incyte from $94.00 to $112.00 and gave the stock a "market perform" rating in a report on Monday, July 13th. Citigroup reissued a "market perform" rating on shares of Incyte in a report on Wednesday, July 15th. Truist Financial upped their price target on Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a research report on Monday, June 22nd. Royal Bank Of Canada raised their price objective on Incyte from $95.00 to $99.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 7th. Finally, TD Cowen reaffirmed a "hold" rating on shares of Incyte in a research report on Tuesday, June 9th. Eight equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $109.95.

Incyte Stock Performance

Incyte stock opened at $115.65 on Tuesday. The company's 50-day moving average price is $105.29 and its 200-day moving average price is $101.16. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. The company has a market cap of $23.10 billion, a PE ratio of 16.33, a price-to-earnings-growth ratio of 1.06 and a beta of 0.76. Incyte Corporation has a twelve month low of $67.17 and a twelve month high of $119.60.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 EPS for the quarter, beating analysts' consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the firm earned $1.16 EPS. On average, equities research analysts forecast that Incyte Corporation will post 6.61 EPS for the current fiscal year.

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.

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