Massachusetts Financial Services Co. MA Boosts Stake in Incyte Corporation (NASDAQ:INCY)

Massachusetts Financial Services Co. MA boosted its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 41.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 198,100 shares of the biopharmaceutical company's stock after acquiring an additional 58,388 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.10% of Incyte worth $11,995,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Nissay Asset Management Corp Japan ADV lifted its position in Incyte by 0.7% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company's stock valued at $1,410,000 after purchasing an additional 150 shares during the last quarter. Bank of Nova Scotia lifted its position in Incyte by 0.8% in the fourth quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company's stock valued at $1,498,000 after purchasing an additional 171 shares during the last quarter. Blackhawk Capital Partners LLC. lifted its position in Incyte by 4.4% in the first quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company's stock valued at $250,000 after purchasing an additional 175 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of Incyte by 2.0% during the first quarter. Fifth Third Bancorp now owns 9,103 shares of the biopharmaceutical company's stock worth $551,000 after purchasing an additional 179 shares during the period. Finally, State of Michigan Retirement System boosted its holdings in shares of Incyte by 0.5% during the first quarter. State of Michigan Retirement System now owns 43,559 shares of the biopharmaceutical company's stock worth $2,637,000 after purchasing an additional 200 shares during the period. Institutional investors own 96.97% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. UBS Group reiterated a "neutral" rating and set a $61.00 target price on shares of Incyte in a report on Tuesday, June 3rd. Wells Fargo & Company increased their target price on shares of Incyte from $58.00 to $59.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 30th. Truist Financial raised their price objective on shares of Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a report on Tuesday, May 27th. Finally, Royal Bank Of Canada set a $67.00 price objective on shares of Incyte and gave the stock a "sector perform" rating in a report on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $74.47.

Incyte Stock Up 2.6%

Shares of INCY stock traded up $1.79 during trading hours on Wednesday, hitting $70.69. 1,276,038 shares of the company's stock traded hands, compared to its average volume of 1,942,371. The stock's fifty day simple moving average is $67.60 and its two-hundred day simple moving average is $66.64. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $83.95. The stock has a market cap of $13.68 billion, a price-to-earnings ratio of 220.91, a PEG ratio of 0.58 and a beta of 0.68. The company has a quick ratio of 2.00, a current ratio of 2.04 and a debt-to-equity ratio of 0.01.

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

Insiders Place Their Bets

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the sale, the executive vice president directly owned 26,504 shares in the company, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 1,192 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $83,273.12. Following the sale, the executive vice president owned 37,630 shares of the company's stock, valued at approximately $2,628,831.80. This represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is currently owned by corporate insiders.

About Incyte

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.