Incyte Corporation (NASDAQ:INCY) Shares Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Incyte Corporation by 9.9%, owning approximately 273,418 shares worth $16.55 million as of the latest SEC filing.
• Multiple institutional investors have adjusted their holdings in Incyte, with hedge funds now owning 96.97% of the company's stock.
• Research analysts have upgraded their ratings on Incyte, with Barclays setting a target price of $90.00 and Wells Fargo increasing its price objective to $89.00.

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 9.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 273,418 shares of the biopharmaceutical company's stock after purchasing an additional 24,543 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.14% of Incyte worth $16,555,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Incyte by 2.1% in the first quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company's stock worth $1,210,868,000 after buying an additional 417,346 shares in the last quarter. LSV Asset Management lifted its position in shares of Incyte by 4.9% in the first quarter. LSV Asset Management now owns 3,637,974 shares of the biopharmaceutical company's stock worth $220,279,000 after buying an additional 170,484 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Incyte by 29.7% in the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock worth $241,519,000 after buying an additional 801,090 shares in the last quarter. Bellevue Group AG lifted its position in shares of Incyte by 0.3% in the fourth quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company's stock worth $149,017,000 after buying an additional 6,927 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Incyte by 9.7% in the fourth quarter. Northern Trust Corp now owns 1,696,123 shares of the biopharmaceutical company's stock worth $117,151,000 after buying an additional 150,672 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on INCY. UBS Group reiterated a "neutral" rating and issued a $68.00 target price (up from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Truist Financial boosted their price objective on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Royal Bank Of Canada boosted their price objective on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 30th. Citigroup boosted their price objective on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Finally, Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and upped their target price for the company from $75.00 to $107.00 in a research note on Monday, June 16th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $81.20.

Insiders Place Their Bets

In other news, EVP Barry P. Flannelly sold 1,192 shares of the firm's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $83,273.12. Following the completion of the sale, the executive vice president owned 37,630 shares of the company's stock, valued at $2,628,831.80. This trade represents a 3.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Steven H. Stein sold 3,706 shares of the firm's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $67.94, for a total value of $251,785.64. Following the completion of the transaction, the executive vice president owned 102,886 shares of the company's stock, valued at $6,990,074.84. This trade represents a 3.48% decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,098 shares of company stock worth $3,836,196 over the last quarter. Company insiders own 17.80% of the company's stock.

Incyte Stock Up 0.9%

Shares of Incyte stock traded up $0.76 during trading on Friday, reaching $86.92. The company's stock had a trading volume of 1,883,502 shares, compared to its average volume of 1,899,944. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The company has a market cap of $16.97 billion, a price-to-earnings ratio of 19.75, a P/E/G ratio of 0.68 and a beta of 0.71. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $87.06. The company has a 50-day simple moving average of $71.91 and a two-hundred day simple moving average of $67.29.

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.