Mitsubishi UFJ Asset Management Co. Ltd. Increases Stock Holdings in Incyte Corporation $INCY

Key Points

• Mitsubishi UFJ Asset Management increased its Incyte stake by 10.3% in the fourth quarter, buying 32,496 shares to bring its total holdings to 346,679 shares worth about $35.2 million.
• Incyte’s latest quarterly results beat expectations, with EPS of $1.81 versus the $1.38 estimate and revenue of $1.27 billion, up 20.9% year over year.
• Analyst sentiment remains mixed: the stock has an average rating of Hold with an average price target of $104.26, while recent actions included target cuts from RBC and UBS and a downgrade from Jefferies.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 10.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 346,679 shares of the biopharmaceutical company's stock after buying an additional 32,496 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.18% of Incyte worth $35,160,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Incyte by 3.8% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 22,381 shares of the biopharmaceutical company's stock worth $2,211,000 after buying an additional 828 shares in the last quarter. SBI Securities Co. Ltd. lifted its holdings in shares of Incyte by 180.9% in the fourth quarter. SBI Securities Co. Ltd. now owns 514 shares of the biopharmaceutical company's stock worth $51,000 after buying an additional 331 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC purchased a new stake in shares of Incyte in the fourth quarter worth about $340,000. Truist Financial Corp lifted its holdings in shares of Incyte by 15.8% in the fourth quarter. Truist Financial Corp now owns 3,914 shares of the biopharmaceutical company's stock worth $387,000 after buying an additional 535 shares in the last quarter. Finally, PKO Investment Management Joint Stock Co purchased a new stake in shares of Incyte in the fourth quarter worth about $207,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on INCY shares. Royal Bank Of Canada lowered their price target on Incyte from $95.00 to $92.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 11th. UBS Group lowered their price target on Incyte from $104.00 to $94.00 and set a "neutral" rating on the stock in a report on Wednesday, March 25th. Barclays reaffirmed an "overweight" rating on shares of Incyte in a report on Tuesday, March 24th. Jefferies Financial Group cut Incyte from a "buy" rating to a "hold" rating and lowered their price target for the company from $120.00 to $94.00 in a report on Monday, March 16th. Finally, Morgan Stanley set a $102.00 price target on Incyte in a report on Wednesday, February 11th. Ten analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $104.26.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $98.56 on Friday. The stock has a market cap of $19.69 billion, a price-to-earnings ratio of 13.92, a P/E/G ratio of 0.93 and a beta of 0.79. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 1-year low of $58.94 and a 1-year high of $112.29. The stock's 50-day moving average is $95.55 and its 200 day moving average is $99.15.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating analysts' consensus estimates of $1.38 by $0.43. The company had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.Incyte's revenue for the quarter was up 20.9% compared to the same quarter last year. During the same period last year, the firm posted $1.16 EPS. On average, sell-side analysts anticipate that Incyte Corporation will post 6.73 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In related news, insider Pablo J. Cagnoni sold 18,667 shares of the firm's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the transaction, the insider directly owned 262,692 shares of the company's stock, valued at approximately $25,349,778. This trade represents a 6.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 17.80% of the company's stock.

Incyte 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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