Sumitomo Mitsui Trust Group Inc. Has $39.76 Million Holdings in Incyte Corporation $INCY

Key Points

• Sumitomo Mitsui Trust Group trimmed its Incyte stake by 3.7% in Q1, but still held 422,427 shares valued at about $39.8 million at quarter-end.
• Incyte reported strong quarterly results, posting EPS of $1.81 versus the $1.38 estimate and revenue of $1.27 billion, up 20.9% year over year.
• Wall Street remains cautious overall: analysts have an average Hold rating on INCY with a consensus price target of $108.20, even as some firms recently raised their targets.

Sumitomo Mitsui Trust Group Inc. lessened its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 3.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 422,427 shares of the biopharmaceutical company's stock after selling 16,012 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.21% of Incyte worth $39,759,000 at the end of the most recent quarter.

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

Incyte Stock Performance

Shares of Incyte stock opened at $116.71 on Monday. The business has a 50-day moving average price of $103.20 and a two-hundred day moving average price of $100.50. Incyte Corporation has a 1-year low of $67.17 and a 1-year high of $118.97. The company has a current ratio of 3.68, a quick ratio of 3.60 and a debt-to-equity ratio of 0.01. The company has a market cap of $23.32 billion, a P/E ratio of 16.48, a PEG ratio of 1.07 and a beta of 0.76.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.38 by $0.43. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the business earned $1.16 EPS. The firm's revenue was up 20.9% compared to the same quarter last year. As a group, analysts anticipate that Incyte Corporation will post 6.61 EPS for the current year.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business's stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $96.50, for a total value 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. The trade was a 6.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on INCY shares. Truist Financial lifted their price target on Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a research note on Monday, June 22nd. BMO Capital Markets raised Incyte from an "underperform" rating to a "market perform" rating and raised their price objective for the company from $75.00 to $94.00 in a research note on Monday, June 22nd. Stifel Nicolaus set a $123.00 target price on Incyte in a research report on Tuesday, June 9th. UBS Group boosted their target price on Incyte from $103.00 to $113.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Finally, Jefferies Financial Group downgraded shares of Incyte from a "buy" rating to a "hold" rating and reduced their price target for the company from $120.00 to $94.00 in a research note on Monday, March 16th. Eight 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 presently has an average rating of "Hold" and a consensus price target of $108.20.

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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