Sumitomo Mitsui Trust Group Inc. Purchases 25,844 Shares of Incyte Corporation (NASDAQ:INCY)

Sumitomo Mitsui Trust Group Inc. increased its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 5.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 473,186 shares of the biopharmaceutical company's stock after purchasing an additional 25,844 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.24% of Incyte worth $28,651,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Incyte by 10.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,026 shares of the biopharmaceutical company's stock worth $1,577,000 after buying an additional 2,559 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in Incyte by 10.3% during the first quarter. Robeco Institutional Asset Management B.V. now owns 1,391,107 shares of the biopharmaceutical company's stock worth $84,232,000 after acquiring an additional 130,320 shares during the period. Chevy Chase Trust Holdings LLC raised its stake in Incyte by 0.4% in the 1st quarter. Chevy Chase Trust Holdings LLC now owns 84,241 shares of the biopharmaceutical company's stock worth $5,101,000 after purchasing an additional 334 shares in the last quarter. Asset Management One Co. Ltd. boosted its holdings in Incyte by 0.8% in the 1st quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock valued at $5,451,000 after purchasing an additional 747 shares during the period. Finally, Continuum Advisory LLC grew its position in shares of Incyte by 11,127.5% during the 1st quarter. Continuum Advisory LLC now owns 62,088 shares of the biopharmaceutical company's stock worth $3,759,000 after purchasing an additional 61,535 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

INCY has been the subject of a number of analyst reports. Guggenheim downgraded shares of Incyte from a "buy" rating to a "neutral" rating and set a $92.00 price target for the company. in a research report on Tuesday, March 18th. Royal Bank Of Canada set a $67.00 price objective on Incyte and gave the company a "sector perform" rating in a report on Monday, June 23rd. William Blair lowered Incyte from an "outperform" rating to a "market perform" rating in a report on Tuesday, March 18th. JPMorgan Chase & Co. decreased their price target on Incyte from $70.00 to $68.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Finally, Truist Financial upped their price objective on shares of Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $74.53.

Incyte Stock Performance

NASDAQ INCY opened at $68.17 on Thursday. The firm's fifty day moving average price is $65.15 and its two-hundred day moving average price is $66.68. The stock has a market cap of $13.20 billion, a PE ratio of 213.04, a PEG ratio of 0.58 and a beta of 0.68. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.00 and a current ratio of 2.04. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share 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 the consensus estimate of $996.17 million. During the same quarter last year, the business posted $0.64 EPS. Incyte's revenue for the quarter was up 19.5% on a year-over-year basis. On average, equities analysts expect that Incyte Corporation will post 4.86 EPS for the current fiscal year.

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.

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