Sumitomo Mitsui Trust Group Inc. Reduces Stock Holdings in Incyte Corporation $INCY

Key Points

• Sumitomo Mitsui Trust Group trimmed its Incyte stake by 4.0%, selling 18,297 shares and ending the quarter with 438,439 shares (about 0.22% of the company) worth roughly $43.3 million.
• Incyte's quarter was mixed: EPS of $1.80 missed estimates of $1.96 while revenue rose 27.8% to $1.51 billion, and analysts maintain a consensus "Hold" with an average price target of $104.89.
• Other institutional moves were notable — Nordea increased its holding by 941.8% to 322,223 shares, AustralianSuper and Rakuten bought new stakes, institutional ownership stands near 96.97%, and insider Pablo J. Cagnoni sold 18,667 shares (a 7.36% cut to his stake).

Sumitomo Mitsui Trust Group Inc. reduced its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 4.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 438,439 shares of the biopharmaceutical company's stock after selling 18,297 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of Incyte worth $43,305,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. AustralianSuper Pty Ltd purchased a new stake in shares of Incyte in the 3rd quarter valued at $18,085,000. Rakuten Investment Management Inc. purchased a new stake in shares of Incyte in the 3rd quarter valued at $14,646,000. LBP AM SA boosted its holdings in Incyte by 33.6% during the third quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company's stock worth $20,245,000 after buying an additional 59,974 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Incyte by 38.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 387,605 shares of the biopharmaceutical company's stock worth $32,873,000 after buying an additional 108,645 shares in the last quarter. Finally, Nordea Investment Management AB boosted its holdings in Incyte by 941.8% during the fourth quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company's stock worth $31,874,000 after buying an additional 291,293 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Performance

NASDAQ:INCY opened at $97.10 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32. The company has a fifty day moving average of $97.05 and a two-hundred day moving average of $98.00. The stock has a market capitalization of $19.32 billion, a PE ratio of 15.15, a P/E/G ratio of 0.78 and a beta of 0.85. Incyte Corporation has a fifty-two week low of $56.13 and a fifty-two week high of $112.29.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing analysts' consensus estimates of $1.96 by ($0.16). The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. Incyte had a return on equity of 26.34% and a net margin of 25.03%.The business's revenue was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.43 earnings per share. As a group, research analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

INCY has been the topic of a number of recent analyst reports. Barclays reissued an "overweight" rating on shares of Incyte in a report on Tuesday, March 24th. Piper Sandler increased their price target on shares of Incyte from $102.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, February 6th. HC Wainwright reissued a "buy" rating and set a $135.00 price target on shares of Incyte in a report on Wednesday. Wells Fargo & Company lowered their price target on shares of Incyte from $107.00 to $101.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 11th. Finally, TD Cowen reissued a "buy" rating on shares of Incyte in a report on Tuesday, January 13th. Ten analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Incyte has a consensus rating of "Hold" and an average price target of $104.89.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the company's stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the completion of the transaction, the insider directly owned 234,800 shares in the company, valued at approximately $22,127,552. This represents a 7.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 17.80% of the company's stock.

About Incyte

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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