Sumitomo Mitsui Trust Group Inc. Sells 36,357 Shares of Incyte Co. (NASDAQ:INCY)

Sumitomo Mitsui Trust Group Inc. lessened its position in Incyte Co. (NASDAQ:INCY) by 7.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 447,342 shares of the biopharmaceutical company’s stock after selling 36,357 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of Incyte worth $30,898,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of INCY. Brooklyn Investment Group acquired a new stake in Incyte in the 3rd quarter worth about $30,000. R Squared Ltd acquired a new position in shares of Incyte in the 4th quarter valued at approximately $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Incyte in the 3rd quarter valued at approximately $33,000. Cromwell Holdings LLC raised its position in shares of Incyte by 101.1% in the 3rd quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock valued at $37,000 after buying an additional 283 shares in the last quarter. Finally, Groupama Asset Managment increased its position in Incyte by 11.4% during the 3rd quarter. Groupama Asset Managment now owns 59,597 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 6,105 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Trading Down 2.9 %

NASDAQ:INCY opened at $66.33 on Wednesday. The firm has a market cap of $12.78 billion, a P/E ratio of 473.82, a P/E/G ratio of 0.53 and a beta of 0.70. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $83.95. The firm’s fifty day moving average is $71.69 and its 200-day moving average is $69.18. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87.

Incyte (NASDAQ:INCY) last issued its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. Equities analysts expect that Incyte Co. will post 0.35 earnings per share for the current year.

Insider Buying and Selling

In other Incyte news, insider Thomas Tray sold 650 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $69.31, for a total transaction of $45,051.50. Following the transaction, the insider now owns 23,312 shares in the company, valued at approximately $1,615,754.72. This represents a 2.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Vijay K. Iyengar sold 6,043 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $75.38, for a total transaction of $455,521.34. Following the transaction, the executive vice president now owns 30,658 shares in the company, valued at approximately $2,311,000.04. The trade was a 16.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,695 shares of company stock valued at $1,444,356 over the last ninety days. 17.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on INCY. JPMorgan Chase & Co. upped their price objective on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Citigroup lowered their price objective on shares of Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday. UBS Group assumed coverage on shares of Incyte in a research report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price objective for the company. BMO Capital Markets reissued an “underperform” rating and set a $52.00 target price (up from $48.00) on shares of Incyte in a report on Wednesday, October 30th. Finally, Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $68.00 to $90.00 in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $75.59.

About Incyte

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.