Meiji Yasuda Asset Management Co Ltd. Invests $578,000 in Incyte Corporation $INCY

Meiji Yasuda Asset Management Co Ltd. acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 5,097 shares of the biopharmaceutical company’s stock, valued at approximately $578,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Twin Capital Management Inc. acquired a new stake in shares of Incyte during the first quarter worth $875,000. Northwestern Mutual Wealth Management Co. boosted its stake in Incyte by 5,218.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock worth $58,950,000 after purchasing an additional 585,618 shares during the period. GC Wealth Management RIA LLC acquired a new position in Incyte in the 4th quarter worth $1,629,000. Sector Gamma AS boosted its stake in Incyte by 6.7% in the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock worth $21,609,000 after purchasing an additional 13,669 shares during the period. Finally, BlackRock Inc. bought a new position in Incyte during the 2nd quarter worth about $2,044,189,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Incyte

In related news, EVP Patrick A. Mayes sold 41,899 shares of the business’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the transaction, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the sale, the insider directly owned 183,200 shares in the company, valued at $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on INCY shares. Leerink Partners lifted their price target on Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Citigroup reiterated a “buy” rating on shares of Incyte in a report on Monday, August 3rd. Wall Street Zen lowered shares of Incyte from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Oppenheimer restated a “market perform” rating and set a $120.00 target price on shares of Incyte in a report on Tuesday, July 28th. Finally, Barclays raised their target price on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $123.10.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $129.72 on Wednesday. The stock has a 50 day moving average price of $117.29 and a 200 day moving average price of $104.56. The stock has a market capitalization of $26.29 billion, a PE ratio of 16.52, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the firm earned $1.57 EPS. The business’s quarterly revenue was up 37.7% on a year-over-year basis. As a group, research analysts forecast that Incyte Corporation will post 2.61 EPS for the current year.

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.