Mitsubishi UFJ Asset Management Co. Ltd. Has $21.12 Million Stake in Incyte Corporation $INCY

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Incyte Corporation (NASDAQ:INCY) by 13.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 310,134 shares of the biopharmaceutical company’s stock after acquiring an additional 36,716 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.16% of Incyte worth $21,120,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in INCY. Banque Transatlantique SA acquired a new stake in shares of Incyte during the 1st quarter worth about $26,000. FNY Investment Advisers LLC bought a new stake in Incyte during the second quarter worth about $27,000. Hilltop National Bank acquired a new stake in shares of Incyte during the second quarter worth approximately $37,000. SVB Wealth LLC bought a new position in shares of Incyte in the first quarter valued at approximately $39,000. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Incyte by 350.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock worth $46,000 after acquiring an additional 588 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

Incyte Stock Performance

Incyte stock opened at $108.16 on Wednesday. The company has a current ratio of 3.20, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $108.81. The company has a market cap of $21.23 billion, a PE ratio of 18.12, a PEG ratio of 0.70 and a beta of 0.74. The company’s 50-day moving average is $89.16 and its two-hundred day moving average is $77.29.

Insider Buying and Selling

In other Incyte news, EVP Lee Heeson sold 3,074 shares of Incyte stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $94.02, for a total transaction of $289,017.48. Following the completion of the sale, the executive vice president owned 29,241 shares of the company’s stock, valued at approximately $2,749,238.82. The trade was a 9.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sheila A. Denton sold 598 shares of the company’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $101.36, for a total transaction of $60,613.28. Following the sale, the executive vice president owned 26,569 shares of the company’s stock, valued at $2,693,033.84. The trade was a 2.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 4,227 shares of company stock worth $396,327. Insiders own 17.80% of the company’s stock.

Analyst Upgrades and Downgrades

INCY has been the subject of several research analyst reports. Citigroup lifted their price objective on Incyte from $88.00 to $103.00 and gave the company a “buy” rating in a research report on Wednesday, July 30th. Stifel Nicolaus raised their target price on Incyte from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Wells Fargo & Company upped their price target on shares of Incyte from $89.00 to $97.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. JPMorgan Chase & Co. increased their price objective on shares of Incyte from $73.00 to $89.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. Finally, UBS Group reaffirmed a “neutral” rating and issued a $68.00 target price (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $92.77.

Incyte 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.