Sumitomo Mitsui Trust Group Inc. Has $30.68 Million Stock Holdings in Incyte Corporation $INCY

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of Incyte Corporation (NASDAQ:INCY) by 4.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 450,471 shares of the biopharmaceutical company’s stock after selling 22,715 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Incyte were worth $30,677,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. increased its position in Incyte by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company’s stock valued at $612,000 after acquiring an additional 147 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Incyte by 10.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company’s stock valued at $116,000 after purchasing an additional 156 shares during the last quarter. Advisory Alpha LLC boosted its stake in shares of Incyte by 2.1% in the 1st quarter. Advisory Alpha LLC now owns 8,056 shares of the biopharmaceutical company’s stock valued at $488,000 after purchasing an additional 166 shares during the last quarter. Blackhawk Capital Partners LLC. boosted its stake in shares of Incyte by 4.4% in the 1st quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company’s stock valued at $250,000 after purchasing an additional 175 shares during the last quarter. Finally, State of Michigan Retirement System boosted its stake in shares of Incyte by 0.5% in the 1st quarter. State of Michigan Retirement System now owns 43,559 shares of the biopharmaceutical company’s stock valued at $2,637,000 after purchasing an additional 200 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on INCY. Weiss Ratings reissued a “hold (c+)” rating on shares of Incyte in a research note on Wednesday, October 8th. BMO Capital Markets reiterated an “underperform” rating and issued a $60.00 target price (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Royal Bank Of Canada lifted their target price on shares of Incyte from $72.00 to $81.00 and gave the company a “sector perform” rating in a research report on Wednesday, September 24th. Zacks Research raised shares of Incyte from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Finally, Guggenheim restated a “neutral” rating on shares of Incyte in a report on Friday, September 19th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $84.79.

Incyte Stock Down 1.5%

Shares of INCY opened at $91.65 on Wednesday. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $93.98. The company has a market cap of $17.90 billion, a PE ratio of 20.83, a P/E/G ratio of 0.73 and a beta of 0.73. The business has a fifty day moving average of $85.93 and a 200 day moving average of $74.14. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01.

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.