Mitsubishi UFJ Asset Management Co. Ltd. Purchases 36,716 Shares of Incyte Corporation $INCY

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Incyte Corporation (NASDAQ:INCY) by 13.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 310,134 shares of the biopharmaceutical company’s stock after purchasing an additional 36,716 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Incyte were worth $21,120,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Banque Transatlantique SA bought a new position in Incyte during the first quarter worth about $26,000. FNY Investment Advisers LLC bought a new position in shares of Incyte during the 2nd quarter valued at about $27,000. Hilltop National Bank acquired a new position in shares of Incyte in the 2nd quarter valued at approximately $37,000. SVB Wealth LLC bought a new stake in Incyte during the 1st quarter worth approximately $39,000. Finally, Geneos Wealth Management Inc. raised its holdings in Incyte by 350.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock worth $46,000 after buying an additional 588 shares during the period. Institutional investors own 96.97% of the company’s stock.

Insider Buying and Selling at Incyte

In related news, EVP Lee Heeson sold 3,074 shares of Incyte stock in a transaction dated 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Sheila A. Denton sold 598 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $101.36, for a total transaction of $60,613.28. Following the completion of the transaction, the executive vice president owned 26,569 shares in the company, valued at approximately $2,693,033.84. This trade represents a 2.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 4,227 shares of company stock valued at $396,327 in the last ninety days. Insiders own 17.80% of the company’s stock.

Incyte Price Performance

NASDAQ:INCY opened at $108.16 on Wednesday. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $108.81. The firm has a market capitalization of $21.23 billion, a price-to-earnings ratio of 18.12, a P/E/G ratio of 0.70 and a beta of 0.74. The stock’s 50 day moving average price is $89.16 and its two-hundred day moving average price is $77.29. The company has a quick ratio of 2.78, a current ratio of 3.20 and a debt-to-equity ratio of 0.01.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on INCY. Zacks Research raised Incyte from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. BMO Capital Markets restated an “underperform” rating and set a $60.00 target price (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Incyte in a research note on Wednesday, October 8th. UBS Group restated a “neutral” rating and set a $68.00 price objective (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Finally, Truist Financial reiterated a “hold” rating and set a $93.00 target price (up previously from $79.00) on shares of Incyte in a report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $92.77.

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.