Nikko Asset Management Americas Inc. Sells 2,838 Shares of Incyte Co. (NASDAQ:INCY)

Nikko Asset Management Americas Inc. decreased its stake in Incyte Co. (NASDAQ:INCY) by 8.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,565 shares of the biopharmaceutical company’s stock after selling 2,838 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Incyte were worth $2,111,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in INCY. CWA Asset Management Group LLC bought a new stake in Incyte in the 4th quarter worth approximately $1,933,000. Orion Portfolio Solutions LLC purchased a new position in shares of Incyte during the third quarter worth approximately $770,000. Tri Ri Asset Management Corp bought a new stake in shares of Incyte in the 3rd quarter worth approximately $3,292,000. Cypress Capital Group purchased a new stake in shares of Incyte in the 3rd quarter valued at $971,000. Finally, Bridgewater Associates LP grew its holdings in shares of Incyte by 142.8% during the 3rd quarter. Bridgewater Associates LP now owns 308,632 shares of the biopharmaceutical company’s stock valued at $20,401,000 after purchasing an additional 181,504 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insider Transactions at Incyte

In other news, EVP Steven H. Stein sold 12,352 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total value of $897,866.88. Following the sale, the executive vice president now directly owns 66,967 shares of the company’s stock, valued at $4,867,831.23. The trade was a 15.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Sheila A. Denton sold 599 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $69.99, for a total value of $41,924.01. Following the transaction, the executive vice president now directly owns 25,848 shares of the company’s stock, valued at approximately $1,809,101.52. This trade represents a 2.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,020 shares of company stock valued at $1,981,882 in the last three months. 17.60% of the stock is currently owned by company insiders.

Incyte Stock Down 8.6 %

INCY stock opened at $62.01 on Tuesday. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The company has a market capitalization of $12.00 billion, a price-to-earnings ratio of 229.68, a price-to-earnings-growth ratio of 0.41 and a beta of 0.76. The business’s 50 day moving average price is $71.55 and its two-hundred day moving average price is $70.31. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.94 and a current ratio of 1.97.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. As a group, analysts forecast that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on INCY. Royal Bank of Canada cut their price target on shares of Incyte from $70.00 to $68.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 11th. Wells Fargo & Company increased their target price on Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research report on Friday, January 10th. Citigroup lowered their price objective on Incyte from $97.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday, February 11th. Finally, UBS Group assumed coverage on Incyte in a research note on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price objective for the company. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $75.25.

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.