Pictet Asset Management Holding SA Purchases 556,218 Shares of Incyte Co. (NASDAQ:INCY)

Pictet Asset Management Holding SA boosted its position in Incyte Co. (NASDAQ:INCY) by 73.4% in the 4th quarter, HoldingsChannel reports. The firm owned 1,313,873 shares of the biopharmaceutical company’s stock after acquiring an additional 556,218 shares during the period. Pictet Asset Management Holding SA’s holdings in Incyte were worth $90,749,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of INCY. Point72 Asset Management L.P. bought a new position in shares of Incyte in the third quarter valued at about $156,611,000. Norges Bank bought a new position in Incyte in the 4th quarter valued at about $121,890,000. Sound Shore Management Inc. CT lifted its position in Incyte by 98.4% during the fourth quarter. Sound Shore Management Inc. CT now owns 1,201,089 shares of the biopharmaceutical company’s stock worth $82,959,000 after acquiring an additional 595,741 shares during the last quarter. Long Corridor Asset Management Ltd bought a new stake in shares of Incyte during the fourth quarter worth approximately $22,793,000. Finally, Candriam S.C.A. grew its position in shares of Incyte by 27.8% in the fourth quarter. Candriam S.C.A. now owns 1,034,652 shares of the biopharmaceutical company’s stock valued at $71,463,000 after purchasing an additional 224,919 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Down 0.1 %

Shares of NASDAQ INCY opened at $60.60 on Friday. The company has a market cap of $11.73 billion, a price-to-earnings ratio of 224.45, a PEG ratio of 0.41 and a beta of 0.76. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95. The stock has a 50-day moving average price of $69.53 and a two-hundred day moving average price of $70.09.

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

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 19,807 shares of the company’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.69, for a total value of $1,340,735.83. Following the sale, the executive vice president now directly owns 33,567 shares of the company’s stock, valued at approximately $2,272,150.23. This represents a 37.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total transaction of $897,866.88. Following the sale, the executive vice president now owns 66,967 shares of the company’s stock, valued at approximately $4,867,831.23. This trade represents a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,827 shares of company stock worth $3,322,618. Insiders own 17.60% of the company’s stock.

Analysts Set New Price Targets

INCY has been the subject of several recent research reports. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research note on Friday, January 10th. JMP Securities reissued a “market perform” rating on shares of Incyte in a research report on Tuesday, February 11th. Morgan Stanley lowered their price target on shares of Incyte from $69.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Monday, March 24th. Wells Fargo & Company boosted their price objective on shares of Incyte from $68.00 to $70.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. Finally, Guggenheim downgraded shares of Incyte from a “buy” rating to a “neutral” rating and set a $92.00 price target for the company. in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Incyte presently has a consensus rating of “Hold” and an average price target of $74.88.

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.