Incyte Corporation $INCY Shares Sold by Legacy Trust

Legacy Trust cut its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 28.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,116 shares of the biopharmaceutical company’s stock after selling 14,115 shares during the quarter. Legacy Trust’s holdings in Incyte were worth $2,460,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Czech National Bank grew its stake in shares of Incyte by 6.4% in the 2nd quarter. Czech National Bank now owns 39,271 shares of the biopharmaceutical company’s stock valued at $2,674,000 after buying an additional 2,378 shares during the period. Principal Financial Group Inc. grew its stake in shares of Incyte by 0.7% in the 1st quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company’s stock valued at $12,954,000 after buying an additional 1,419 shares during the period. Amalgamated Bank grew its stake in shares of Incyte by 1.9% in the 1st quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company’s stock valued at $1,910,000 after buying an additional 591 shares during the period. OMNI 360 Wealth Inc. purchased a new stake in shares of Incyte in the 2nd quarter valued at approximately $310,000. Finally, Asset Management One Co. Ltd. grew its stake in shares of Incyte by 0.8% in the 1st quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company’s stock valued at $5,451,000 after buying an additional 747 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Steven H. Stein sold 3,706 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $67.94, for a total value of $251,785.64. Following the sale, the executive vice president directly owned 102,886 shares of the company’s stock, valued at approximately $6,990,074.84. This represents a 3.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Vijay K. Iyengar sold 1,177 shares of the company’s stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $82,225.22. Following the completion of the transaction, the executive vice president owned 35,929 shares of the company’s stock, valued at approximately $2,509,999.94. The trade was a 3.17% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,257 shares of company stock valued at $2,487,927. Insiders own 17.80% of the company’s stock.

Incyte Trading Up 0.7%

Shares of NASDAQ:INCY opened at $86.85 on Friday. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $88.66. The company’s 50 day moving average is $83.27 and its two-hundred day moving average is $70.81. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. The company has a market cap of $16.96 billion, a PE ratio of 19.74, a P/E/G ratio of 0.68 and a beta of 0.73.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Wells Fargo & Company raised shares of Incyte from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $67.00 to $89.00 in a research note on Wednesday, August 6th. Truist Financial increased their price target on shares of Incyte from $73.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, July 30th. Stifel Nicolaus increased their price target on shares of Incyte from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Barclays initiated coverage on shares of Incyte in a report on Friday, August 1st. They issued an “overweight” rating and a $90.00 price objective on the stock. Finally, Bank of America upped their price objective on shares of Incyte from $90.00 to $104.00 and gave the stock a “buy” rating in a report on Thursday, September 4th. Six analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $83.64.

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.