Jupiter Asset Management Ltd. Cuts Stake in Incyte Corporation $INCY

Jupiter Asset Management Ltd. cut its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 8.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 757,952 shares of the biopharmaceutical company’s stock after selling 71,812 shares during the quarter. Jupiter Asset Management Ltd.’s holdings in Incyte were worth $51,617,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Assenagon Asset Management S.A. grew its holdings in shares of Incyte by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company’s stock valued at $612,000 after purchasing an additional 147 shares during the last quarter. Farther Finance Advisors LLC boosted its position in Incyte by 10.1% during the second quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company’s stock valued at $116,000 after buying an additional 156 shares during the period. Advisory Alpha LLC grew its stake in shares of Incyte by 2.1% during the first quarter. Advisory Alpha LLC now owns 8,056 shares of the biopharmaceutical company’s stock valued at $488,000 after buying an additional 166 shares during the last quarter. Wealthfront Advisers LLC grew its stake in shares of Incyte by 2.4% during the second quarter. Wealthfront Advisers LLC now owns 7,366 shares of the biopharmaceutical company’s stock valued at $502,000 after buying an additional 171 shares during the last quarter. Finally, Huntington National Bank increased its holdings in shares of Incyte by 24.3% in the second quarter. Huntington National Bank now owns 1,002 shares of the biopharmaceutical company’s stock worth $68,000 after buying an additional 196 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insider Transactions at Incyte

In other Incyte news, EVP Lee Heeson sold 3,074 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $94.02, for a total value of $289,017.48. Following the completion of the sale, the executive vice president directly owned 29,241 shares in the company, valued at $2,749,238.82. This trade represents a 9.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Sheila A. Denton sold 598 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total value of $60,613.28. Following the transaction, the executive vice president owned 26,569 shares in the company, valued at $2,693,033.84. This trade represents a 2.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 4,227 shares of company stock valued at $396,327. 17.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on INCY shares. Piper Sandler increased their target price on Incyte from $82.00 to $102.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. UBS Group reissued a “neutral” rating and set a $68.00 price objective (up previously from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Wall Street Zen raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 1st. Guggenheim raised shares of Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research report on Monday, November 3rd. Finally, Citigroup raised their price target on shares of Incyte from $88.00 to $103.00 and gave the stock a “buy” rating in a report on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $92.77.

Incyte Stock Up 2.1%

Shares of Incyte stock opened at $108.16 on Wednesday. The company has a current ratio of 3.20, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $108.81. The company has a market cap of $21.23 billion, a P/E ratio of 18.12, a PEG ratio of 0.70 and a beta of 0.74. The company’s fifty day simple moving average is $89.16 and its two-hundred day simple moving average is $77.29.

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.