Algert Global LLC Sells 6,478 Shares of Incyte Corporation $INCY

Key Points

• Algert Global LLC has reduced its stake in Incyte Corporation by 14.0%, selling 6,478 shares and now holds 39,772 shares valued at $2,408,000.
• Various institutional investors have altered their positions, with notable changes including Principal Financial Group increasing its holdings by 0.7%.
• Incyte's stock has seen multiple price target adjustments, with Truist Financial raising the target from $73.00 to $79.00 and seven analysts currently rating the stock as a Buy.

Algert Global LLC lessened its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 14.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 39,772 shares of the biopharmaceutical company's stock after selling 6,478 shares during the quarter. Algert Global LLC's holdings in Incyte were worth $2,408,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in shares of Incyte by 0.7% in the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock worth $12,954,000 after acquiring an additional 1,419 shares during the period. Amalgamated Bank grew its stake in shares of Incyte by 1.9% during the first quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock worth $1,910,000 after acquiring an additional 591 shares during the last quarter. Asset Management One Co. Ltd. grew its stake in shares of Incyte by 0.8% during the 1st quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock worth $5,451,000 after purchasing an additional 747 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Incyte by 474.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock valued at $94,000 after buying an additional 1,280 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Incyte by 10.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,026 shares of the biopharmaceutical company's stock valued at $1,577,000 after purchasing an additional 2,559 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Analysts Set New Price Targets

INCY has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Incyte from $67.00 to $73.00 and gave the company a "neutral" rating in a report on Friday. BMO Capital Markets reissued an "underperform" rating and issued a $60.00 target price (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. UBS Group reissued a "neutral" rating and issued a $68.00 price target (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Citigroup raised their price objective on Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Finally, Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and lifted their target price for the company from $75.00 to $107.00 in a research note on Monday, June 16th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $81.60.

Insider Buying and Selling

In related news, EVP Steven H. Stein sold 3,706 shares of Incyte 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 owned 102,886 shares of the company's stock, valued at approximately $6,990,074.84. The trade was a 3.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the transaction, the executive vice president directly owned 26,504 shares in the company, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,098 shares of company stock valued at $3,836,196. Company insiders own 17.80% of the company's stock.

Incyte Trading Down 0.5%

Incyte stock traded down $0.40 during mid-day trading on Monday, hitting $84.64. 751,712 shares of the company's stock were exchanged, compared to its average volume of 1,866,757. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The company's 50 day simple moving average is $73.56 and its 200-day simple moving average is $67.59. The firm has a market capitalization of $16.53 billion, a P/E ratio of 19.23, a PEG ratio of 0.67 and a beta of 0.71. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $87.24.

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.