Incyte Corporation $INCY Shares Sold by Amundi

Key Points

• Amundi has reduced its stock holdings in Incyte Corporation by 23.6%, now owning approximately 512,030 shares valued at $31.98 million following the sale of 158,320 shares.
• Several institutional investors, including Caitong International Asset Management and NBC Securities, have recently increased their stakes in Incyte, reflecting a growing interest as 96.97% of the stock is owned by institutional investors.
• Analyst ratings for Incyte are mixed, with seven analysts giving a Buy rating, leading to an average stock rating of "Hold" and a consensus price target of $82.53.

Amundi lessened its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 23.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 512,030 shares of the biopharmaceutical company's stock after selling 158,320 shares during the period. Amundi owned 0.26% of Incyte worth $31,981,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in INCY. Raiffeisen Bank International AG purchased a new position in Incyte in the 4th quarter worth about $34,000. SVB Wealth LLC purchased a new position in Incyte in the 1st quarter worth about $39,000. WPG Advisers LLC purchased a new position in Incyte in the 1st quarter worth about $47,000. Caitong International Asset Management Co. Ltd increased its stake in Incyte by 161.2% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock worth $52,000 after buying an additional 527 shares during the period. Finally, NBC Securities Inc. increased its stake in Incyte by 88,200.0% in the 1st quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock worth $53,000 after buying an additional 882 shares during the period. 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 recent analyst reports. Bank of America raised their price target on shares of Incyte from $90.00 to $104.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. BMO Capital Markets reiterated an "underperform" rating and set a $60.00 target price (up from $52.00) on shares of Incyte in a report on Wednesday, July 30th. JPMorgan Chase & Co. increased their target price on shares of Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, August 22nd. Citigroup increased their target price on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Finally, Royal Bank Of Canada increased their target price on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Incyte presently has an average rating of "Hold" and an average price target of $82.53.

Incyte Stock Down 2.7%

Shares of NASDAQ:INCY traded down $2.32 during trading on Friday, reaching $83.85. The stock had a trading volume of 480,312 shares, compared to its average volume of 1,853,535. Incyte Corporation has a one year low of $53.56 and a one year high of $87.99. The company has a market capitalization of $16.37 billion, a P/E ratio of 19.05, a PEG ratio of 0.68 and a beta of 0.75. 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 firm's 50-day simple moving average is $78.25 and its 200 day simple moving average is $69.06.

Insider Activity

In related news, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the sale, the executive vice president directly owned 26,504 shares in the company, valued at $1,818,439.44. This trade represents a 2.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Steven H. Stein sold 3,706 shares of Incyte stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $67.94, for a total transaction of $251,785.64. Following the completion of the sale, the executive vice president owned 102,886 shares of the company's stock, valued at $6,990,074.84. This trade represents a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 56,098 shares of company stock valued at $3,836,196 over the last 90 days. 17.80% of the stock is currently owned by corporate insiders.

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.