APG Asset Management N.V. Sells 28,484 Shares of Incyte Corporation $INCY

Key Points

• APG Asset Management N.V. has reduced its holdings in Incyte Corporation by 10.8%, selling 28,484 shares and now owning a total of 234,090 shares valued at approximately $13.12 million.
• Multiple investors, including Raiffeisen Bank and Caitong International Asset Management, have recently increased their stakes in Incyte, indicating growing interest from institutional investors who collectively own 96.97% of the company.
• Recent analyst ratings for Incyte show a shift towards optimism, with several firms increasing their price targets and rating the stock from “buy” to “strong-buy,” highlighting a consensus target price of $81.60.

APG Asset Management N.V. decreased its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 10.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 234,090 shares of the biopharmaceutical company's stock after selling 28,484 shares during the period. APG Asset Management N.V. owned approximately 0.12% of Incyte worth $13,122,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in INCY. Raiffeisen Bank International AG bought a new stake in Incyte during the fourth quarter valued at $34,000. Caitong International Asset Management Co. Ltd lifted its stake in Incyte by 161.2% during the first quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock worth $52,000 after purchasing an additional 527 shares during the last quarter. NBC Securities Inc. lifted its stake in Incyte by 88,200.0% during the first quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock worth $53,000 after purchasing an additional 882 shares during the last quarter. Brooklyn Investment Group lifted its stake in Incyte by 135.9% during the first quarter. Brooklyn Investment Group now owns 1,137 shares of the biopharmaceutical company's stock worth $69,000 after purchasing an additional 655 shares during the last quarter. Finally, Intact Investment Management Inc. bought a new stake in Incyte during the first quarter worth about $73,000. Institutional investors own 96.97% of the company's stock.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 10,903 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total transaction of $743,039.45. Following the transaction, the executive vice president owned 39,744 shares in the company, valued at $2,708,553.60. The trade was a 21.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Vijay K. Iyengar sold 8,617 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total value of $587,248.55. Following the transaction, the executive vice president owned 37,701 shares in the company, valued at approximately $2,569,323.15. This represents a 18.60% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,098 shares of company stock worth $3,836,196 in the last ninety days. Corporate insiders own 17.80% of the company's stock.

Wall Street Analyst Weigh In

INCY has been the subject of several research analyst reports. Wall Street Zen raised Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. JPMorgan Chase & Co. lifted their price target on Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a research note on Friday. UBS Group reaffirmed a "neutral" rating and set a $68.00 price target (up previously from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Royal Bank Of Canada lifted their price target on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 30th. Finally, Truist Financial lifted their price target on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Incyte currently has an average rating of "Hold" and a consensus target price of $81.60.

Incyte Stock Down 0.3%

INCY opened at $84.76 on Tuesday. The company has a market cap of $16.55 billion, a P/E ratio of 19.26, a P/E/G ratio of 0.67 and a beta of 0.71. The business's 50-day moving average price is $73.83 and its 200-day moving average price is $67.66. The company has a current ratio of 2.85, 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 $87.24.

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.

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