Incyte Corporation $INCY Holdings Boosted by Ashton Thomas Private Wealth LLC

Key Points

• Ashton Thomas Private Wealth LLC increased its stake in Incyte Corporation by 181.3%, now owning 29,199 shares valued at approximately $1.77 million.
• Institutional investors hold 96.97% of Incyte's stock, indicating significant institutional ownership.
• Several analysts have provided mixed ratings for Incyte, with a consensus rating of "Hold" and an average price target of $82.53.

Ashton Thomas Private Wealth LLC grew its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 181.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 29,199 shares of the biopharmaceutical company's stock after buying an additional 18,818 shares during the period. Ashton Thomas Private Wealth LLC's holdings in Incyte were worth $1,768,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Banque Transatlantique SA purchased a new stake in shares of Incyte during the 1st quarter valued at $26,000. Raiffeisen Bank International AG purchased a new stake in Incyte during the 4th quarter worth $34,000. SVB Wealth LLC purchased a new stake in Incyte during the 1st quarter worth $39,000. WPG Advisers LLC purchased a new stake in Incyte during the 1st quarter worth $47,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in Incyte by 161.2% during the 1st 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 period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Down 3.6%

Shares of INCY stock traded down $3.07 during trading hours on Friday, hitting $83.10. 1,774,982 shares of the company were exchanged, compared to its average volume of 1,594,050. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. Incyte Corporation has a one year low of $53.56 and a one year high of $87.99. The business's 50-day simple moving average is $78.54 and its two-hundred day simple moving average is $69.12. The stock has a market capitalization of $16.23 billion, a price-to-earnings ratio of 18.89, a P/E/G ratio of 0.68 and a beta of 0.75.

Insider Activity at Incyte

In other news, EVP Barry P. Flannelly sold 10,903 shares of the stock in a transaction dated Thursday, July 3rd. The shares were 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 of the company's stock, valued at approximately $2,708,553.60. This trade represents a 21.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Steven H. Stein sold 14,952 shares of the firm's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $68.47, for a total transaction of $1,023,763.44. Following the completion of the transaction, the executive vice president directly owned 97,466 shares in the company, valued at $6,673,497.02. This represents a 13.30% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,098 shares of company stock worth $3,836,196. 17.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on INCY. Citigroup upped their price target on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. JPMorgan Chase & Co. boosted their price objective on shares of Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, August 22nd. Royal Bank Of Canada boosted their price objective 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. BMO Capital Markets reiterated an "underperform" rating and issued a $60.00 price objective (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Finally, Bank of America boosted 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. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Incyte currently has a consensus rating of "Hold" and a consensus target price of $82.53.

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.