Bank of Nova Scotia Lowers Holdings in Incyte Corporation (NASDAQ:INCY)

Key Points

• Bank of Nova Scotia has reduced its holdings in Incyte Corporation by 22.0%, selling 4,777 shares during the first quarter, leaving it with 16,917 shares valued at approximately $1,024,000.
• Insiders have sold a total of 56,098 shares worth $3,836,196 in the last quarter, resulting in a decrease in their overall ownership to 17.80% of the company's stock.
• As of the latest updates, Incyte's stock price has fluctuated between a 12-month low of $53.56 and a high of $83.95, with analysts giving it an average rating of "Hold" and a target price of $81.20.

Bank of Nova Scotia cut its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 22.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,917 shares of the biopharmaceutical company's stock after selling 4,777 shares during the quarter. Bank of Nova Scotia's holdings in Incyte were worth $1,024,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of INCY. Raiffeisen Bank International AG bought a new stake in Incyte in the 4th quarter worth $34,000. NBC Securities Inc. grew its stake in shares of Incyte by 88,200.0% in 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. Intact Investment Management Inc. purchased a new position in Incyte during the 1st quarter valued at about $73,000. Colonial Trust Co SC raised its position in Incyte by 41.7% during the 4th quarter. Colonial Trust Co SC now owns 1,481 shares of the biopharmaceutical company's stock valued at $102,000 after purchasing an additional 436 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in Incyte by 474.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock worth $94,000 after buying an additional 1,280 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Incyte Price Performance

Incyte stock traded up $0.19 during midday trading on Friday, reaching $78.39. 1,159,998 shares of the stock traded hands, compared to its average volume of 1,694,727. The stock has a market cap of $15.31 billion, a P/E ratio of 17.82, a PEG ratio of 0.62 and a beta of 0.71. The stock's fifty day moving average is $70.23 and its 200-day moving average is $66.86. The company has a quick ratio of 2.78, a current ratio of 2.85 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 $83.95.

Analysts Set New Price Targets

Several brokerages have commented on INCY. BMO Capital Markets restated an "underperform" rating and issued a $60.00 price objective (up from $52.00) on shares of Incyte in a report on Wednesday, July 30th. UBS Group reaffirmed a "neutral" rating and set a $68.00 target price (up previously from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Barclays assumed coverage on Incyte in a research note on Friday, August 1st. They issued an "overweight" rating and a $90.00 price target on the stock. Citigroup upped their target price on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Finally, Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Incyte currently has a consensus rating of "Hold" and a consensus price target of $81.20.

Insider Buying and Selling

In related news, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the transaction, the executive vice president directly owned 26,504 shares in the company, valued at approximately $1,818,439.44. This represents a 2.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 10,903 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total value of $743,039.45. Following the sale, the executive vice president directly owned 39,744 shares of the company's stock, valued at $2,708,553.60. This represents a 21.53% 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 worth $3,836,196 in the last 90 days. Company insiders own 17.80% of the company's stock.

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.