Bank of Nova Scotia Sells 4,777 Shares of 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 decreased its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 22.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,917 shares of the biopharmaceutical company's stock after selling 4,777 shares during the period. Bank of Nova Scotia's holdings in Incyte were worth $1,024,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Raiffeisen Bank International AG bought a new stake in Incyte in the fourth quarter worth about $34,000. NBC Securities Inc. lifted its stake in 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 shares of Incyte during the first quarter worth approximately $73,000. Farther Finance Advisors LLC increased its position in shares of Incyte by 474.1% during the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock worth $94,000 after acquiring an additional 1,280 shares during the period. Finally, Colonial Trust Co SC increased its position in shares of Incyte by 41.7% during the fourth quarter. Colonial Trust Co SC now owns 1,481 shares of the biopharmaceutical company's stock worth $102,000 after acquiring an additional 436 shares during the period. Institutional investors own 96.97% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. BMO Capital Markets reaffirmed an "underperform" rating and set a $60.00 target price (up from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and lifted their price objective for the company from $75.00 to $107.00 in a report on Monday, June 16th. Citigroup lifted their price objective on shares of Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. UBS Group reissued a "neutral" rating and set a $68.00 price objective (up from $62.00) on shares of Incyte in a report on Wednesday, July 30th. Finally, Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Incyte currently has an average rating of "Hold" and an average target price of $81.20.

Incyte Stock Up 2.8%

Shares of NASDAQ:INCY traded up $2.22 during midday trading on Tuesday, reaching $81.41. The company had a trading volume of 718,937 shares, compared to its average volume of 1,868,894. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. The stock's fifty day moving average price is $70.51 and its 200-day moving average price is $66.87. The stock has a market capitalization of $15.90 billion, a P/E ratio of 18.51, a PEG ratio of 0.62 and a beta of 0.71. Incyte Corporation has a one year low of $53.56 and a one year high of $83.95.

Insider Activity

In related news, EVP Vijay K. Iyengar sold 8,617 shares of the company'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 completion of the sale, the executive vice president owned 37,701 shares of the company's stock, valued at $2,569,323.15. This represents a 18.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 10,903 shares of the company'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 completion of the sale, the executive vice president directly owned 39,744 shares of the company's stock, valued at $2,708,553.60. The trade was a 21.53% 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 over the last ninety days. Insiders own 17.80% of the company's stock.

About Incyte

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.