Belpointe Asset Management LLC Takes Position in Incyte Corporation $INCY

Key Points

• Belpointe Asset Management LLC acquired a new position in Incyte Corporation, buying 3,189 shares valued at approximately $217,000.
• Several large investors have recently increased their stakes in Incyte, leading to 96.97% of the stock being owned by institutional investors and hedge funds.
• Recent analyst ratings for Incyte reflect mixed sentiments, with Citigroup upgrading their price target to $103.00 and most analysts providing a consensus rating of "Hold."

Belpointe Asset Management LLC bought a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 3,189 shares of the biopharmaceutical company's stock, valued at approximately $217,000.

Several other large investors also recently modified their holdings of the business. Assenagon Asset Management S.A. grew its stake in shares of Incyte by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company's stock valued at $612,000 after acquiring an additional 147 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Incyte by 10.1% during the second quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company's stock valued at $116,000 after acquiring an additional 156 shares in the last quarter. Advisory Alpha LLC grew its stake in Incyte by 2.1% in the first quarter. Advisory Alpha LLC now owns 8,056 shares of the biopharmaceutical company's stock worth $488,000 after purchasing an additional 166 shares in the last quarter. Blackhawk Capital Partners LLC. grew its stake in Incyte by 4.4% in the first quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company's stock worth $250,000 after purchasing an additional 175 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in Incyte by 2.0% in the first quarter. Fifth Third Bancorp now owns 9,103 shares of the biopharmaceutical company's stock worth $551,000 after purchasing an additional 179 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Incyte

In other news, EVP Vijay K. Iyengar sold 1,177 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $82,225.22. Following the completion of the transaction, the executive vice president owned 35,929 shares of the company's stock, valued at approximately $2,509,999.94. This represents a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Steven H. Stein sold 14,952 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $68.47, for a total value of $1,023,763.44. Following the completion of the transaction, the executive vice president directly owned 97,466 shares of the company's stock, valued at approximately $6,673,497.02. The trade was a 13.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,257 shares of company stock valued at $2,487,927. 17.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on INCY. Royal Bank Of Canada lifted their price target on Incyte from $72.00 to $81.00 and gave the stock a "sector perform" rating in a research note on Wednesday, September 24th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Incyte in a research note on Wednesday. Oppenheimer downgraded Incyte from an "outperform" rating to a "market perform" rating in a research note on Wednesday. Citigroup lifted their price target on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company upgraded Incyte from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. Five analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $84.79.

Incyte Stock Down 1.1%

INCY opened at $83.80 on Friday. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $88.66. 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 has a market cap of $16.36 billion, a P/E ratio of 19.05, a P/E/G ratio of 0.65 and a beta of 0.73. The stock's 50 day moving average price is $84.32 and its 200 day moving average price is $71.64.

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.

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