Capital Fund Management S.A. Has $10.98 Million Stock Holdings in Incyte Corporation $INCY

Key Points

• Capital Fund Management S.A. has reduced its stake in Incyte Corporation by 41.2%, owning approximately 181,384 shares worth about $10.98 million post-sale.
• Insiders, including two executive vice presidents, have sold a combined 56,098 shares valued at roughly $3.84 million in the past ninety days, indicating a decrease in their ownership percentages.
• Multiple research analysts have recently adjusted their price targets for Incyte, with Barclays issuing a target of $90 and Citigroup raising its target from $88 to $103, signaling optimistic outlooks on the stock.

Capital Fund Management S.A. cut its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 41.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 181,384 shares of the biopharmaceutical company's stock after selling 126,918 shares during the quarter. Capital Fund Management S.A. owned 0.09% of Incyte worth $10,983,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of INCY. AQR Capital Management LLC grew its position in shares of Incyte by 29.7% in the 4th quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock valued at $241,519,000 after purchasing an additional 801,090 shares during the period. Jacobs Levy Equity Management Inc. grew its position in shares of Incyte by 861.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company's stock valued at $61,587,000 after purchasing an additional 798,877 shares during the period. Victory Capital Management Inc. grew its position in shares of Incyte by 581.3% in the 1st quarter. Victory Capital Management Inc. now owns 813,140 shares of the biopharmaceutical company's stock valued at $49,236,000 after purchasing an additional 693,782 shares during the period. Jupiter Asset Management Ltd. grew its position in shares of Incyte by 469.9% in the 1st quarter. Jupiter Asset Management Ltd. now owns 829,764 shares of the biopharmaceutical company's stock valued at $50,242,000 after purchasing an additional 684,171 shares during the period. Finally, Nuveen LLC acquired a new position in shares of Incyte in the 1st quarter valued at approximately $29,683,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 1,192 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $83,273.12. Following the sale, the executive vice president directly owned 37,630 shares of the company's stock, valued at $2,628,831.80. This trade represents a 3.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Steven H. Stein sold 3,706 shares of the firm's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $67.94, for a total value of $251,785.64. Following the completion of the sale, the executive vice president directly owned 102,886 shares in the company, valued at $6,990,074.84. This trade represents a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,098 shares of company stock valued at $3,836,196. Company insiders own 17.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. BMO Capital Markets reaffirmed an "underperform" rating and set a $60.00 price target (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. 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 report on Wednesday, July 30th. Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and upped their price target for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. Wells Fargo & Company raised Incyte from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $67.00 to $89.00 in a research report on Wednesday, August 6th. Finally, Barclays assumed coverage on Incyte in a research report on Friday, August 1st. They set an "overweight" rating and a $90.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $81.60.

Incyte Price Performance

Shares of INCY traded down $1.08 during trading hours on Tuesday, hitting $83.69. 969,192 shares of the company were exchanged, compared to its average volume of 1,866,484. The company has a market cap of $16.34 billion, a price-to-earnings ratio of 19.03, a P/E/G ratio of 0.67 and a beta of 0.71. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $87.24. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The firm's fifty day moving average is $73.83 and its 200 day moving average is $67.66.

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.