Connor Clark & Lunn Investment Management Ltd. Has $32.32 Million Stock Position in Incyte Corporation (NASDAQ:INCY)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Incyte Corporation by 24.2%, holding approximately 0.28% worth $32.32 million.
• 96.97% of Incyte's stock is currently owned by institutional investors, reflecting a strong interest in the biopharmaceutical company.
• Analysts have mixed ratings on Incyte, with target prices ranging from $60.00 to $90.00, and a consensus rating of "Hold".

Connor Clark & Lunn Investment Management Ltd. reduced its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 24.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 533,717 shares of the biopharmaceutical company's stock after selling 170,368 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.28% of Incyte worth $32,317,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Raiffeisen Bank International AG acquired a new position in shares of Incyte in the 4th quarter worth approximately $34,000. NBC Securities Inc. boosted its holdings in shares of Incyte by 88,200.0% in the 1st quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock worth $53,000 after acquiring an additional 882 shares in the last quarter. Intact Investment Management Inc. acquired a new position in shares of Incyte in the 1st quarter worth approximately $73,000. Colonial Trust Co SC boosted its holdings in shares of Incyte by 41.7% in the 4th 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 in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of 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 acquiring an additional 1,280 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Stock Performance

Shares of Incyte stock opened at $78.39 on Friday. 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 52 week low of $53.56 and a 52 week high of $83.95. The firm has a fifty day moving average of $70.23 and a two-hundred day moving average of $66.86. The stock has a market capitalization of $15.31 billion, a price-to-earnings ratio of 17.82, a PEG ratio of 0.62 and a beta of 0.71.

Insider Activity

In related news, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the sale, the executive vice president owned 26,504 shares in the company, valued at $1,818,439.44. This represents a 2.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Barry P. Flannelly sold 1,192 shares of the company's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $83,273.12. Following the completion of the sale, the executive vice president owned 37,630 shares of the company's stock, valued at approximately $2,628,831.80. This represents a 3.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock worth $3,836,196 in the last 90 days. Corporate insiders own 17.80% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on INCY. JPMorgan Chase & Co. reduced their target price on Incyte from $68.00 to $67.00 and set a "neutral" rating on the stock in a report on Monday, July 14th. BMO Capital Markets restated an "underperform" rating and issued a $60.00 price objective (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Barclays assumed coverage on shares of Incyte in a research report on Friday, August 1st. They issued an "overweight" rating and a $90.00 price objective for the company. 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 research report on Wednesday, July 30th. Finally, Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a research report 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $81.20.

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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