Grimes & Company Inc. Has $12.26 Million Position in Incyte Corporation $INCY

Key Points

• Grimes & Company Inc. has reduced its stake in Incyte Corporation by 2.3%, holding a total of 180,015 shares valued at approximately $12.26 million.
• Several institutional investors, including Vanguard Group and AQR Capital Management, have increased their stakes in Incyte, reflecting strong interest in the biopharmaceutical company.
• Incyte's stock received varied ratings from analysts, with Wells Fargo upgrading it to an "overweight" rating and a target price increase to $89, while the consensus rating remains a "Hold" with a target price of $83.64.

Grimes & Company Inc. reduced its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 2.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 180,015 shares of the biopharmaceutical company's stock after selling 4,218 shares during the quarter. Grimes & Company Inc. owned 0.09% of Incyte worth $12,259,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Incyte by 2.1% during the first quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company's stock worth $1,210,868,000 after acquiring an additional 417,346 shares in the last quarter. AQR Capital Management LLC raised its stake in Incyte by 92.3% during the first quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company's stock worth $405,787,000 after acquiring an additional 3,233,356 shares in the last quarter. LSV Asset Management raised its stake in Incyte by 4.9% during the first quarter. LSV Asset Management now owns 3,637,974 shares of the biopharmaceutical company's stock worth $220,279,000 after acquiring an additional 170,484 shares in the last quarter. Invesco Ltd. raised its stake in Incyte by 4.0% during the first quarter. Invesco Ltd. now owns 3,168,750 shares of the biopharmaceutical company's stock worth $191,868,000 after acquiring an additional 120,543 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in Incyte by 65.6% during the first quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company's stock worth $152,062,000 after acquiring an additional 994,609 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 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 transaction of $83,273.12. Following the sale, the executive vice president 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 document filed with the SEC, which is available through this hyperlink. Also, EVP Vijay K. Iyengar sold 1,177 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 $82,225.22. Following the sale, the executive vice president directly owned 35,929 shares in the company, valued at approximately $2,509,999.94. This represents a 3.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,257 shares of company stock valued at $2,487,927 over the last 90 days. 17.80% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have issued reports on INCY shares. Wells Fargo & Company upgraded Incyte from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. JPMorgan Chase & Co. raised their target price on Incyte from $67.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday, August 22nd. BMO Capital Markets restated an "underperform" rating and issued a $60.00 target price (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. UBS Group restated a "neutral" rating and issued a $68.00 target price (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Incyte in a research note on Saturday, September 27th. Six equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $83.64.

Incyte Price Performance

Shares of INCY opened at $86.85 on Monday. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $88.66. The stock has a market cap of $16.96 billion, a P/E ratio of 19.74, a price-to-earnings-growth ratio of 0.68 and a beta of 0.73. The stock's 50-day moving average price is $83.27 and its two-hundred day moving average price is $70.88.

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.

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