Gulf International Bank UK Ltd Sells 6,356 Shares of Incyte Corporation $INCY

Key Points

• Gulf International Bank UK Ltd has reduced its stake in Incyte Corporation by 42.8%, selling 6,356 shares and now holding 8,495 shares worth approximately $514,000.
• Despite the decrease from Gulf International Bank, several hedge funds including Vanguard Group Inc. and AQR Capital Management have increased their positions in Incyte during the same quarter.
• Incyte's stock is currently trading at $86.92, with analysts providing mixed ratings but generally optimistic price targets ranging from $60.00 to $107.00.

Gulf International Bank UK Ltd lowered its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 42.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,495 shares of the biopharmaceutical company's stock after selling 6,356 shares during the period. Gulf International Bank UK Ltd's holdings in Incyte were worth $514,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC boosted its holdings in Incyte by 29.7% in the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock worth $241,519,000 after purchasing an additional 801,090 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in Incyte by 861.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company's stock worth $61,587,000 after purchasing an additional 798,877 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Incyte by 581.3% in the first quarter. Victory Capital Management Inc. now owns 813,140 shares of the biopharmaceutical company's stock worth $49,236,000 after purchasing an additional 693,782 shares during the last quarter. Jupiter Asset Management Ltd. boosted its holdings in Incyte by 469.9% in the first quarter. Jupiter Asset Management Ltd. now owns 829,764 shares of the biopharmaceutical company's stock worth $50,242,000 after purchasing an additional 684,171 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in Incyte in the first quarter worth approximately $29,683,000. Institutional investors own 96.97% of the company's stock.

Insider Buying and Selling at Incyte

In other news, EVP Vijay K. Iyengar sold 1,177 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were 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 $2,509,999.94. The trade was a 3.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the transaction, the executive vice president owned 26,504 shares in the company, valued at $1,818,439.44. The trade was a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,098 shares of company stock valued at $3,836,196. Corporate insiders own 17.80% of the company's stock.

Analysts Set New Price Targets

INCY has been the topic of several research reports. BMO Capital Markets restated an "underperform" rating and issued a $60.00 target price (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Stifel Nicolaus upgraded shares of Incyte from a "hold" rating to a "buy" rating and raised their target price for the stock from $75.00 to $107.00 in a report on Monday, June 16th. JPMorgan Chase & Co. dropped their price target on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating on the stock in a research note on Monday, July 14th. Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Barclays started coverage on shares of Incyte in a research note on Friday, August 1st. They set an "overweight" rating and a $90.00 price target on the stock. Seven investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Incyte has a consensus rating of "Hold" and an average target price of $81.20.

Incyte Price Performance

NASDAQ INCY traded up $0.74 on Wednesday, reaching $86.20. The company had a trading volume of 1,688,323 shares, compared to its average volume of 1,882,056. 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 stock has a market capitalization of $16.83 billion, a PE ratio of 19.59, a price-to-earnings-growth ratio of 0.67 and a beta of 0.71. The firm's 50 day moving average price is $72.52 and its 200 day moving average price is $67.40. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $87.24.

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.