First Financial Bankshares Inc Grows Position in Incyte Corporation $INCY

Key Points

• First Financial Bankshares Inc increased its stake in Incyte Corporation by 44.6% in the 1st quarter, now owning approximately $3.5 million in shares.
• Incyte's stock has received various ratings from analysts, with target prices ranging from $60 to $107, reflecting mixed sentiment on its future performance.
• Insider executives recently sold shares totaling over $3.8 million, indicating potential shifts in confidence among company leaders regarding stock performance.

First Financial Bankshares Inc raised its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 44.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,921 shares of the biopharmaceutical company's stock after acquiring an additional 17,854 shares during the period. First Financial Bankshares Inc's holdings in Incyte were worth $3,507,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted 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 purchasing an additional 417,346 shares during the period. LSV Asset Management lifted 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 purchasing an additional 170,484 shares during the period. Invesco Ltd. lifted 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 purchasing an additional 120,543 shares during the period. Bellevue Group AG lifted its stake in Incyte by 0.3% during the fourth quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company's stock worth $149,017,000 after purchasing an additional 6,927 shares during the period. Finally, Northern Trust Corp lifted its stake in Incyte by 0.6% during the first quarter. Northern Trust Corp now owns 1,706,402 shares of the biopharmaceutical company's stock worth $103,323,000 after purchasing an additional 10,279 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Incyte

In other news, EVP Vijay K. Iyengar sold 8,617 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total transaction of $587,248.55. Following the transaction, the executive vice president owned 37,701 shares in the company, valued at approximately $2,569,323.15. This trade represents a 18.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sheila A. Denton sold 599 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total transaction of $41,097.39. Following 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 disclosure for this sale can be found here. In the last quarter, 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

Several equities analysts recently issued reports on INCY shares. UBS Group reissued a "neutral" rating and set a $68.00 price target (up from $62.00) on shares of Incyte in a report on Wednesday, July 30th. BMO Capital Markets reaffirmed an "underperform" rating and set a $60.00 price objective (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Wells Fargo & Company raised Incyte from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $67.00 to $89.00 in a report on Wednesday, August 6th. Bank of America raised their price target on Incyte from $90.00 to $104.00 and gave the company a "buy" rating in a report on Thursday. Finally, Truist Financial boosted their price objective on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $82.53.

Incyte Trading Down 1.7%

Shares of INCY stock traded down $1.52 on Thursday, hitting $85.44. The stock had a trading volume of 2,171,051 shares, compared to its average volume of 1,868,884. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $87.99. The firm has a market cap of $16.68 billion, a P/E ratio of 19.42, a PEG ratio of 0.66 and a beta of 0.75. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. The company has a fifty day moving average price of $76.46 and a two-hundred day moving average price of $68.56.

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.