Incyte Corporation $INCY Shares Purchased by Shell Asset Management Co.

Key Points

• Shell Asset Management Co. increased its stake in Incyte Corporation by 28.3% during the second quarter, holding a total of 27,148 shares valued at approximately $1.85 million according to an SEC filing.
• Insider selling activities were noted, with EVP Steven H. Stein selling 14,952 shares for over $1 million and a decrease in his ownership stake by 13.3%.
• Incyte shares saw a 2.1% decline recently, with analysts maintaining a mix of ratings, including upgrades from firms like Wells Fargo and Royal Bank of Canada.

Shell Asset Management Co. boosted its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 28.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 27,148 shares of the biopharmaceutical company's stock after buying an additional 5,988 shares during the quarter. Shell Asset Management Co.'s holdings in Incyte were worth $1,849,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in INCY. Banque Transatlantique SA acquired a new position in Incyte in the first quarter worth approximately $26,000. Hilltop National Bank acquired a new position in Incyte in the second quarter worth approximately $37,000. SVB Wealth LLC acquired a new position in Incyte in the first quarter worth approximately $39,000. Geneos Wealth Management Inc. grew its position in Incyte by 350.0% in the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company's stock worth $46,000 after buying an additional 588 shares during the last quarter. Finally, WPG Advisers LLC purchased a new position in Incyte during the 1st quarter worth approximately $47,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Insider Activity at Incyte

In other Incyte news, EVP Steven H. Stein sold 14,952 shares of the company's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $68.47, for a total value of $1,023,763.44. Following the completion of the sale, the executive vice president owned 97,466 shares of the company's stock, valued at approximately $6,673,497.02. This represents a 13.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vijay K. Iyengar sold 1,177 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $82,225.22. Following the completion of the sale, the executive vice president directly owned 35,929 shares of the company's stock, valued at $2,509,999.94. The trade was a 3.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,257 shares of company stock worth $2,487,927 over the last ninety days. Company insiders own 17.80% of the company's stock.

Incyte Trading Down 2.1%

Shares of NASDAQ INCY opened at $85.38 on Thursday. The company's 50 day simple moving average is $83.96 and its 200 day simple moving average is $71.27. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $88.66. The firm has a market capitalization of $16.67 billion, a P/E ratio of 19.40, a P/E/G ratio of 0.68 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on INCY shares. Guggenheim reiterated a "neutral" rating on shares of Incyte in a research report on Friday, September 19th. Royal Bank Of Canada lifted their price objective on shares of Incyte from $72.00 to $81.00 and gave the stock a "sector perform" rating in a research report on Wednesday, September 24th. Barclays started coverage on shares of Incyte in a research report on Friday, August 1st. They set an "overweight" rating and a $90.00 price objective on the stock. Wells Fargo & Company upgraded shares of Incyte from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $67.00 to $89.00 in a research report on Wednesday, August 6th. Finally, Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a research report on Friday, October 3rd. Five analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $83.64.

Incyte 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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