Incyte Corporation $INCY Shares Sold by ARK Investment Management LLC

Key Points

• ARK Investment Management LLC has reduced its stake in Incyte Corporation by 8.6% during Q2, now owning 153,660 shares valued at $10.5 million.
• Shares of Incyte opened at $87.30, with a 52-week range between $53.56 and $92.86, reflecting notable volatility.
• Wells Fargo upgraded Incyte's stock rating from "equal weight" to "overweight," raising its price target from $67 to $89.

ARK Investment Management LLC reduced its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 8.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 153,660 shares of the biopharmaceutical company's stock after selling 14,446 shares during the period. ARK Investment Management LLC owned about 0.08% of Incyte worth $10,464,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Assenagon Asset Management S.A. increased its stake in shares of Incyte by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company's stock worth $612,000 after buying an additional 147 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Incyte by 10.1% in the second quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company's stock worth $116,000 after buying an additional 156 shares during the last quarter. Advisory Alpha LLC increased its stake in shares of Incyte by 2.1% in the first quarter. Advisory Alpha LLC now owns 8,056 shares of the biopharmaceutical company's stock worth $488,000 after buying an additional 166 shares during the last quarter. Blackhawk Capital Partners LLC. increased its stake in shares of Incyte by 4.4% in the first quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company's stock worth $250,000 after buying an additional 175 shares during the last quarter. Finally, State of Michigan Retirement System increased its stake in shares of Incyte by 0.5% in the first quarter. State of Michigan Retirement System now owns 43,559 shares of the biopharmaceutical company's stock worth $2,637,000 after buying an additional 200 shares during the last quarter. Institutional investors own 96.97% of the company's stock.

Incyte Stock Performance

Shares of INCY opened at $87.30 on Wednesday. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $92.86. 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 firm has a market capitalization of $17.05 billion, a PE ratio of 19.84, a P/E/G ratio of 0.67 and a beta of 0.73. The firm has a 50-day moving average price of $85.45 and a 200 day moving average price of $72.89.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on INCY shares. Wells Fargo & Company upgraded shares of Incyte from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. Stifel Nicolaus increased their target price on shares of Incyte from $110.00 to $115.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Truist Financial increased their target price on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. UBS Group reissued a "neutral" rating and set a $68.00 target price (up from $62.00) on shares of Incyte in a report on Wednesday, July 30th. Finally, Wall Street Zen cut shares of Incyte from a "strong-buy" rating to a "buy" rating in a report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $84.79.

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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