Ashford Capital Management Inc. Decreases Position in Incyte Corporation $INCY

Key Points

• Ashford Capital Management Inc. reduced its holdings in Incyte Corporation by 17.7%, now owning 184,610 shares of the company.
• Incyte shares have a current market capitalization of $16.52 billion with a price-to-earnings ratio of 19.23, and they opened at $84.61 recently.
• Analysts have given mixed ratings for Incyte, with seven "buy" ratings and ten "hold" ratings, alongside a revised price target ranging from $68.00 to $107.00.

Ashford Capital Management Inc. trimmed its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 17.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 184,610 shares of the biopharmaceutical company's stock after selling 39,760 shares during the quarter. Incyte makes up 1.4% of Ashford Capital Management Inc.'s investment portfolio, making the stock its 26th largest position. Ashford Capital Management Inc. owned approximately 0.10% of Incyte worth $11,178,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Incyte by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company's stock worth $1,210,868,000 after buying an additional 417,346 shares during 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 valued at $220,279,000 after buying an additional 170,484 shares during 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 valued at $191,868,000 after buying an additional 120,543 shares during the last quarter. Bellevue Group AG raised its stake in shares of Incyte by 0.3% in 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 last quarter. Finally, Northern Trust Corp raised its stake in shares of Incyte by 0.6% in 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 last quarter. 96.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Incyte news, EVP Barry P. Flannelly sold 1,192 shares of the stock in a transaction on 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 approximately $2,628,831.80. This trade represents a 3.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Vijay K. Iyengar sold 1,177 shares of the stock in a transaction on 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. This trade represents a 3.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,098 shares of company stock worth $3,836,196 over the last quarter. Insiders own 17.80% of the company's stock.

Incyte Trading Up 1.1%

NASDAQ:INCY traded up $0.98 during midday trading on Wednesday, hitting $86.96. The stock had a trading volume of 1,986,821 shares, compared to its average volume of 1,866,992. Incyte Corporation has a one year low of $53.56 and a one year high of $87.99. The company has a market capitalization of $16.98 billion, a price-to-earnings ratio of 19.76, a PEG ratio of 0.66 and a beta of 0.75. The stock has a 50-day moving average of $75.78 and a 200 day moving average of $68.33. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on INCY. BMO Capital Markets restated an "underperform" rating and issued a $60.00 price target (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and boosted their price target for the company from $75.00 to $107.00 in a report on Monday, June 16th. Truist Financial upped 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. Citigroup upped their price objective on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company upgraded 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 research report on Wednesday, August 6th. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $81.60.

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.