Candriam S.C.A. Lowers Holdings in Incyte Corporation $INCY

Key Points

• Candriam S.C.A. has reduced its stake in Incyte Corporation by 16.1%, owning approximately 0.45% of the company with a value of $52.59 million after selling 166,107 shares during the first quarter.
• Several institutional investors have increased their positions in Incyte, with BNP PARIBAS ASSET MANAGEMENT boosting its stake by a remarkable 1,919.4%, now owning 299,839 shares valued at $18.15 million.
• Incyte shares have experienced fluctuating performance, with a 52-week range between $53.56 and $87.24, and a current market cap of $16.69 billion.

Candriam S.C.A. trimmed its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 16.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 868,545 shares of the biopharmaceutical company's stock after selling 166,107 shares during the period. Candriam S.C.A. owned about 0.45% of Incyte worth $52,591,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Raiffeisen Bank International AG purchased a new position in shares of Incyte in the fourth quarter valued at about $34,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Incyte by 161.2% in the first quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock worth $52,000 after purchasing an additional 527 shares during the last quarter. NBC Securities Inc. increased its holdings in shares of Incyte by 88,200.0% in the first quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock worth $53,000 after purchasing an additional 882 shares during the last quarter. Brooklyn Investment Group increased its holdings in shares of Incyte by 135.9% in the first quarter. Brooklyn Investment Group now owns 1,137 shares of the biopharmaceutical company's stock worth $69,000 after purchasing an additional 655 shares during the last quarter. Finally, Intact Investment Management Inc. bought a new stake in shares of Incyte in the first quarter worth about $73,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on INCY. BMO Capital Markets reaffirmed an "underperform" rating and issued a $60.00 target price (up from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Citigroup lifted their target price on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Wells Fargo & Company raised Incyte from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $67.00 to $89.00 in a report on Wednesday, August 6th. Truist Financial lifted their target price on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Finally, Royal Bank Of Canada lifted their target price on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $81.60.

Insiders Place Their Bets

In other news, EVP Sheila A. Denton sold 599 shares of the company's 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 transaction, the executive vice president owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. This represents a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Vijay K. Iyengar sold 8,617 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total value of $587,248.55. Following the transaction, the executive vice president directly owned 37,701 shares in the company, valued at approximately $2,569,323.15. This represents a 18.60% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,098 shares of company stock worth $3,836,196. Corporate insiders own 17.80% of the company's stock.

Incyte Trading Down 1.7%

Shares of INCY traded down $1.49 during mid-day trading on Friday, reaching $85.04. 1,475,760 shares of the company's stock traded hands, compared to its average volume of 1,947,514. The stock has a market cap of $16.61 billion, a P/E ratio of 19.33, a P/E/G ratio of 0.67 and a beta of 0.71. The stock's 50-day moving average is $73.56 and its two-hundred day moving average is $67.64. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $87.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78.

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.