Incyte Corporation $INCY Shares Sold by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC reduced its holdings in Incyte Corporation by 32.2%, selling 84,595 shares and retaining a total of 178,424 shares, valued at approximately $10.8 million.
• Insider trading revealed that executives Sheila A. Denton and Steven H. Stein sold a combined 15,551 shares of Incyte stock recently, indicating a decrease in their ownership positions.
• Analysts have generally upgraded Incyte's stock ratings, with Citigroup raising its target price from $88 to $103, reflecting positive expectations for the company's growth potential.

Cubist Systematic Strategies LLC lessened its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 32.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 178,424 shares of the biopharmaceutical company's stock after selling 84,595 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.09% of Incyte worth $10,804,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in INCY. Raiffeisen Bank International AG acquired a new position in shares of Incyte during the 4th quarter worth $34,000. SVB Wealth LLC acquired a new position in Incyte in the 1st quarter valued at about $39,000. WPG Advisers LLC acquired a new position in Incyte in the 1st quarter valued at about $47,000. Caitong International Asset Management Co. Ltd raised its stake in Incyte by 161.2% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock valued at $52,000 after purchasing an additional 527 shares during the last quarter. Finally, NBC Securities Inc. raised its stake in Incyte by 88,200.0% in the 1st quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock valued at $53,000 after purchasing an additional 882 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Insider Buying and Selling

In other Incyte 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 value of $41,097.39. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction, the executive vice president directly owned 97,466 shares in the company, valued at approximately $6,673,497.02. The trade was a 13.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock worth $3,836,196 in the last 90 days. 17.80% of the stock is owned by insiders.

Incyte Stock Up 1.1%

INCY opened at $84.61 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. The stock has a market capitalization of $16.52 billion, a price-to-earnings ratio of 19.23, a price-to-earnings-growth ratio of 0.66 and a beta of 0.75. The business has a 50-day moving average of $75.44 and a two-hundred day moving average of $68.21. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $87.24.

Wall Street Analysts Forecast Growth

INCY has been the subject of several analyst reports. Citigroup boosted their target price on shares of Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and boosted their target price for the company from $75.00 to $107.00 in a research note on Monday, June 16th. Wells Fargo & Company raised shares of Incyte from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $67.00 to $89.00 in a research note on Wednesday, August 6th. BMO Capital Markets reissued an "underperform" rating and issued a $60.00 target price (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Finally, Royal Bank Of Canada lifted their price target on Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a report on Wednesday, July 30th. Seven equities research 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. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $81.60.

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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