Incyte Corporation $INCY Shares Sold by Sovran Advisors LLC

Key Points

• Sovran Advisors LLC reduced its position in Incyte Corporation by 51.4% in the second quarter, owning 11,504 shares valued at $778,000 after selling 12,174 shares.
• Analyst ratings for Incyte show a mix of opinions, with seven analysts rating it as a Buy and a current average price target of $82.53.
• Insider selling activity saw EVP Steven H. Stein and EVP Vijay K. Iyengar selling a combined total of 23,569 shares, representing significant decreases in their ownership stakes.

Sovran Advisors LLC decreased its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 51.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 11,504 shares of the biopharmaceutical company's stock after selling 12,174 shares during the period. Sovran Advisors LLC's holdings in Incyte were worth $778,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Incyte by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company's stock valued at $1,210,868,000 after purchasing an additional 417,346 shares during the period. AQR Capital Management LLC increased its position in Incyte by 92.3% during the 1st quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company's stock valued at $405,787,000 after purchasing an additional 3,233,356 shares during the period. LSV Asset Management increased its position in Incyte by 4.9% during the 1st quarter. LSV Asset Management now owns 3,637,974 shares of the biopharmaceutical company's stock valued at $220,279,000 after purchasing an additional 170,484 shares during the period. Invesco Ltd. increased its position in Incyte by 4.0% during the 1st quarter. Invesco Ltd. now owns 3,168,750 shares of the biopharmaceutical company's stock valued at $191,868,000 after purchasing an additional 120,543 shares during the period. Finally, Acadian Asset Management LLC increased its position in Incyte by 65.6% during the 1st quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company's stock valued at $152,062,000 after purchasing an additional 994,609 shares during the period. Hedge funds and other institutional investors own 96.97% of the company's stock.

Insider Activity at Incyte

In related news, EVP Vijay K. Iyengar sold 1,177 shares of the business's 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 completion of the sale, the executive vice president owned 35,929 shares of the company's stock, valued at approximately $2,509,999.94. The trade was a 3.17% 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 Barry P. Flannelly sold 1,192 shares of the business's 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 completion of the sale, the executive vice president directly owned 37,630 shares of the company's stock, valued at approximately $2,628,831.80. The trade was a 3.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,376 shares of company stock worth $3,859,312 in the last quarter. 17.80% of the stock is owned by insiders.

Incyte Stock Performance

Shares of NASDAQ:INCY traded up $0.53 during trading on Friday, hitting $86.53. 5,483,759 shares of the stock traded hands, compared to its average volume of 1,593,872. 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 company has a market cap of $16.90 billion, a price-to-earnings ratio of 19.67, a P/E/G ratio of 0.68 and a beta of 0.75. The company has a fifty day moving average price of $80.18 and a two-hundred day moving average price of $69.56. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $87.99.

Analyst Ratings Changes

A number of research firms have commented on INCY. BMO Capital Markets reissued an "underperform" rating and set a $60.00 target price (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Bank of America raised their target price on shares of Incyte from $90.00 to $104.00 and gave the company a "buy" rating in a research report on Thursday, September 4th. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and raised their target price for the company from $75.00 to $107.00 in a research report on Monday, June 16th. Royal Bank Of Canada raised their price target on shares of Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a report on Wednesday, July 30th. Finally, Truist Financial raised their price target on shares of Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. Seven investment 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. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $82.53.

About Incyte

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.