DCF Advisers LLC Cuts Holdings in Incyte Corporation (NASDAQ:INCY)

Key Points

• DCF Advisers LLC has reduced its stake in Incyte Corporation by 7.2%, currently holding 45,000 shares valued at approximately $2.725 million.
• Several institutional investors have increased their holdings in Incyte, with Wells Fargo & Company MN raising their position by 61.3% in the fourth quarter.
• Incyte's current stock price is around $75.59, with an average analyst rating of "Hold" and a target price of $79.73.

DCF Advisers LLC cut its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 7.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,000 shares of the biopharmaceutical company's stock after selling 3,500 shares during the period. Incyte comprises approximately 1.3% of DCF Advisers LLC's investment portfolio, making the stock its 26th biggest position. DCF Advisers LLC's holdings in Incyte were worth $2,725,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of INCY. LPL Financial LLC lifted its stake in Incyte by 21.7% in the 4th quarter. LPL Financial LLC now owns 27,543 shares of the biopharmaceutical company's stock worth $1,902,000 after purchasing an additional 4,916 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Incyte by 13.5% during the 4th quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company's stock valued at $22,354,000 after buying an additional 38,550 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Incyte during the 4th quarter valued at about $18,563,000. O Shaughnessy Asset Management LLC raised its position in shares of Incyte by 72.8% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 5,789 shares of the biopharmaceutical company's stock valued at $400,000 after buying an additional 2,438 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Incyte by 90.1% during the 4th quarter. Wellington Management Group LLP now owns 136,362 shares of the biopharmaceutical company's stock valued at $9,419,000 after buying an additional 64,632 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

Incyte Stock Performance

INCY traded down $0.19 on Tuesday, hitting $77.85. The company had a trading volume of 290,938 shares, compared to its average volume of 1,872,475. The company's fifty day moving average price is $69.23 and its 200 day moving average price is $66.67. 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 cap of $15.20 billion, a price-to-earnings ratio of 17.71, a price-to-earnings-growth ratio of 0.60 and a beta of 0.71. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $83.95.

Analysts Set New Price Targets

Several brokerages have recently issued reports on INCY. Wells Fargo & Company upped their target price on shares of Incyte from $59.00 to $67.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. JPMorgan Chase & Co. cut their price target on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating on the stock in a report on Monday, July 14th. Citigroup raised their price target on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Stifel Nicolaus upgraded shares of Incyte from a "hold" rating to a "buy" rating and boosted their price target for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. Finally, Royal Bank Of Canada boosted their price target on shares of Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Incyte presently has an average rating of "Hold" and an average target price of $79.73.

Insider Transactions at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 10,903 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total value of $743,039.45. Following the sale, the executive vice president owned 39,744 shares in the company, valued at approximately $2,708,553.60. The trade was a 21.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Steven H. Stein sold 14,952 shares of Incyte stock in a transaction 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 sale, the executive vice president directly owned 97,466 shares of the company's stock, valued at $6,673,497.02. This represents a 13.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,098 shares of company stock valued at $3,836,196 in the last ninety days. Corporate insiders own 17.80% of the company's stock.

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.