JGP Global Gestao de Recursos Ltda. Cuts Stock Holdings in Incyte Corporation (NASDAQ:INCY)

Key Points

• JGP Global Gestao de Recursos Ltda. reduced its stake in Incyte Corporation by 21.5%, now holding 19,332 shares valued at approximately $1.17 million.
• Institutional investors and hedge funds own 96.97% of Incyte's stock, reflecting a significant interest from larger financial entities.
• Analysts have varying ratings on Incyte, with a consensus price target of $79.73, indicating potential growth and investment interest moving forward.

JGP Global Gestao de Recursos Ltda. cut its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 21.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,332 shares of the biopharmaceutical company's stock after selling 5,301 shares during the quarter. Incyte makes up 0.9% of JGP Global Gestao de Recursos Ltda.'s portfolio, making the stock its 8th largest position. JGP Global Gestao de Recursos Ltda.'s holdings in Incyte were worth $1,171,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Earned Wealth Advisors LLC boosted its position in Incyte by 40.3% during the first quarter. Earned Wealth Advisors LLC now owns 5,079 shares of the biopharmaceutical company's stock worth $308,000 after purchasing an additional 1,458 shares during the period. Jupiter Asset Management Ltd. boosted its holdings in shares of Incyte by 469.9% during the 1st quarter. Jupiter Asset Management Ltd. now owns 829,764 shares of the biopharmaceutical company's stock worth $50,242,000 after buying an additional 684,171 shares during the period. LSV Asset Management grew its stake in Incyte by 4.9% in the 1st 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. Blueshift Asset Management LLC acquired a new position in Incyte in the 1st quarter valued at about $206,000. Finally, Commerce Bank raised its holdings in Incyte by 3.6% in the 1st quarter. Commerce Bank now owns 50,578 shares of the biopharmaceutical company's stock valued at $3,062,000 after acquiring an additional 1,737 shares during the period. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Sheila A. Denton sold 599 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the transaction, the executive vice president owned 26,504 shares in the company, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 1,177 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 $82,225.22. Following the sale, the executive vice president owned 35,929 shares of the company's stock, valued at approximately $2,509,999.94. This trade represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,098 shares of company stock worth $3,836,196. 17.80% of the stock is owned by company insiders.

Incyte Trading Down 0.1%

Shares of INCY stock traded down $0.07 on Wednesday, hitting $77.65. The company had a trading volume of 1,987,877 shares, compared to its average volume of 1,690,352. The stock's 50-day moving average is $69.47 and its two-hundred day moving average is $66.75. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. The firm has a market cap of $15.16 billion, a P/E ratio of 17.65, a P/E/G ratio of 0.61 and a beta of 0.71. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $83.95.

Analyst Upgrades and Downgrades

INCY has been the subject of a number of research analyst reports. Royal Bank Of Canada boosted their price objective on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. reduced their price target on Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a research note on Monday, July 14th. Wells Fargo & Company upgraded Incyte from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $67.00 to $89.00 in a research report on Wednesday. BMO Capital Markets restated 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. Finally, UBS Group reiterated a "neutral" rating and set a $68.00 price objective (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Incyte has an average rating of "Hold" and a consensus price target of $81.20.

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.