Incyte Corporation (NASDAQ:INCY) Position Cut by JGP Global Gestao de Recursos Ltda.

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. lessened its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 21.5% during the 1st quarter, according to its most recent disclosure with the 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 about 0.9% of JGP Global Gestao de Recursos Ltda.'s investment 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 filing with the SEC.

Several other hedge funds have also recently modified their holdings of the stock. Principal Financial Group Inc. raised its holdings in Incyte by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock valued at $12,954,000 after buying an additional 1,419 shares during the period. Wells Fargo & Company MN boosted its holdings in Incyte by 61.3% during the 4th quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company's stock valued at $12,031,000 after acquiring an additional 66,220 shares during the period. JPMorgan Chase & Co. boosted its holdings in 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 acquiring an additional 38,550 shares during the period. Amalgamated Bank boosted its holdings in Incyte by 1.9% during the 1st quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock valued at $1,910,000 after acquiring an additional 591 shares during the period. Finally, Asset Management One Co. Ltd. boosted its holdings in Incyte by 0.8% during the 1st quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock valued at $5,451,000 after acquiring an additional 747 shares during the period. Hedge funds and other institutional investors own 96.97% of the company's stock.

Analyst Ratings Changes

INCY has been the topic of several research reports. Truist Financial raised their price objective on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Wells Fargo & Company upgraded Incyte from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $67.00 to $89.00 in a 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 report on Wednesday, July 30th. Royal Bank Of Canada upped 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. Finally, 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. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $81.20.

Insider Transactions at Incyte

In related news, EVP Barry P. Flannelly sold 1,192 shares of Incyte stock in a transaction that occurred 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 transaction, the executive vice president owned 37,630 shares in the company, valued at approximately $2,628,831.80. This trade represents a 3.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Steven H. Stein sold 3,706 shares of Incyte stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $67.94, for a total value of $251,785.64. Following the transaction, the executive vice president owned 102,886 shares in the company, valued at approximately $6,990,074.84. The trade was a 3.48% 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 over the last ninety days. Company insiders own 17.80% of the company's stock.

Incyte Price Performance

Shares of INCY traded up $0.20 during trading hours on Friday, hitting $78.40. 633,838 shares of the stock were exchanged, compared to its average volume of 1,871,776. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $83.95. The company has a market cap of $15.31 billion, a price-to-earnings ratio of 17.84, a price-to-earnings-growth ratio of 0.61 and a beta of 0.71. The stock's 50-day moving average price is $69.73 and its two-hundred day moving average price is $66.82.

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.