Incyte Corporation (NASDAQ:INCY) Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. reduced its holdings in Incyte Corporation by 3.6%, now owning approximately 0.25% of the company worth nearly $30 million.
• Multiple institutional investors, including Public Sector Pension Investment Board and Todd Asset Management LLC, increased their stakes in Incyte during the first quarter, indicating strong institutional interest in the stock.
• Analysts have set new price targets for Incyte, with estimates ranging from $60.00 to $90.00, reflecting varying outlooks on the company’s performance.

Russell Investments Group Ltd. cut its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 3.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 492,916 shares of the biopharmaceutical company's stock after selling 18,471 shares during the quarter. Russell Investments Group Ltd. owned about 0.25% of Incyte worth $29,852,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Resona Asset Management Co. Ltd. increased its stake in Incyte by 3.4% in the first quarter. Resona Asset Management Co. Ltd. now owns 81,388 shares of the biopharmaceutical company's stock valued at $4,928,000 after purchasing an additional 2,694 shares during the period. Public Sector Pension Investment Board increased its stake in Incyte by 9.6% in the first quarter. Public Sector Pension Investment Board now owns 21,564 shares of the biopharmaceutical company's stock valued at $1,306,000 after purchasing an additional 1,880 shares during the period. Todd Asset Management LLC increased its stake in Incyte by 7.2% in the first quarter. Todd Asset Management LLC now owns 370,509 shares of the biopharmaceutical company's stock valued at $22,434,000 after purchasing an additional 24,799 shares during the period. Nuveen LLC acquired a new position in Incyte in the first quarter valued at $29,683,000. Finally, Invesco Ltd. increased its stake in Incyte by 4.0% in the first 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. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Up 0.9%

INCY stock opened at $86.92 on Friday. The company has a market cap of $16.97 billion, a P/E ratio of 19.75, a P/E/G ratio of 0.68 and a beta of 0.71. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $87.06. The company's 50-day moving average price is $71.91 and its 200 day moving average price is $67.29. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Royal Bank Of Canada lifted their price objective 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. Wells Fargo & Company raised shares of Incyte from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $67.00 to $89.00 in a report on Wednesday, August 6th. UBS Group reaffirmed a "neutral" rating and issued a $68.00 target price (up previously from $62.00) on shares of Incyte in a report on Wednesday, July 30th. BMO Capital Markets reaffirmed an "underperform" rating and issued a $60.00 target price (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Finally, Barclays began coverage on shares of Incyte in a report on Friday, August 1st. They issued an "overweight" rating and a $90.00 target price on the stock. One 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. According to MarketBeat.com, Incyte currently has an average rating of "Hold" and an average price target of $81.20.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 10,903 shares of Incyte stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total transaction of $743,039.45. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total transaction of $41,097.39. Following the transaction, the executive vice president owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,098 shares of company stock worth $3,836,196. 17.80% of the stock is currently owned by insiders.

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.

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