Sector Gamma AS Has $9.63 Million Stock Holdings in Incyte Corporation $INCY

Key Points

• Sector Gamma AS reduced its holdings in Incyte Corporation by 19.5%, now owning 159,000 shares valued at approximately $9.6 million.
• Incyte's stock has experienced significant interest from institutional investors, with 96.97% of shares held by this group.
• Multiple analyst upgrades have been reported, with Wells Fargo & Company raising its target price from $67.00 to $89.00 and Stifel Nicolaus upgrading the stock to "buy."

Sector Gamma AS reduced its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 19.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 159,000 shares of the biopharmaceutical company's stock after selling 38,400 shares during the period. Incyte accounts for approximately 3.1% of Sector Gamma AS's holdings, making the stock its 14th biggest position. Sector Gamma AS owned approximately 0.08% of Incyte worth $9,627,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Raiffeisen Bank International AG acquired a new stake in Incyte during the fourth quarter valued at approximately $34,000. Caitong International Asset Management Co. Ltd lifted its stake in Incyte by 161.2% during the first quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock valued at $52,000 after purchasing an additional 527 shares during the last quarter. NBC Securities Inc. lifted its stake in Incyte by 88,200.0% during the first quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock valued at $53,000 after purchasing an additional 882 shares during the last quarter. Intact Investment Management Inc. acquired a new stake in Incyte during the first quarter valued at approximately $73,000. Finally, Colonial Trust Co SC lifted its stake in Incyte by 41.7% during the fourth quarter. Colonial Trust Co SC now owns 1,481 shares of the biopharmaceutical company's stock valued at $102,000 after purchasing an additional 436 shares during the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Stock Up 0.9%

INCY stock traded up $0.76 during trading hours on Friday, hitting $86.92. The company's stock had a trading volume of 1,883,502 shares, compared to its average volume of 1,916,277. 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 capitalization of $16.97 billion, a PE ratio of 19.75, a price-to-earnings-growth ratio of 0.69 and a beta of 0.71. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $87.06. The stock has a 50 day moving average price of $71.91 and a two-hundred day moving average price of $67.20.

Analyst Ratings Changes

A number of research firms have recently issued reports on INCY. Truist Financial boosted 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. Citigroup boosted their price target on shares of Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. BMO Capital Markets restated an "underperform" rating and set a $60.00 price target (up previously from $52.00) on shares of Incyte 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 company from $75.00 to $107.00 in a report on Monday, June 16th. Finally, Wells Fargo & Company upgraded shares of Incyte from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $67.00 to $89.00 in a report on Wednesday, August 6th. One 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 stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $81.20.

Insider Buying and Selling at Incyte

In related news, EVP Steven H. Stein sold 3,706 shares of the company's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $67.94, for a total transaction of $251,785.64. Following the completion of the sale, the executive vice president directly owned 102,886 shares of the company's stock, valued at approximately $6,990,074.84. This represents a 3.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 1,192 shares of the company'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 sale, the executive vice president directly owned 37,630 shares of the company's stock, valued at approximately $2,628,831.80. This represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is currently owned by insiders.

Incyte Company 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.