Kaufman Rossin Wealth LLC Makes New Investment in Incyte Corporation $INCY

Key Points

• Kaufman Rossin Wealth LLC acquired 11,683 shares of Incyte Corporation valued at approximately $707,000, representing 0.5% of its investment portfolio.
• Insider transactions revealed that executives sold significant shares, with total sales of Incyte stock reaching $3.84 million over the last ninety days.
• Incyte's stock has received a mix of ratings from analysts, with an average price target of $81.20 and seven analysts recommending a "Buy" rating.

Kaufman Rossin Wealth LLC acquired a new position in Incyte Corporation (NASDAQ:INCY - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 11,683 shares of the biopharmaceutical company's stock, valued at approximately $707,000. Incyte comprises about 0.5% of Kaufman Rossin Wealth LLC's investment portfolio, making the stock its 27th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Incyte by 2.1% during the first quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company's stock valued at $1,210,868,000 after purchasing an additional 417,346 shares during the period. LSV Asset Management increased its position in shares of Incyte by 4.9% during the 1st quarter. LSV Asset Management now owns 3,637,974 shares of the biopharmaceutical company's stock valued at $220,279,000 after purchasing an additional 170,484 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Incyte by 29.7% during the 4th quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock worth $241,519,000 after acquiring an additional 801,090 shares during the period. Invesco Ltd. raised its holdings in Incyte by 4.0% during the 1st quarter. Invesco Ltd. now owns 3,168,750 shares of the biopharmaceutical company's stock valued at $191,868,000 after acquiring an additional 120,543 shares during the period. Finally, Bellevue Group AG boosted its position in shares of Incyte by 0.3% in the fourth quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company's stock valued at $149,017,000 after acquiring an additional 6,927 shares during the period. Institutional investors and hedge funds own 96.97% of the company's stock.

Analysts Set New Price Targets

INCY has been the topic of a number of research analyst reports. Barclays started coverage on shares of Incyte in a report on Friday, August 1st. They issued an "overweight" rating and a $90.00 price target on the stock. Truist Financial increased their price target on shares of Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research 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. JPMorgan Chase & Co. lifted their price objective on Incyte from $67.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday. Finally, Wells Fargo & Company upgraded 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. Seven analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Incyte currently has an average rating of "Hold" and a consensus price target of $81.60.

Insider Activity at Incyte

In related news, EVP Steven H. Stein sold 3,706 shares of Incyte stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $67.94, for a total value of $251,785.64. Following the completion of the sale, the executive vice president directly owned 102,886 shares in the company, valued at $6,990,074.84. The trade was a 3.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the sale, the executive vice president owned 26,504 shares of the company's stock, valued at $1,818,439.44. The trade was a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders 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

INCY stock traded down $0.28 during trading on Monday, hitting $84.76. 1,643,004 shares of the company's stock traded hands, compared to its average volume of 1,872,488. 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 business has a fifty day simple moving average of $73.56 and a 200 day simple moving average of $67.59. The stock has a market capitalization of $16.55 billion, a price-to-earnings ratio of 19.26, a P/E/G ratio of 0.67 and a beta of 0.71. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $87.24.

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.