Kayne Anderson Rudnick Investment Management LLC Has $1.88 Million Stock Position in Incyte Corporation $INCY

Key Points

• Kayne Anderson Rudnick Investment Management LLC reduced its stake in Incyte Corporation by 13.2% in the first quarter, holding 31,101 shares valued at approximately $1.88 million.
• A number of institutional investors have increased their positions in Incyte, with 96.97% of the stock currently owned by such investors and hedge funds.
• Analysts have mixed opinions on Incyte, with seven rating it as a Buy, ten as a Hold, and one as a Sell, while the consensus price target is $81.60.

Kayne Anderson Rudnick Investment Management LLC cut its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 13.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 31,101 shares of the biopharmaceutical company's stock after selling 4,750 shares during the period. Kayne Anderson Rudnick Investment Management LLC's holdings in Incyte were worth $1,883,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Raiffeisen Bank International AG acquired a new position in shares of Incyte during the fourth quarter worth $34,000. SVB Wealth LLC bought a new stake in shares of Incyte in the first quarter worth $39,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Incyte by 161.2% in the first quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock worth $52,000 after purchasing an additional 527 shares during the last quarter. NBC Securities Inc. grew its stake in shares of Incyte by 88,200.0% in the first quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock worth $53,000 after purchasing an additional 882 shares during the last quarter. Finally, Brooklyn Investment Group grew its stake in shares of Incyte by 135.9% in the first quarter. Brooklyn Investment Group now owns 1,137 shares of the biopharmaceutical company's stock worth $69,000 after purchasing an additional 655 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Price Performance

INCY stock opened at $84.00 on Wednesday. The stock has a market capitalization of $16.40 billion, a PE ratio of 19.09, a price-to-earnings-growth ratio of 0.67 and a beta of 0.71. The company's 50-day moving average is $74.13 and its 200-day moving average is $67.78. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $87.24.

Insider Activity at Incyte

In other news, EVP Sheila A. Denton sold 599 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were 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 $1,818,439.44. This represents a 2.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Vijay K. Iyengar sold 8,617 shares of the stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total transaction of $587,248.55. Following the transaction, the executive vice president directly owned 37,701 shares in the company, valued at $2,569,323.15. This trade represents a 18.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,098 shares of company stock worth $3,836,196 over the last quarter. Company insiders own 17.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Royal Bank Of Canada boosted their price objective on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 30th. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $75.00 to $107.00 in a research note on Monday, June 16th. Wells Fargo & Company raised shares of Incyte from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $67.00 to $89.00 in a research report on Wednesday, August 6th. Barclays assumed coverage on shares of Incyte in a research report on Friday, August 1st. They set an "overweight" rating and a $90.00 price target on the stock. Finally, BMO Capital Markets reaffirmed an "underperform" rating and set a $60.00 price target (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Incyte presently has an average rating of "Hold" and a consensus price target of $81.60.

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.

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