Legacy Trust Cuts Holdings in Incyte Corporation $INCY

Key Points

• Legacy Trust has reduced its holdings in Incyte Corporation by 28.1%, selling 14,115 shares during the second quarter, which leaves it with 36,116 shares valued at approximately $2.46 million.
• Institutional investors are actively trading Incyte, with several acquiring new stakes and others increasing their holdings significantly; for instance, Robeco Institutional Asset Management boosted its stake by 71.5%, acquiring over 995,000 additional shares.
• Shares of Incyte received several upgrades from analysts; notably, Wall Street Zen upgraded the rating to "strong-buy," while multiple firms raised their price targets for the stock.

Legacy Trust trimmed its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 28.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,116 shares of the biopharmaceutical company's stock after selling 14,115 shares during the quarter. Legacy Trust's holdings in Incyte were worth $2,460,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Strid Group LLC acquired a new stake in Incyte in the second quarter valued at approximately $999,000. LGT Fund Management Co Ltd. acquired a new stake in Incyte in the second quarter valued at approximately $3,555,000. Hilltop National Bank acquired a new stake in Incyte in the second quarter valued at approximately $37,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Incyte by 9.2% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,433 shares of the biopharmaceutical company's stock valued at $1,936,000 after acquiring an additional 2,407 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its stake in Incyte by 71.5% in the second quarter. Robeco Institutional Asset Management B.V. now owns 2,386,311 shares of the biopharmaceutical company's stock valued at $162,508,000 after acquiring an additional 995,204 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Friday. Barclays started coverage on shares of Incyte in a research note on Friday, August 1st. They set an "overweight" rating and a $90.00 price objective for the company. Royal Bank Of Canada lifted their price objective on shares of Incyte from $72.00 to $81.00 and gave the stock a "sector perform" rating in a research note on Wednesday, September 24th. Truist Financial lifted their price objective on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Finally, Wells Fargo & Company upgraded shares of Incyte from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. Six investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $83.64.

Insider Transactions at Incyte

In related news, EVP Vijay K. Iyengar sold 1,177 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $82,225.22. Following the transaction, the executive vice president directly owned 35,929 shares in the company, valued at approximately $2,509,999.94. The trade was a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 1,192 shares of the business's stock in a transaction dated 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 $2,628,831.80. The trade was a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,257 shares of company stock valued at $2,487,927 over the last 90 days. Corporate insiders own 17.80% of the company's stock.

Incyte Stock Up 0.7%

INCY stock opened at $86.85 on Friday. The stock has a market capitalization of $16.96 billion, a P/E ratio of 19.74, a P/E/G ratio of 0.68 and a beta of 0.73. The firm has a 50-day simple moving average of $83.27 and a 200-day simple moving average of $70.81. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $88.66.

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.

Want to see what other hedge funds are holding INCY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Incyte Corporation (NASDAQ:INCY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.