Long Corridor Asset Management Ltd Cuts Stock Holdings in Incyte Corporation (NASDAQ:INCY)

Key Points

• Long Corridor Asset Management Ltd has reduced its position in Incyte Corporation (NASDAQ:INCY) by 33.3%, now holding 220,000 shares, making it the firm's 5th largest position.
• Several institutional investors have increased their stakes in Incyte, with Wells Fargo & Company MN seeing a notable increase of 61.3% in the last quarter.
• Recent analyst reports have fluctuated on Incyte's stock, with Stifel Nicolaus upgrading it to a "buy" rating and raising the price target from $75.00 to $107.00.

Long Corridor Asset Management Ltd cut its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 33.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 220,000 shares of the biopharmaceutical company's stock after selling 110,000 shares during the period. Incyte comprises about 10.0% of Long Corridor Asset Management Ltd's investment portfolio, making the stock its 5th biggest position. Long Corridor Asset Management Ltd owned approximately 0.11% of Incyte worth $13,321,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of INCY. Raiffeisen Bank International AG purchased a new position in shares of Incyte during the 4th quarter valued at $34,000. Caitong International Asset Management Co. Ltd lifted its position 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 valued at $52,000 after acquiring an additional 527 shares in the last quarter. NBC Securities Inc. boosted 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 acquiring an additional 882 shares during the period. Intact Investment Management Inc. bought a new position in shares of Incyte in the first quarter worth about $73,000. Finally, Farther Finance Advisors LLC grew its position in shares of Incyte by 474.1% during the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock worth $94,000 after purchasing an additional 1,280 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

Insider Activity

In other news, EVP Sheila A. Denton sold 599 shares of the firm's 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 in the company, valued at approximately $1,818,439.44. This trade represents a 2.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Steven H. Stein sold 3,706 shares of the company's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $67.94, for a total transaction of $251,785.64. Following the transaction, the executive vice president 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 56,098 shares of company stock worth $3,836,196. Insiders own 17.80% of the company's stock.

Incyte Trading Up 0.9%

NASDAQ:INCY traded up $0.76 during midday trading on Friday, hitting $86.92. 1,883,502 shares of the company traded hands, compared to its average volume of 1,899,944. The firm has a market capitalization 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. The firm's fifty day moving average is $71.91 and its 200-day moving average is $67.29. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $87.06. 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

Several research firms have weighed in on INCY. Wells Fargo & Company upgraded Incyte from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. Citigroup upped their target price on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Barclays started coverage on shares of Incyte in a research note on Friday, August 1st. They issued an "overweight" rating and a $90.00 price target on the stock. Finally, Truist Financial raised their price objective on Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Incyte presently has an average rating of "Hold" and an average price target of $81.20.

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.