NorthCrest Asset Manangement LLC Decreases Holdings in Incyte Corporation $INCY

Key Points

• NorthCrest Asset Management LLC reduced its stake in Incyte Corporation by 25.2% during the second quarter, holding 11,345 shares valued at approximately $777,000 after the sale.
• Insider selling activity has been notable, with Vijay K. Iyengar and Steven H. Stein both selling shares recently, resulting in decreases in their respective ownership stakes by 3.17% and 3.48%.
• Equities analysts have shown a positive outlook for Incyte, with several firms raising their price targets, including JPMorgan Chase and Truist Financial, suggesting a consensus target price of $82.53.

NorthCrest Asset Manangement LLC trimmed its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 25.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,345 shares of the biopharmaceutical company's stock after selling 3,823 shares during the period. NorthCrest Asset Manangement LLC's holdings in Incyte were worth $777,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Banque Transatlantique SA purchased a new position in Incyte during the first quarter valued at $26,000. SVB Wealth LLC acquired a new position in Incyte during the first quarter worth about $39,000. Geneos Wealth Management Inc. boosted its position in Incyte by 350.0% during the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company's stock worth $46,000 after acquiring an additional 588 shares during the last quarter. WPG Advisers LLC acquired a new position in Incyte during the first quarter worth about $47,000. Finally, Caitong International Asset Management Co. Ltd boosted its position 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 worth $52,000 after acquiring an additional 527 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 1,177 shares of Incyte 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 completion of the sale, the executive vice president directly owned 35,929 shares in the company, valued at $2,509,999.94. This trade represents a 3.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Steven H. Stein sold 3,706 shares of Incyte 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 sale, the executive vice president owned 102,886 shares of the company's stock, valued at approximately $6,990,074.84. This represents a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,376 shares of company stock valued at $3,859,312 in the last ninety days. Insiders own 17.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on INCY shares. Barclays started 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. JPMorgan Chase & Co. boosted their price target on shares of Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, August 22nd. Truist Financial boosted their price target on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research report on Wednesday, July 30th. Royal Bank Of Canada boosted their price target on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 30th. Finally, UBS Group reaffirmed a "neutral" rating and set a $68.00 target price (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $82.53.

Incyte Price Performance

Shares of INCY stock opened at $86.53 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. The firm's 50-day moving average is $80.18 and its two-hundred day moving average is $69.56. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $87.99. The company has a market capitalization of $16.90 billion, a PE ratio of 19.67, a price-to-earnings-growth ratio of 0.67 and a beta of 0.75.

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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