OMNI 360 Wealth Inc. Acquires New Stake in Incyte Corporation $INCY

Key Points

• OMNI 360 Wealth Inc. has acquired a new stake in Incyte Corporation valued at approximately $310,000, acquiring 4,558 shares during the second quarter.
• Currently, 96.97% of Incyte's stock is owned by institutional investors, with several large firms recently adjusting their holdings in the company.
• Incyte's average analyst rating is a "Hold" with a consensus price target of $82.53, following both upgrades and downgrades by various analysts in recent reports.

OMNI 360 Wealth Inc. acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 4,558 shares of the biopharmaceutical company's stock, valued at approximately $310,000.

A number of other large investors have also recently added to or reduced their stakes in INCY. Banque Transatlantique SA bought a new stake in Incyte during the first quarter worth approximately $26,000. Raiffeisen Bank International AG bought a new stake in Incyte during the fourth quarter worth approximately $34,000. SVB Wealth LLC bought a new stake in Incyte during the first quarter worth approximately $39,000. Geneos Wealth Management Inc. boosted its holdings 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 buying an additional 588 shares in the last quarter. Finally, WPG Advisers LLC bought a new stake in Incyte during the first quarter worth approximately $47,000. 96.97% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wall Street Zen cut shares of Incyte from a "strong-buy" rating to a "buy" rating in a report on Saturday. Barclays initiated coverage on shares of Incyte in a research note on Friday, August 1st. They issued an "overweight" rating and a $90.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a research note on Friday, August 22nd. BMO Capital Markets reaffirmed an "underperform" rating and issued a $60.00 price objective (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Finally, Truist Financial raised 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. Seven 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's stock. According to MarketBeat.com, Incyte presently has an average rating of "Hold" and a consensus price target of $82.53.

Insider Activity at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 1,177 shares of Incyte stock in a transaction on 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 owned 35,929 shares of the company's stock, valued at $2,509,999.94. This trade represents a 3.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Steven H. Stein sold 3,706 shares of Incyte stock in a transaction on 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 directly owned 102,886 shares of the company's stock, valued at $6,990,074.84. This trade represents a 3.48% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 56,098 shares of company stock worth $3,836,196. Corporate insiders own 17.80% of the company's stock.

Incyte Trading Down 3.6%

Shares of NASDAQ:INCY opened at $83.10 on Friday. The firm has a fifty day moving average of $78.54 and a two-hundred day moving average of $69.09. The firm has a market capitalization of $16.23 billion, a P/E ratio of 18.89, a price-to-earnings-growth ratio of 0.68 and a beta of 0.75. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $87.99. 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 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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