Pallas Capital Advisors LLC Reduces Holdings in Incyte Corporation $INCY

Key Points

• Pallas Capital Advisors LLC has reduced its stake in Incyte Corporation by 13.2%, selling 5,766 shares during the second quarter, leaving them with 38,000 shares valued at approximately $2.6 million.
• Several hedge funds have adjusted their positions in Incyte, with notable increases from Royal Bank of Canada (24.4% stake increase) and Snowden Capital Advisors LLC (38.7% stake increase) during the fourth quarter.
• Analyst ratings for Incyte are mixed, with seven analysts giving a Buy rating, while the average target price for the stock is $82.53, suggesting cautious optimism among market observers.

Pallas Capital Advisors LLC reduced its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 13.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 38,000 shares of the biopharmaceutical company's stock after selling 5,766 shares during the quarter. Pallas Capital Advisors LLC's holdings in Incyte were worth $2,588,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of INCY. Czech National Bank lifted its stake in shares of Incyte by 6.4% in the 2nd quarter. Czech National Bank now owns 39,271 shares of the biopharmaceutical company's stock valued at $2,674,000 after purchasing an additional 2,378 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Incyte by 0.7% in the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock valued at $12,954,000 after purchasing an additional 1,419 shares in the last quarter. Amalgamated Bank lifted its stake in Incyte by 1.9% during the first quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock worth $1,910,000 after purchasing an additional 591 shares in the last quarter. OMNI 360 Wealth Inc. purchased a new position in Incyte in the second quarter valued at $310,000. Finally, Asset Management One Co. Ltd. lifted its position in Incyte by 0.8% in the first quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock valued at $5,451,000 after purchasing an additional 747 shares during the period. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Price Performance

NASDAQ INCY traded up $0.53 on Friday, reaching $86.53. 5,483,759 shares of the stock traded hands, compared to its average volume of 1,593,872. The firm's fifty day simple moving average is $80.18 and its 200 day simple moving average is $69.56. The company has a market cap of $16.90 billion, a price-to-earnings ratio of 19.67, a P/E/G 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.

Insider Buying and Selling at Incyte

In related news, EVP Vijay K. Iyengar sold 1,177 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $82,225.22. Following the sale, the executive vice president directly owned 35,929 shares of the company's stock, valued at approximately $2,509,999.94. The trade was a 3.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Barry P. Flannelly sold 1,192 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $83,273.12. Following the sale, the executive vice president directly owned 37,630 shares of the company's stock, valued at approximately $2,628,831.80. This trade represents a 3.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,376 shares of company stock worth $3,859,312 over the last quarter. 17.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

INCY has been the subject of a number of research reports. UBS Group reaffirmed a "neutral" rating and set a $68.00 price target (up from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. JPMorgan Chase & Co. boosted their price target on shares of Incyte from $67.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday, August 22nd. Royal Bank Of Canada upped their price target on shares of Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a report on Wednesday, July 30th. Stifel Nicolaus upgraded shares of Incyte from a "hold" rating to a "buy" rating and increased their price objective for the stock from $75.00 to $107.00 in a research note on Monday, June 16th. Finally, Wells Fargo & Company upgraded shares of Incyte from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $67.00 to $89.00 in a research report on Wednesday, August 6th. 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's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $82.53.

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.