Ruffer LLP Sells 9,988 Shares of Incyte Corporation $INCY

Key Points

• Ruffer LLP has reduced its holdings in Incyte Corporation by 12.6%, selling 9,988 shares during the second quarter, and now owns 69,325 shares valued at approximately $4.72 million.
• Multiple institutional investors, including Banque Transatlantique SA and Geneos Wealth Management, have taken new positions or increased their stakes in Incyte, indicating strong interest from the investment community.
• The stock has received a series of upgrades from analysts, with Bank of America raising its price target from $90.00 to $104.00 and a consensus rating of "Hold" among analysts.

Ruffer LLP reduced its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 12.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 69,325 shares of the biopharmaceutical company's stock after selling 9,988 shares during the quarter. Ruffer LLP's holdings in Incyte were worth $4,721,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Banque Transatlantique SA bought a new position in shares of Incyte in the first quarter valued at $26,000. SVB Wealth LLC bought a new position in shares of Incyte in the first quarter valued at $39,000. Geneos Wealth Management Inc. grew its stake in shares of Incyte by 350.0% in the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company's stock valued at $46,000 after buying an additional 588 shares in the last quarter. WPG Advisers LLC bought a new position in shares of Incyte in the first quarter valued at $47,000. Finally, Caitong International Asset Management Co. Ltd grew its stake 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 buying an additional 527 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Vijay K. Iyengar sold 8,617 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total value of $587,248.55. Following the completion of the transaction, the executive vice president owned 37,701 shares of the company's stock, valued at $2,569,323.15. The trade was a 18.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Sheila A. Denton sold 599 shares of the business'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 transaction, the executive vice president directly owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. This trade represents a 2.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,376 shares of company stock worth $3,859,312 in the last ninety days. 17.80% of the stock is owned by company insiders.

Incyte Stock Down 0.4%

INCY stock opened at $84.16 on Thursday. The company has a market cap of $16.43 billion, a PE ratio of 19.13, a price-to-earnings-growth ratio of 0.66 and a beta of 0.75. The business has a 50-day simple moving average of $81.10 and a 200 day simple moving average of $69.85. Incyte Corporation has a 52 week low of $53.56 and a 52 week 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.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Barclays assumed coverage on shares of Incyte in a research report on Friday, August 1st. They set an "overweight" rating and a $90.00 price objective for the company. Bank of America lifted their price objective on shares of Incyte from $90.00 to $104.00 and gave the stock a "buy" rating in a research report on Thursday, September 4th. Citigroup lifted their price objective 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. Guggenheim reissued a "neutral" rating on shares of Incyte in a research report on Friday, September 19th. Finally, Wells Fargo & Company raised 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 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. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $83.67.

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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