Shikiar Asset Management Inc. Has $7.76 Million Stock Holdings in Incyte Corporation $INCY

Key Points

• Shikiar Asset Management Inc. reduced its holdings in Incyte Corporation by 17.6% during the second quarter, now owning 113,995 shares valued at approximately $7.76 million.
• Insider selling activity included EVP Steven H. Stein selling 3,706 shares and EVP Barry P. Flannelly selling 1,192 shares, reflecting a decrease in their ownership stakes.
• Wall Street analysts have a generally positive outlook on Incyte, with several firms issuing buy ratings and price targets reaching as high as $115.

Shikiar Asset Management Inc. lessened its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 17.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 113,995 shares of the biopharmaceutical company's stock after selling 24,330 shares during the period. Incyte makes up 2.2% of Shikiar Asset Management Inc.'s portfolio, making the stock its 15th biggest position. Shikiar Asset Management Inc. owned about 0.06% of Incyte worth $7,763,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Banque Transatlantique SA acquired a new position in Incyte in the first quarter worth about $26,000. Hilltop National Bank acquired a new position in Incyte in the second quarter worth about $37,000. SVB Wealth LLC acquired a new position in Incyte in the first quarter worth about $39,000. Geneos Wealth Management Inc. raised its position in Incyte by 350.0% in the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company's stock worth $46,000 after purchasing an additional 588 shares in the last quarter. Finally, WPG Advisers LLC acquired a new position in Incyte in the first quarter worth about $47,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Insider Activity

In other news, EVP Steven H. Stein sold 3,706 shares of the stock in a transaction that occurred 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 represents a 3.48% 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 Barry P. Flannelly sold 1,192 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were 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 in the company, valued at $2,628,831.80. This trade represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,257 shares of company stock valued at $2,487,927 over the last three months. 17.80% of the stock is owned by insiders.

Incyte Price Performance

INCY opened at $84.75 on Friday. Incyte Corporation has a one year low of $53.56 and a one year high of $88.66. 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 company's 50 day simple moving average is $84.16 and its 200-day simple moving average is $71.42. The stock has a market capitalization of $16.55 billion, a P/E ratio of 19.26, a price-to-earnings-growth ratio of 0.67 and a beta of 0.73.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on INCY shares. Barclays started coverage on shares of Incyte in a research report on Friday, August 1st. They issued an "overweight" rating and a $90.00 price target for the company. Stifel Nicolaus upped their price objective on shares of Incyte from $110.00 to $115.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Friday, October 3rd. Bank of America upped their price objective on shares of Incyte from $90.00 to $104.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Finally, Oppenheimer cut shares of Incyte from an "outperform" rating to a "market perform" rating in a research note on Wednesday. Five investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $84.79.

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.

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