Tema Etfs LLC Sells 25,336 Shares of Incyte Corporation $INCY

Key Points

• Tema Etfs LLC significantly reduced its holdings in Incyte Corporation by 83.4% during the first quarter, now owning only 5,042 shares valued at approximately $305,000.
• Several institutional investors increased their stakes in Incyte, with CreativeOne Wealth LLC and Ieq Capital LLC raising their holdings by 109.8% and 113.3% respectively.
• Incyte's stock price is currently around $83.70, with analysts giving it an average rating of "Hold" and a consensus target price of $81.60.

Tema Etfs LLC decreased its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 83.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,042 shares of the biopharmaceutical company's stock after selling 25,336 shares during the quarter. Tema Etfs LLC's holdings in Incyte were worth $305,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Incyte by 2.1% in the first quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company's stock worth $1,210,868,000 after buying an additional 417,346 shares during the last quarter. LSV Asset Management boosted its stake in Incyte by 4.9% in the 1st quarter. LSV Asset Management now owns 3,637,974 shares of the biopharmaceutical company's stock worth $220,279,000 after purchasing an additional 170,484 shares during the period. Invesco Ltd. boosted its stake in Incyte by 4.0% in the 1st quarter. Invesco Ltd. now owns 3,168,750 shares of the biopharmaceutical company's stock worth $191,868,000 after purchasing an additional 120,543 shares during the period. Bellevue Group AG boosted its stake in Incyte by 0.3% in the 4th quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company's stock worth $149,017,000 after purchasing an additional 6,927 shares during the period. Finally, Northern Trust Corp boosted its stake in Incyte by 0.6% in the 1st quarter. Northern Trust Corp now owns 1,706,402 shares of the biopharmaceutical company's stock worth $103,323,000 after purchasing an additional 10,279 shares during the period. Institutional investors and hedge funds own 96.97% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on INCY. Barclays began 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. Royal Bank Of Canada raised their price objective on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 30th. 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. Truist Financial lifted their target price on shares of Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. Finally, Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and lifted their target price for the company from $75.00 to $107.00 in a research note on Monday, June 16th. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $81.60.

Insider Buying and Selling at Incyte

In related news, 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 value of $251,785.64. Following the transaction, the executive vice president owned 102,886 shares in the company, valued at $6,990,074.84. This trade represents a 3.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Barry P. Flannelly sold 1,192 shares of Incyte stock in a transaction 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 completion of the transaction, the executive vice president owned 37,630 shares in the company, valued at $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 56,098 shares of company stock worth $3,836,196 in the last 90 days. 17.80% of the stock is currently owned by company insiders.

Incyte Stock Up 1.1%

Shares of INCY stock traded up $0.91 on Monday, hitting $84.61. The company's stock had a trading volume of 1,338,308 shares, compared to its average volume of 1,709,225. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $87.24. The firm's fifty day moving average price is $75.44 and its 200-day moving average price is $68.21. The stock has a market capitalization of $16.52 billion, a price-to-earnings ratio of 19.23, a P/E/G ratio of 0.66 and a beta of 0.75.

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.