Universal Beteiligungs und Servicegesellschaft mbH Sells 55,702 Shares of Incyte Corporation (NASDAQ:INCY)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH decreased its stake in Incyte Corporation by 24.7%, selling 55,702 shares, and now owns 169,401 shares valued at $10,257,000.
• Institutional investors collectively own 96.97% of Incyte's stock, with significant increases in stakes from firms like Allianz Asset Management and Teachers Retirement System of Kentucky.
• Several analysts have upgraded Incyte's rating, with Wall Street Zen moving it from "buy" to "strong-buy" and Stifel Nicolaus raising the price target from $75 to $107.

Universal Beteiligungs und Servicegesellschaft mbH trimmed its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 24.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 169,401 shares of the biopharmaceutical company's stock after selling 55,702 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH owned approximately 0.09% of Incyte worth $10,257,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its position in shares of Incyte by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company's stock valued at $278,346,000 after acquiring an additional 103,910 shares during the period. AQR Capital Management LLC raised its position in shares of Incyte by 29.7% during the 4th quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock valued at $241,519,000 after buying an additional 801,090 shares in the last quarter. LSV Asset Management raised its position in shares of Incyte by 18.6% during the 4th quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company's stock valued at $239,500,000 after buying an additional 544,080 shares in the last quarter. Bellevue Group AG grew its holdings in Incyte by 0.3% during the 4th quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company's stock valued at $149,017,000 after purchasing an additional 6,927 shares during the last quarter. Finally, Norges Bank bought a new position in Incyte in the 4th quarter worth about $121,890,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on INCY. Citigroup restated a "buy" rating on shares of Incyte in a research note on Tuesday, June 3rd. Stifel Nicolaus upgraded shares of Incyte from a "hold" rating to a "buy" rating and raised their price target for the company from $75.00 to $107.00 in a research report on Monday, June 16th. Truist Financial lifted their target price on shares of Incyte from $72.00 to $73.00 and gave the company a "hold" rating in a research report on Tuesday, May 27th. UBS Group restated a "neutral" rating and set a $61.00 price target on shares of Incyte in a research report on Tuesday, June 3rd. Finally, Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $74.47.

Incyte Stock Up 8.1%

Shares of NASDAQ INCY traded up $5.72 during trading hours on Tuesday, hitting $75.88. The stock had a trading volume of 1,583,650 shares, compared to its average volume of 1,860,349. The company has a market capitalization of $14.69 billion, a P/E ratio of 236.61, a P/E/G ratio of 0.59 and a beta of 0.68. The firm's 50-day moving average price is $68.02 and its two-hundred day moving average price is $66.52. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.00 and a current ratio of 2.04.

Incyte (NASDAQ:INCY - Get Free Report) last posted its earnings results on Tuesday, July 29th. The biopharmaceutical company reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.38 by ($0.07). Incyte had a return on equity of 2.77% and a net margin of 0.48%. Analysts anticipate that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Insider Transactions at Incyte

In related news, EVP Barry P. Flannelly sold 10,903 shares of the firm'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 $743,039.45. Following the transaction, the executive vice president owned 39,744 shares in the company, valued at $2,708,553.60. This trade represents a 21.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Vijay K. Iyengar sold 8,617 shares of the firm's stock in a transaction dated Thursday, July 3rd. The shares were 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 in the company, valued at approximately $2,569,323.15. This represents a 18.60% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,098 shares of company stock valued at $3,836,196. Company insiders own 17.80% of the company's stock.

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.