US Bancorp DE Trims Position in Incyte Corporation (NASDAQ:INCY)

Key Points

• US Bancorp DE sold 10,520 shares of Incyte Corporation, reducing its position by 41.8%, and now owns 14,628 shares valued at $886,000.
• Insider selling activity has been notable, with executive Barry P. Flannelly and EVP Steven H. Stein selling over 25,000 shares combined, indicating a decrease in their ownership percentage.
• Analysts have mixed ratings on Incyte, with Stifel Nicolaus upgrading their rating to "buy" and raising the price target to $107.00, while consensus estimates suggest a target price of $81.20.

US Bancorp DE reduced its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 41.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,628 shares of the biopharmaceutical company's stock after selling 10,520 shares during the period. US Bancorp DE's holdings in Incyte were worth $886,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in INCY. Raiffeisen Bank International AG bought a new position in shares of Incyte in the fourth quarter worth approximately $34,000. NBC Securities Inc. boosted its position in shares of Incyte by 88,200.0% in the first quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock worth $53,000 after purchasing an additional 882 shares during the period. Intact Investment Management Inc. bought a new position in shares of Incyte in the first quarter worth approximately $73,000. Colonial Trust Co SC boosted its position in shares of Incyte by 41.7% in the fourth quarter. Colonial Trust Co SC now owns 1,481 shares of the biopharmaceutical company's stock worth $102,000 after purchasing an additional 436 shares during the period. Finally, Farther Finance Advisors LLC boosted its position in shares of Incyte by 474.1% in the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock worth $94,000 after purchasing an additional 1,280 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Steven H. Stein sold 3,706 shares of the 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 sale, the executive vice president owned 102,886 shares of the company's stock, valued at approximately $6,990,074.84. This represents a 3.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Sheila A. Denton sold 599 shares of the stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the sale, the executive vice president directly owned 26,504 shares in the company, valued at approximately $1,818,439.44. This represents a 2.21% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,098 shares of company stock worth $3,836,196. Insiders own 17.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. BMO Capital Markets restated an "underperform" rating and set a $60.00 target price (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Truist Financial upped their target price on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research report on Wednesday, July 30th. Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. dropped their target price on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a research report on Monday, July 14th. Finally, Royal Bank Of Canada upped their target price on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $81.20.

Incyte Price Performance

Incyte stock traded up $0.40 during mid-day trading on Thursday, reaching $86.25. 711,222 shares of the company's stock traded hands, compared to its average volume of 1,876,842. The company has a market cap of $16.84 billion, a price-to-earnings ratio of 19.62, a PEG ratio of 0.64 and a beta of 0.71. The stock has a 50 day moving average of $71.17 and a two-hundred day moving average of $67.10. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $86.38.

Incyte 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.