Voya Investment Management LLC Sells 9,342 Shares of Incyte Corporation $INCY

Key Points

• Voya Investment Management LLC reduced its stake in Incyte Corporation by 5.5%, selling 9,342 shares and leaving it with approximately 160,355 shares valued at $9.7 million.
• Several institutional investors significantly increased their positions in Incyte during the first quarter, with notable increases of 92.3% by AQR Capital Management and 581.3% by Victory Capital Management.
• Analysts have mixed ratings on Incyte stock, with seven rating it a Buy, while the consensus rating remains as "Hold" with a price target of $82.53.

Voya Investment Management LLC lowered its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 5.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 160,355 shares of the biopharmaceutical company's stock after selling 9,342 shares during the period. Voya Investment Management LLC owned 0.08% of Incyte worth $9,709,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in INCY. Banque Transatlantique SA bought a new stake in shares of Incyte in the first quarter worth $26,000. Raiffeisen Bank International AG purchased a new stake in Incyte in the 4th quarter valued at about $34,000. SVB Wealth LLC bought a new position in shares of Incyte during the 1st quarter valued at approximately $39,000. Geneos Wealth Management Inc. boosted its holdings in Incyte by 350.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company's stock worth $46,000 after buying an additional 588 shares during the period. Finally, WPG Advisers LLC purchased a new stake in Incyte in the 1st quarter worth approximately $47,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

INCY has been the topic of a number of recent analyst reports. Barclays initiated coverage on shares of Incyte in a report on Friday, August 1st. They issued an "overweight" rating and a $90.00 price target on the stock. JPMorgan Chase & Co. upped their price target on shares of Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, August 22nd. BMO Capital Markets reaffirmed an "underperform" rating and set a $60.00 price target (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Royal Bank Of Canada upped their price target on shares of Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a report on Wednesday, July 30th. Finally, Truist Financial raised their target price on shares of Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $82.53.

Insider Activity

In other Incyte news, EVP Vijay K. Iyengar sold 1,177 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 value of $82,225.22. Following the transaction, the executive vice president directly owned 35,929 shares in the company, valued at $2,509,999.94. This represents a 3.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 26,504 shares in the company, valued at $1,818,439.44. This represents a 2.21% decrease in their ownership of the stock. 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 insiders.

Incyte Trading Up 0.6%

Shares of INCY stock traded up $0.53 on Friday, hitting $86.53. 5,483,759 shares of the stock traded hands, compared to its average volume of 1,593,872. The firm's 50-day moving average price is $80.18 and its two-hundred day moving average price is $69.56. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $87.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. The stock has a market capitalization of $16.90 billion, a PE ratio of 19.67, a PEG ratio of 0.67 and a beta of 0.75.

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.