Wealth Enhancement Advisory Services LLC Has $5.67 Million Stock Holdings in Incyte Corporation $INCY

Key Points

• Wealth Enhancement Advisory Services LLC increased its holdings in Incyte Corporation by 3.9%, now owning 82,835 shares valued at $5.67 million.
• A significant majority, 96.97%, of Incyte's stock is owned by institutional investors, indicating strong institutional interest in the company.
• Analysts have set a consensus price target of $83.67 for Incyte, with a mix of ratings including seven "Buy," ten "Hold," and one "Sell".

Wealth Enhancement Advisory Services LLC boosted its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 3.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,835 shares of the biopharmaceutical company's stock after buying an additional 3,100 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Incyte were worth $5,670,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Czech National Bank increased its position in Incyte by 6.4% in the 2nd quarter. Czech National Bank now owns 39,271 shares of the biopharmaceutical company's stock valued at $2,674,000 after buying an additional 2,378 shares in the last quarter. Principal Financial Group Inc. increased its position in Incyte by 0.7% in the 1st quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock valued at $12,954,000 after buying an additional 1,419 shares in the last quarter. Amalgamated Bank increased its position in Incyte by 1.9% in the 1st quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock valued at $1,910,000 after buying an additional 591 shares in the last quarter. OMNI 360 Wealth Inc. bought a new stake in Incyte in the 2nd quarter valued at about $310,000. Finally, Asset Management One Co. Ltd. increased its position in Incyte by 0.8% in the 1st quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock valued at $5,451,000 after buying an additional 747 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the company. Wall Street Zen lowered Incyte from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 13th. Barclays assumed coverage on Incyte in a report on Friday, August 1st. They set an "overweight" rating and a $90.00 price objective for the company. Royal Bank Of Canada boosted their price objective on Incyte from $72.00 to $81.00 and gave the stock a "sector perform" rating in a report on Wednesday. Citigroup boosted their price objective on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Finally, BMO Capital Markets reissued an "underperform" rating and set a $60.00 price objective (up from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $83.67.

Insider Transactions at Incyte

In related news, EVP Steven H. Stein sold 14,952 shares of the company's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $68.47, for a total value of $1,023,763.44. Following the transaction, the executive vice president owned 97,466 shares in the company, valued at approximately $6,673,497.02. This represents a 13.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the transaction, the executive vice president owned 26,504 shares in the company, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,376 shares of company stock worth $3,859,312 in the last ninety days. Company insiders own 17.80% of the company's stock.

Incyte Price Performance

Incyte stock opened at $84.16 on Thursday. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $87.99. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. The business's 50 day simple moving average is $81.10 and its 200 day simple moving average is $69.85. The company has a market cap of $16.43 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 0.66 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.

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