Greenwood Capital Associates LLC Sells 1,433 Shares of Incyte Corporation $INCY

Greenwood Capital Associates LLC cut its holdings in shares of Incyte Corporation (NASDAQ:INCY) by 14.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,294 shares of the biopharmaceutical company’s stock after selling 1,433 shares during the quarter. Greenwood Capital Associates LLC’s holdings in Incyte were worth $565,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in INCY. Banque Transatlantique SA bought a new position in Incyte in the first quarter valued at approximately $26,000. Hilltop National Bank bought a new position in Incyte in the second quarter valued at approximately $37,000. SVB Wealth LLC bought a new position in Incyte in the first quarter valued at approximately $39,000. Geneos Wealth Management Inc. increased its stake in Incyte by 350.0% in the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock valued at $46,000 after acquiring an additional 588 shares during the last quarter. Finally, WPG Advisers LLC bought a new position in Incyte in the first quarter valued at approximately $47,000. 96.97% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Steven H. Stein sold 14,952 shares of the company’s stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $68.47, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 1,177 shares of the company’s stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $82,225.22. Following the transaction, the executive vice president owned 35,929 shares in the company, valued at $2,509,999.94. This represents a 3.17% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,257 shares of company stock worth $2,487,927. Company insiders own 17.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports 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 on the stock. Wells Fargo & Company raised shares of Incyte from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $67.00 to $89.00 in a research note on Wednesday, August 6th. Stifel Nicolaus boosted their target price on shares of Incyte from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Bank of America boosted their target price on shares of Incyte from $90.00 to $104.00 and gave the stock a “buy” rating in a research note on Thursday, September 4th. Finally, Royal Bank Of Canada boosted their target price on shares of Incyte from $72.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Wednesday, September 24th. Six equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $83.64.

Incyte Price Performance

INCY stock opened at $86.85 on Friday. The firm has a market cap of $16.96 billion, a price-to-earnings ratio of 19.74, a PEG ratio of 0.67 and a beta of 0.73. 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 $88.66. The company’s fifty day simple moving average is $83.27 and its 200 day simple moving average is $70.74.

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.