Algert Global LLC Sells 6,478 Shares of Incyte Corporation $INCY

Algert Global LLC decreased its position in Incyte Corporation (NASDAQ:INCY) by 14.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,772 shares of the biopharmaceutical company’s stock after selling 6,478 shares during the quarter. Algert Global LLC’s holdings in Incyte were worth $2,408,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in Incyte by 0.7% in the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company’s stock worth $12,954,000 after purchasing an additional 1,419 shares in the last quarter. Amalgamated Bank grew its stake in shares of Incyte by 1.9% in the first quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company’s stock worth $1,910,000 after acquiring an additional 591 shares during the last quarter. Asset Management One Co. Ltd. grew its stake in shares of Incyte by 0.8% in the first quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company’s stock worth $5,451,000 after acquiring an additional 747 shares during the last quarter. Farther Finance Advisors LLC grew its stake 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 acquiring an additional 1,280 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Incyte by 10.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,026 shares of the biopharmaceutical company’s stock worth $1,577,000 after acquiring an additional 2,559 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on INCY. Truist Financial increased their target price on Incyte from $73.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, July 30th. Royal Bank Of Canada increased their target price on Incyte from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 30th. BMO Capital Markets reissued an “underperform” rating and issued a $60.00 target price (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Stifel Nicolaus raised Incyte from a “hold” rating to a “buy” rating and increased their price objective for the company from $75.00 to $107.00 in a research report on Monday, June 16th. Finally, Barclays began coverage on Incyte in a report on Friday, August 1st. They issued an “overweight” rating and a $90.00 target price on the stock. Seven analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Incyte presently has an average rating of “Hold” and an average price target of $81.20.

Incyte Stock Up 0.9%

INCY stock opened at $86.20 on Thursday. The business’s 50-day moving average price is $72.87 and its 200-day moving average price is $67.53. The stock has a market cap of $16.83 billion, a P/E ratio of 19.59, a PEG ratio of 0.68 and a beta of 0.71. 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 twelve month low of $53.56 and a twelve month high of $87.24.

Insider Activity

In other news, EVP Steven H. Stein sold 14,952 shares of the stock in a transaction on Monday, July 14th. The shares were sold at an average price of $68.47, for a total value of $1,023,763.44. Following the completion of the sale, the executive vice president directly owned 97,466 shares of the company’s stock, valued at $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 SEC, which is available at this hyperlink. Also, EVP Vijay K. Iyengar sold 8,617 shares of Incyte stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total transaction of $587,248.55. Following the transaction, the executive vice president owned 37,701 shares in the company, valued at approximately $2,569,323.15. This trade represents a 18.60% decrease in their position. The disclosure for this sale can be found here. In 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 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.