Incyte Corporation $INCY Shares Bought by Tectonic Advisors LLC

Tectonic Advisors LLC grew its stake in shares of Incyte Corporation (NASDAQ:INCY) by 15.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,206 shares of the biopharmaceutical company’s stock after acquiring an additional 1,782 shares during the period. Tectonic Advisors LLC’s holdings in Incyte were worth $899,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Banque Transatlantique SA acquired a new position in shares of Incyte during the 1st quarter worth approximately $26,000. Hilltop National Bank acquired a new position in shares of Incyte during the 2nd quarter worth approximately $37,000. SVB Wealth LLC acquired a new position in shares of Incyte during the 1st quarter worth approximately $39,000. Geneos Wealth Management Inc. raised its position in shares of Incyte by 350.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock worth $46,000 after purchasing an additional 588 shares during the last quarter. Finally, WPG Advisers LLC acquired a new position in shares of Incyte during the 1st quarter worth approximately $47,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Incyte

In related news, EVP Steven H. Stein sold 3,706 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $67.94, for a total value of $251,785.64. Following the completion of the sale, the executive vice president directly owned 102,886 shares in the company, valued at approximately $6,990,074.84. This represents a 3.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 1,192 shares of the stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $83,273.12. Following the completion of the sale, the executive vice president owned 37,630 shares of the company’s stock, valued at approximately $2,628,831.80. This represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 36,257 shares of company stock worth $2,487,927. Corporate insiders own 17.80% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on INCY. Oppenheimer downgraded Incyte from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Truist Financial raised their price target on Incyte from $73.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, July 30th. BMO Capital Markets reissued an “underperform” rating and issued a $60.00 price target (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Barclays started coverage on Incyte in a research note on Friday, August 1st. They issued an “overweight” rating and a $90.00 price target on the stock. Finally, UBS Group reissued a “neutral” rating and issued a $68.00 price target (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Five equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Incyte has a consensus rating of “Hold” and an average price target of $84.79.

Incyte Stock Down 0.7%

Shares of NASDAQ INCY opened at $84.75 on Friday. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $88.66. The company has a market cap of $16.55 billion, a P/E ratio of 19.26, a P/E/G ratio of 0.67 and a beta of 0.73. 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 stock has a fifty day moving average price of $84.16 and a 200 day moving average price of $71.42.

About Incyte

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.