Incyte Corporation $INCY Shares Sold by True Wealth Design LLC

True Wealth Design LLC lessened its stake in Incyte Corporation (NASDAQ:INCY) by 52.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,088 shares of the biopharmaceutical company’s stock after selling 1,186 shares during the quarter. True Wealth Design LLC’s holdings in Incyte were worth $74,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Banque Transatlantique SA purchased a new position in Incyte in the first quarter valued at about $26,000. FNY Investment Advisers LLC acquired a new stake in shares of Incyte in the 2nd quarter worth approximately $27,000. Hilltop National Bank purchased a new position in Incyte in the 2nd quarter valued at approximately $37,000. SVB Wealth LLC acquired a new position in Incyte during the first quarter worth $39,000. Finally, Geneos Wealth Management Inc. boosted its position in Incyte by 350.0% during the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock worth $46,000 after purchasing an additional 588 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Lee Heeson sold 3,074 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $94.02, for a total value of $289,017.48. Following the completion of the transaction, the executive vice president directly owned 29,241 shares in the company, valued at approximately $2,749,238.82. This represents a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Sheila A. Denton sold 598 shares of the stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total value of $60,613.28. Following the transaction, the executive vice president owned 26,569 shares in the company, valued at $2,693,033.84. This trade represents a 2.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 4,227 shares of company stock valued at $396,327. Company insiders own 17.80% of the company’s stock.

Incyte Stock Up 0.7%

Shares of NASDAQ INCY opened at $105.98 on Friday. The firm has a market cap of $20.81 billion, a P/E ratio of 17.75, a price-to-earnings-growth ratio of 0.70 and a beta of 0.74. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 3.20. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $106.47. The firm’s 50 day moving average price is $88.29 and its 200 day moving average price is $76.35.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on INCY shares. Wall Street Zen raised Incyte from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 1st. Wells Fargo & Company raised their target price on shares of Incyte from $89.00 to $97.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Bank of America upped their price target on shares of Incyte from $90.00 to $104.00 and gave the company a “buy” rating in a report on Thursday, September 4th. Weiss Ratings reissued a “hold (c+)” rating on shares of Incyte in a research note on Wednesday, October 8th. Finally, Zacks Research raised Incyte from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $92.77.

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.