SVB Wealth LLC Purchases New Shares in Incyte Corporation $INCY

SVB Wealth LLC acquired a new stake in Incyte Corporation (NASDAQ:INCY) during the first quarter, Holdings Channel reports. The firm acquired 648 shares of the biopharmaceutical company’s stock, valued at approximately $39,000.

A number of other large investors have also recently modified their holdings of INCY. Principal Financial Group Inc. increased its stake in Incyte by 0.7% in the 1st 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 during the period. Amalgamated Bank boosted its holdings in 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 in the last quarter. Asset Management One Co. Ltd. boosted its holdings in 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 in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Incyte by 474.1% during the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company’s stock valued at $94,000 after purchasing an additional 1,280 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Incyte by 10.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,026 shares of the biopharmaceutical company’s stock valued at $1,577,000 after purchasing an additional 2,559 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of INCY stock opened at $84.84 on Thursday. The company has a market cap of $16.57 billion, a price-to-earnings ratio of 19.28, a price-to-earnings-growth ratio of 0.66 and a beta of 0.71. The stock has a 50 day simple moving average of $74.46 and a 200-day simple moving average of $67.90. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $87.24. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Incyte from $67.00 to $73.00 and gave the stock a “neutral” rating in a research report on Friday, August 22nd. Stifel Nicolaus raised Incyte from a “hold” rating to a “buy” rating and raised their price target for the stock from $75.00 to $107.00 in a research note on Monday, June 16th. BMO Capital Markets restated 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. Wells Fargo & Company upgraded Incyte from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. Finally, Wall Street Zen raised Incyte from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 30th. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $81.60.

Insider Activity at Incyte

In related news, EVP Vijay K. Iyengar sold 1,177 shares of the 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 sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Steven H. Stein sold 3,706 shares of the stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $67.94, for a total transaction of $251,785.64. Following the sale, the executive vice president owned 102,886 shares in the company, valued at approximately $6,990,074.84. This trade represents a 3.48% decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,098 shares of company stock valued at $3,836,196 over the last quarter. 17.80% of the stock is currently owned by corporate insiders.

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.