Alliancebernstein L.P. Trims Stock Position in Incyte Corporation $INCY

Alliancebernstein L.P. cut its holdings in Incyte Corporation (NASDAQ:INCY) by 12.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 240,240 shares of the biopharmaceutical company’s stock after selling 33,858 shares during the period. Alliancebernstein L.P. owned 0.12% of Incyte worth $14,547,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its stake in Incyte by 0.7% during 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 increased its holdings in Incyte by 1.9% in the first quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company’s stock valued at $1,910,000 after buying an additional 591 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of Incyte by 0.8% in the 1st quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company’s stock valued at $5,451,000 after acquiring an additional 747 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Incyte by 474.1% in 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 during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Incyte by 10.9% during the 1st 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 in the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. JPMorgan Chase & Co. lifted their price target on Incyte from $67.00 to $73.00 and gave the stock a “neutral” rating in a research report on Friday, August 22nd. Barclays initiated coverage on shares of Incyte in a research report on Friday, August 1st. They issued an “overweight” rating and a $90.00 price objective for the company. Wells Fargo & Company upgraded shares of 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 report on Wednesday, August 6th. Citigroup lifted their price target on shares of Incyte from $88.00 to $103.00 and gave the company a “buy” rating in a research report on Wednesday, July 30th. Finally, Stifel Nicolaus upgraded shares of Incyte from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. Seven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Incyte presently has a consensus rating of “Hold” and a consensus target price of $82.53.

Insider Transactions at Incyte

In other news, EVP Sheila A. Denton sold 599 shares of the stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the sale, the executive vice president owned 26,504 shares of the company’s stock, valued at $1,818,439.44. This represents a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Vijay K. Iyengar sold 1,177 shares of the firm’s stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $82,225.22. Following the completion of the transaction, the executive vice president directly owned 35,929 shares in the company, valued at $2,509,999.94. This trade represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,098 shares of company stock worth $3,836,196 in the last three months. 17.80% of the stock is currently owned by insiders.

Incyte Price Performance

INCY opened at $86.17 on Friday. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $87.99. The company’s 50 day simple moving average is $78.25 and its 200 day simple moving average is $69.06. The stock has a market capitalization of $16.83 billion, a PE ratio of 19.58, a P/E/G ratio of 0.68 and a beta of 0.75. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85.

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.