Royal Bank of Canada Sells 14,218 Shares of Incyte Corporation $INCY

Royal Bank of Canada decreased its position in shares of Incyte Corporation (NASDAQ:INCY) by 6.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 195,261 shares of the biopharmaceutical company’s stock after selling 14,218 shares during the quarter. Royal Bank of Canada owned approximately 0.10% of Incyte worth $11,824,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Raiffeisen Bank International AG bought a new position in shares of Incyte during the 4th quarter worth $34,000. SVB Wealth LLC purchased a new stake in shares of Incyte during the 1st quarter worth $39,000. WPG Advisers LLC purchased a new stake in shares of Incyte during the 1st quarter worth $47,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Incyte by 161.2% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company’s stock worth $52,000 after purchasing an additional 527 shares during the last quarter. Finally, NBC Securities Inc. lifted its stake in shares of Incyte by 88,200.0% during the 1st quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 882 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Trading Down 0.1%

Incyte stock opened at $86.17 on Friday. Incyte Corporation has a one year low of $53.56 and a one year high of $87.99. The stock has a market cap of $16.83 billion, a PE ratio of 19.58, a price-to-earnings-growth 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. The stock has a 50-day moving average of $78.25 and a two-hundred day moving average of $69.06.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of analyst reports. Citigroup upped their price objective on Incyte from $88.00 to $103.00 and gave the stock a “buy” rating in a research note on Wednesday, July 30th. Barclays started coverage on shares of Incyte in a research report on Friday, August 1st. They set an “overweight” rating and a $90.00 target price for the company. Stifel Nicolaus raised shares of Incyte from a “hold” rating to a “buy” rating and increased their target price for the company from $75.00 to $107.00 in a research report on Monday, June 16th. JPMorgan Chase & Co. increased their target price on shares of Incyte from $67.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, August 22nd. Finally, Truist Financial increased their target price on shares of Incyte from $73.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Incyte currently has an average rating of “Hold” and a consensus price target of $82.53.

Insider Buying and Selling at Incyte

In related news, EVP Vijay K. Iyengar sold 1,177 shares of Incyte stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $82,225.22. Following the completion of the transaction, the executive vice president directly owned 35,929 shares in the company, valued at approximately $2,509,999.94. This trade represents a 3.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Steven H. Stein sold 3,706 shares of Incyte stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $67.94, for a total value of $251,785.64. Following the transaction, the executive vice president owned 102,886 shares of the company’s stock, valued at approximately $6,990,074.84. This represents a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock worth $3,836,196 over the last ninety days. 17.80% of the stock is owned by 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.