IFM Investors Pty Ltd Sells 1,602 Shares of Incyte Corporation $INCY

IFM Investors Pty Ltd cut its stake in Incyte Corporation (NASDAQ:INCY) by 4.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,404 shares of the biopharmaceutical company’s stock after selling 1,602 shares during the quarter. IFM Investors Pty Ltd’s holdings in Incyte were worth $2,139,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Exchange Traded Concepts LLC lifted its holdings in Incyte by 2.8% during the second quarter. Exchange Traded Concepts LLC now owns 18,617 shares of the biopharmaceutical company’s stock valued at $1,268,000 after purchasing an additional 500 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Incyte by 3.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 82,835 shares of the biopharmaceutical company’s stock worth $5,670,000 after purchasing an additional 3,100 shares during the last quarter. Swedbank AB increased its position in Incyte by 7.7% in the second quarter. Swedbank AB now owns 611,294 shares of the biopharmaceutical company’s stock worth $41,629,000 after purchasing an additional 43,870 shares during the last quarter. Baader Bank Aktiengesellschaft bought a new position in Incyte during the second quarter valued at $424,000. Finally, Sivia Capital Partners LLC increased its position in Incyte by 147.9% during the second quarter. Sivia Capital Partners LLC now owns 12,077 shares of the biopharmaceutical company’s stock valued at $822,000 after acquiring an additional 7,206 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insider Buying and Selling

In other news, EVP Barry P. Flannelly sold 10,903 shares of the business’s stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total value of $743,039.45. Following the transaction, the executive vice president owned 39,744 shares of the company’s stock, valued at approximately $2,708,553.60. The trade was a 21.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the company’s stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total value of $41,097.39. Following the transaction, the executive vice president directly owned 26,504 shares in the company, valued at $1,818,439.44. This represents a 2.21% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,376 shares of company stock worth $3,859,312. 17.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on INCY shares. Citigroup upped their price objective on shares of Incyte from $88.00 to $103.00 and gave the stock a “buy” rating in a research note on Wednesday, July 30th. Stifel Nicolaus raised their price objective on shares of Incyte from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday. Guggenheim reiterated a “neutral” rating on shares of Incyte in a research report on Friday. Wall Street Zen lowered Incyte from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 13th. Finally, Bank of America raised their price objective on Incyte from $90.00 to $104.00 and gave the company a “buy” rating in a report on Thursday, September 4th. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $83.07.

Incyte Stock Performance

Shares of INCY opened at $84.73 on Tuesday. The stock has a 50-day simple moving average of $80.47 and a 200-day simple moving average of $69.65. The stock has a market capitalization of $16.55 billion, a PE ratio of 19.26, a PEG ratio of 0.68 and a beta of 0.75. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $87.99. 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 Company 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.