Janney Montgomery Scott LLC Sells 16,870 Shares of Incyte Corporation $INCY

Janney Montgomery Scott LLC reduced its position in Incyte Corporation (NASDAQ:INCY) by 56.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,923 shares of the biopharmaceutical company’s stock after selling 16,870 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Incyte were worth $880,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of INCY. V Square Quantitative Management LLC boosted its stake in Incyte by 70.1% during the second quarter. V Square Quantitative Management LLC now owns 6,193 shares of the biopharmaceutical company’s stock worth $422,000 after acquiring an additional 2,553 shares in the last quarter. Patton Albertson Miller Group LLC boosted its stake in Incyte by 9.3% during the second quarter. Patton Albertson Miller Group LLC now owns 64,607 shares of the biopharmaceutical company’s stock worth $4,400,000 after acquiring an additional 5,497 shares in the last quarter. Augustine Asset Management Inc. bought a new position in Incyte during the second quarter worth $207,000. Patton Fund Management Inc. bought a new position in Incyte during the second quarter worth $254,000. Finally, ST Germain D J Co. Inc. bought a new position in Incyte during the second quarter worth $158,000. 96.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on INCY shares. JPMorgan Chase & Co. increased their target price on shares of Incyte from $73.00 to $89.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. Guggenheim reissued a “neutral” rating on shares of Incyte in a research note on Friday, September 19th. UBS Group reissued a “neutral” rating and set a $68.00 target price (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Barclays started coverage on shares of Incyte in a research note on Friday, August 1st. They set an “overweight” rating and a $90.00 target price on the stock. Finally, Royal Bank Of Canada upped their price objective on shares of Incyte from $72.00 to $81.00 and gave the stock a “sector perform” rating in a report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $84.79.

Incyte Stock Performance

Shares of INCY stock opened at $85.96 on Wednesday. The firm has a 50-day moving average of $84.62 and a 200-day moving average of $71.99. The company has a market cap of $16.79 billion, a P/E ratio of 19.54, a P/E/G ratio of 0.66 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. Incyte Corporation has a one year low of $53.56 and a one year high of $88.66.

Insider Activity at Incyte

In other news, EVP Steven H. Stein sold 3,706 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $67.94, for a total value of $251,785.64. Following the completion of the sale, the executive vice president owned 102,886 shares in the company, valued at $6,990,074.84. This represents a 3.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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.