Bessemer Group Inc. Reduces Stock Holdings in Incyte Corporation $INCY

Bessemer Group Inc. reduced its stake in Incyte Corporation (NASDAQ:INCY) by 60.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,467 shares of the biopharmaceutical company’s stock after selling 9,859 shares during the period. Bessemer Group Inc.’s holdings in Incyte were worth $440,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Banque Transatlantique SA purchased a new position in shares of Incyte during the first quarter worth approximately $26,000. FNY Investment Advisers LLC acquired a new stake in Incyte during the 2nd quarter worth $27,000. Hilltop National Bank acquired a new stake in Incyte during the 2nd quarter worth $37,000. SVB Wealth LLC acquired a new stake in Incyte during the 1st quarter worth $39,000. Finally, Geneos Wealth Management Inc. boosted its stake in Incyte by 350.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock worth $46,000 after purchasing an additional 588 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Price Performance

Incyte stock opened at $93.48 on Monday. Incyte Corporation has a one year low of $53.56 and a one year high of $95.10. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 3.20. The business has a fifty day moving average of $86.30 and a two-hundred day moving average of $74.97. The company has a market cap of $18.25 billion, a P/E ratio of 15.66, a price-to-earnings-growth ratio of 0.70 and a beta of 0.73.

Analysts Set New Price Targets

INCY has been the subject of a number of recent research reports. Zacks Research upgraded shares of Incyte from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. JPMorgan Chase & Co. increased their price target 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. Bank of America increased their price target on shares of Incyte from $90.00 to $104.00 and gave the stock a “buy” rating in a research note on Thursday, September 4th. Wells Fargo & Company lifted their price objective on shares of Incyte from $89.00 to $97.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Wall Street Zen upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Incyte has an average rating of “Hold” and a consensus price target of $89.25.

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.