Profund Advisors LLC Sells 8,689 Shares of Incyte Corporation $INCY

Profund Advisors LLC cut its position in shares of Incyte Corporation (NASDAQ:INCY) by 28.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,465 shares of the biopharmaceutical company’s stock after selling 8,689 shares during the quarter. Profund Advisors LLC’s holdings in Incyte were worth $1,820,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. bought a new stake in shares of Incyte during the third quarter valued at approximately $26,000. Root Financial Partners LLC acquired a new stake in Incyte during the third quarter worth $28,000. Quent Capital LLC acquired a new stake in Incyte during the third quarter worth $30,000. FNY Investment Advisers LLC bought a new stake in Incyte in the 2nd quarter valued at $27,000. Finally, MUFG Securities EMEA plc acquired a new position in shares of Incyte in the 2nd quarter valued at $32,000. 96.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on INCY shares. Wall Street Zen upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. Mizuho set a $121.00 price objective on Incyte and gave the company an “outperform” rating in a report on Monday, December 8th. Piper Sandler upped their price objective on Incyte from $102.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday. Morgan Stanley raised their target price on Incyte from $92.00 to $94.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 6th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Incyte in a research note on Tuesday, January 13th. Nine investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $103.29.

Insider Activity at Incyte

In other Incyte news, EVP Steven H. Stein sold 20,105 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total value of $2,060,963.55. Following the completion of the sale, the executive vice president owned 63,129 shares in the company, valued at approximately $6,471,353.79. This trade represents a 24.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Mohamed Khairie Issa sold 10,856 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $109.07, for a total transaction of $1,184,063.92. Following the transaction, the executive vice president owned 66,132 shares in the company, valued at $7,213,017.24. The trade was a 14.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 95,225 shares of company stock worth $9,519,745 in the last quarter. Insiders own 17.80% of the company’s stock.

Incyte Price Performance

Shares of INCY stock opened at $109.03 on Tuesday. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $112.29. The stock has a market capitalization of $21.40 billion, a PE ratio of 18.26, a PEG ratio of 0.65 and a beta of 0.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.13 and a current ratio of 3.20. The stock’s fifty day moving average is $101.83 and its 200-day moving average is $93.57.

Incyte Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.