Incyte Corporation $INCY Shares Sold by Applied Finance Capital Management LLC

Applied Finance Capital Management LLC reduced its stake in shares of Incyte Corporation (NASDAQ:INCY) by 22.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 177,389 shares of the biopharmaceutical company’s stock after selling 51,611 shares during the quarter. Applied Finance Capital Management LLC owned about 0.09% of Incyte worth $15,043,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Incyte by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 20,135,393 shares of the biopharmaceutical company’s stock worth $1,371,220,000 after acquiring an additional 137,570 shares during the period. AQR Capital Management LLC grew its position in Incyte by 21.8% in the 2nd quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock worth $558,519,000 after purchasing an additional 1,465,286 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Incyte by 3.3% in the second quarter. Geode Capital Management LLC now owns 4,347,731 shares of the biopharmaceutical company’s stock valued at $294,899,000 after purchasing an additional 139,740 shares during the period. LSV Asset Management raised its holdings in shares of Incyte by 6.2% during the second quarter. LSV Asset Management now owns 3,861,831 shares of the biopharmaceutical company’s stock valued at $262,991,000 after buying an additional 223,857 shares during the last quarter. Finally, Invesco Ltd. boosted its position in shares of Incyte by 7.3% during the second quarter. Invesco Ltd. now owns 3,401,018 shares of the biopharmaceutical company’s stock worth $231,609,000 after buying an additional 232,268 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Thomas Tray sold 2,774 shares of Incyte stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $100.00, for a total value of $277,400.00. Following the transaction, the insider owned 22,973 shares of the company’s stock, valued at approximately $2,297,300. This trade represents a 10.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Steven H. Stein sold 20,105 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $102.51, for a total transaction of $2,060,963.55. Following the sale, the executive vice president directly owned 63,129 shares of the company’s stock, valued at $6,471,353.79. This represents a 24.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 95,225 shares of company stock worth $9,519,745. Company insiders own 17.80% of the company’s stock.

Incyte Stock Performance

INCY opened at $109.03 on Tuesday. The company has a quick ratio of 3.13, a current ratio of 3.20 and a debt-to-equity ratio of 0.01. The firm has a market cap of $21.40 billion, a PE ratio of 18.26, a P/E/G ratio of 0.65 and a beta of 0.82. The business has a fifty day simple moving average of $101.83 and a 200-day simple moving average of $93.57. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $112.29.

Analyst Upgrades and Downgrades

Several analysts have weighed in on INCY shares. HC Wainwright started coverage on Incyte in a research note on Thursday, February 5th. They set a “buy” rating and a $135.00 target price on the stock. Piper Sandler upped their price target on shares of Incyte from $102.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday. Truist Financial set a $103.00 price objective on shares of Incyte in a research note on Wednesday, December 24th. Wall Street Zen upgraded Incyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. Finally, Stifel Nicolaus set a $119.00 price target on Incyte in a research note on Monday, January 5th. Nine research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $103.29.

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.