Grimes & Company Inc. Has $12.26 Million Stock Holdings in Incyte Corporation $INCY

Grimes & Company Inc. lessened its position in Incyte Corporation (NASDAQ:INCY) by 2.3% during the second quarter, Holdings Channel reports. The institutional investor owned 180,015 shares of the biopharmaceutical company’s stock after selling 4,218 shares during the quarter. Grimes & Company Inc.’s holdings in Incyte were worth $12,259,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Czech National Bank increased its position in shares of Incyte by 6.4% during the 2nd quarter. Czech National Bank now owns 39,271 shares of the biopharmaceutical company’s stock worth $2,674,000 after purchasing an additional 2,378 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Incyte by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company’s stock worth $12,954,000 after purchasing an additional 1,419 shares during the last quarter. Amalgamated Bank increased its position in shares of Incyte by 1.9% during the 1st quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company’s stock worth $1,910,000 after purchasing an additional 591 shares during the last quarter. OMNI 360 Wealth Inc. acquired a new position in shares of Incyte during the 2nd quarter worth approximately $310,000. Finally, Poinciana Advisors Group LLC acquired a new position in shares of Incyte during the 2nd quarter worth approximately $229,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Transactions at Incyte

In other news, EVP Barry P. Flannelly sold 1,192 shares of the business’s stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $83,273.12. Following the completion of the transaction, the executive vice president owned 37,630 shares of the company’s stock, valued at approximately $2,628,831.80. The trade was a 3.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Steven H. Stein sold 14,952 shares of the company’s stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $68.47, for a total value of $1,023,763.44. Following the completion of the transaction, the executive vice president directly owned 97,466 shares of the company’s stock, valued at approximately $6,673,497.02. The trade was a 13.30% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,257 shares of company stock valued at $2,487,927. Corporate insiders own 17.80% of the company’s stock.

Incyte Price Performance

Incyte stock opened at $86.85 on Monday. 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 Corporation has a 52 week low of $53.56 and a 52 week high of $88.66. The stock has a market capitalization of $16.96 billion, a P/E ratio of 19.74, a price-to-earnings-growth ratio of 0.68 and a beta of 0.73. The stock has a fifty day moving average of $83.27 and a 200-day moving average of $70.88.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on INCY. JPMorgan Chase & Co. boosted their price target on Incyte from $67.00 to $73.00 and gave the stock a “neutral” rating in a research report on Friday, August 22nd. Royal Bank Of Canada lifted their target price on Incyte from $72.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Wednesday, September 24th. Wells Fargo & Company upgraded Incyte from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. Stifel Nicolaus lifted their target price on Incyte from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Finally, UBS Group reiterated 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. Six equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $83.64.

About Incyte

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.