Incyte Corporation $INCY Shares Sold by Bank of Montreal Can

Bank of Montreal Can cut its holdings in Incyte Corporation (NASDAQ:INCY) by 11.8% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 120,858 shares of the biopharmaceutical company’s stock after selling 16,197 shares during the quarter. Bank of Montreal Can’s holdings in Incyte were worth $8,230,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Tredje AP fonden raised its position in Incyte by 16.6% during the second quarter. Tredje AP fonden now owns 17,302 shares of the biopharmaceutical company’s stock worth $1,178,000 after acquiring an additional 2,457 shares during the last quarter. Amalgamated Bank increased its stake in shares of Incyte by 4.5% during the 2nd quarter. Amalgamated Bank now owns 32,979 shares of the biopharmaceutical company’s stock worth $2,246,000 after purchasing an additional 1,428 shares in the last quarter. Assetmark Inc. raised its position in shares of Incyte by 191.3% during the 2nd quarter. Assetmark Inc. now owns 976 shares of the biopharmaceutical company’s stock worth $66,000 after purchasing an additional 641 shares during the last quarter. New York Life Investment Management LLC lifted its stake in Incyte by 1.5% in the 2nd quarter. New York Life Investment Management LLC now owns 22,700 shares of the biopharmaceutical company’s stock valued at $1,546,000 after buying an additional 346 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in Incyte by 27.0% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 121,364 shares of the biopharmaceutical company’s stock valued at $8,265,000 after buying an additional 25,800 shares during the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Bank of America boosted their price target on Incyte from $90.00 to $104.00 and gave the stock a “buy” rating in a report on Thursday, September 4th. Oppenheimer downgraded shares of Incyte from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 8th. Royal Bank Of Canada upped their target price on shares of Incyte from $81.00 to $84.00 and gave the company a “sector perform” rating in a report on Wednesday, October 29th. Truist Financial reiterated a “hold” rating and set a $93.00 price target (up from $79.00) on shares of Incyte in a report on Wednesday, October 29th. Finally, Barclays boosted their price objective on shares of Incyte from $90.00 to $101.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $92.77.

Insiders Place Their Bets

In other news, EVP Lee Heeson sold 3,074 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $94.02, for a total transaction of $289,017.48. Following the completion of the sale, the executive vice president directly owned 29,241 shares of the company’s stock, valued at $2,749,238.82. The trade was a 9.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Sheila A. Denton sold 598 shares of the stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $101.36, for a total value of $60,613.28. Following the completion of the transaction, the executive vice president directly owned 26,569 shares in the company, valued at $2,693,033.84. This trade represents a 2.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 4,227 shares of company stock worth $396,327. 17.80% of the stock is owned by company insiders.

Incyte Price Performance

INCY opened at $105.98 on Monday. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $106.47. The company’s 50 day simple moving average is $88.29 and its 200 day simple moving average is $76.61. The stock has a market capitalization of $20.81 billion, a PE ratio of 17.75, a P/E/G ratio of 0.70 and a beta of 0.74. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 3.20.

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.