Royal Bank of Canada Cuts Stock Position in Incyte Corporation $INCY

Royal Bank of Canada cut its holdings in Incyte Corporation (NASDAQ:INCY) by 6.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 195,261 shares of the biopharmaceutical company’s stock after selling 14,218 shares during the quarter. Royal Bank of Canada’s holdings in Incyte were worth $11,824,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Incyte by 2.1% in the first quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company’s stock valued at $1,210,868,000 after buying an additional 417,346 shares in the last quarter. LSV Asset Management lifted its holdings in Incyte by 4.9% during the first quarter. LSV Asset Management now owns 3,637,974 shares of the biopharmaceutical company’s stock valued at $220,279,000 after purchasing an additional 170,484 shares in the last quarter. Invesco Ltd. lifted its holdings in Incyte by 4.0% during the first quarter. Invesco Ltd. now owns 3,168,750 shares of the biopharmaceutical company’s stock valued at $191,868,000 after purchasing an additional 120,543 shares in the last quarter. Northern Trust Corp lifted its holdings in Incyte by 0.6% during the first quarter. Northern Trust Corp now owns 1,706,402 shares of the biopharmaceutical company’s stock valued at $103,323,000 after purchasing an additional 10,279 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Incyte by 2.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,682,029 shares of the biopharmaceutical company’s stock valued at $101,847,000 after purchasing an additional 38,962 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Incyte news, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the transaction, the executive vice president directly owned 26,504 shares of the company’s stock, valued at $1,818,439.44. The trade was a 2.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 10,903 shares of Incyte stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total transaction of $743,039.45. Following the transaction, the executive vice president directly owned 39,744 shares in the company, valued at $2,708,553.60. This trade represents a 21.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,098 shares of company stock valued at $3,836,196 over the last three months. 17.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

INCY has been the topic of several recent analyst reports. Bank of America increased their price objective on shares of Incyte from $90.00 to $104.00 and gave the company a “buy” rating in a report on Thursday, September 4th. Citigroup increased their price objective on shares of Incyte from $88.00 to $103.00 and gave the company a “buy” rating in a report on Wednesday, July 30th. BMO Capital Markets reiterated an “underperform” rating and set a $60.00 price target (up from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. UBS Group reiterated a “neutral” rating and set a $68.00 price target (up from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Finally, Stifel Nicolaus upgraded Incyte from a “hold” rating to a “buy” rating and boosted their price target for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. Seven analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $82.53.

Incyte Price Performance

Shares of INCY stock opened at $86.17 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. The firm’s 50-day moving average is $78.25 and its two-hundred day moving average is $69.06. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $87.99. The company has a market capitalization of $16.83 billion, a PE ratio of 19.58, a price-to-earnings-growth ratio of 0.68 and a beta of 0.75.

Incyte 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.