Kaufman Rossin Wealth LLC Acquires Shares of 11,683 Incyte Corporation $INCY

Kaufman Rossin Wealth LLC bought a new position in Incyte Corporation (NASDAQ:INCY) in the 1st quarter, Holdings Channel.com reports. The fund bought 11,683 shares of the biopharmaceutical company’s stock, valued at approximately $707,000. Incyte accounts for about 0.5% of Kaufman Rossin Wealth LLC’s portfolio, making the stock its 27th largest holding.

Other large investors have also modified their holdings of the company. Partners Capital Investment Group LLP acquired a new stake in Incyte during the first quarter valued at approximately $1,951,000. Credit Agricole S A lifted its stake in Incyte by 62.7% during the first quarter. Credit Agricole S A now owns 10,987 shares of the biopharmaceutical company’s stock worth $665,000 after purchasing an additional 4,234 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in Incyte by 2.5% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 38,975 shares of the biopharmaceutical company’s stock worth $2,360,000 after purchasing an additional 952 shares during the period. Groupama Asset Managment increased its stake in Incyte by 12.4% during the first quarter. Groupama Asset Managment now owns 68,045 shares of the biopharmaceutical company’s stock valued at $4,124,000 after purchasing an additional 7,486 shares during the last quarter. Finally, Hsbc Holdings PLC increased its stake in Incyte by 0.6% during the first quarter. Hsbc Holdings PLC now owns 1,048,152 shares of the biopharmaceutical company’s stock valued at $63,345,000 after purchasing an additional 6,093 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

Insider Activity at Incyte

In related news, EVP Sheila A. Denton sold 599 shares of the firm’s stock in a transaction that occurred on 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 owned 26,504 shares in the company, valued at $1,818,439.44. This trade represents a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Steven H. Stein sold 3,706 shares of the business’s stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $67.94, for a total value of $251,785.64. Following the sale, the executive vice president directly owned 102,886 shares in the company, valued at approximately $6,990,074.84. The trade was a 3.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,098 shares of company stock valued at $3,836,196 over the last quarter. Corporate insiders own 17.80% of the company’s stock.

Incyte Price Performance

Shares of INCY opened at $86.20 on Thursday. Incyte Corporation has a one year low of $53.56 and a one year high of $87.24. The stock’s fifty day moving average is $72.87 and its 200-day moving average is $67.53. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. The firm has a market capitalization of $16.83 billion, a price-to-earnings ratio of 19.59, a price-to-earnings-growth ratio of 0.68 and a beta of 0.71.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on INCY. Wells Fargo & Company upgraded shares of Incyte from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $67.00 to $89.00 in a research report on Wednesday, August 6th. Citigroup raised their target price on shares of Incyte from $88.00 to $103.00 and gave the stock a “buy” rating in a report on Wednesday, July 30th. Truist Financial lifted their target price on Incyte from $73.00 to $79.00 and gave the company a “hold” rating in a research note 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. Finally, Stifel Nicolaus raised Incyte from a “hold” rating to a “buy” rating and raised their price target for the stock from $75.00 to $107.00 in a report on Monday, June 16th. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $81.20.

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.