Allegiance Financial Group Advisory Services LLC Sells 2,739 Shares of Incyte Corporation $INCY

Allegiance Financial Group Advisory Services LLC reduced its position in Incyte Corporation (NASDAQ:INCY) by 39.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,205 shares of the biopharmaceutical company’s stock after selling 2,739 shares during the quarter. Allegiance Financial Group Advisory Services LLC’s holdings in Incyte were worth $286,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INCY. AQR Capital Management LLC lifted its position in Incyte by 92.3% in the first quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company’s stock worth $405,787,000 after purchasing an additional 3,233,356 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in Incyte by 71.5% in the second quarter. Robeco Institutional Asset Management B.V. now owns 2,386,311 shares of the biopharmaceutical company’s stock worth $162,508,000 after purchasing an additional 995,204 shares during the period. Acadian Asset Management LLC lifted its position in Incyte by 65.6% in the first quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company’s stock worth $152,062,000 after purchasing an additional 994,609 shares during the period. Victory Capital Management Inc. lifted its position in Incyte by 581.3% in the first quarter. Victory Capital Management Inc. now owns 813,140 shares of the biopharmaceutical company’s stock worth $49,236,000 after purchasing an additional 693,782 shares during the period. Finally, Jupiter Asset Management Ltd. lifted its position in Incyte by 469.9% in the first quarter. Jupiter Asset Management Ltd. now owns 829,764 shares of the biopharmaceutical company’s stock worth $50,242,000 after purchasing an additional 684,171 shares during the period. 96.97% of the stock is owned by institutional investors.

Incyte Price Performance

Shares of INCY stock opened at $85.38 on Thursday. The stock has a 50-day moving average price of $83.96 and a 200 day moving average price of $71.27. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The firm has a market cap of $16.67 billion, a price-to-earnings ratio of 19.40, a PEG ratio of 0.68 and a beta of 0.73. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $88.66.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on INCY. Weiss Ratings reiterated a “hold (c+)” rating on shares of Incyte in a research note on Wednesday. Royal Bank Of Canada increased their price objective on Incyte from $72.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Wednesday, September 24th. Guggenheim reiterated a “neutral” rating on shares of Incyte in a research note on Friday, September 19th. UBS Group reiterated a “neutral” rating and set a $68.00 price objective (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Finally, Barclays began coverage on Incyte in a research note on Friday, August 1st. They set an “overweight” rating and a $90.00 price objective for the company. Five 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 an average price target of $83.64.

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.