14,665 Shares in Incyte Corporation $INCY Acquired by Strid Group LLC

Key Points

• Strid Group LLC acquired 14,665 shares of Incyte Corporation valued at approximately $999,000, indicating growing institutional interest in the biopharmaceutical company.
• Incyte's stock has experienced a growth of 0.7%, with a market capitalization of $16.96 billion and a price-to-earnings ratio of 19.74.
• Equities analysts have upgraded their ratings on Incyte, with Wells Fargo raising the price target from $67.00 to $89.00, reflecting optimism about the company's future performance.

Strid Group LLC acquired a new position in Incyte Corporation (NASDAQ:INCY - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 14,665 shares of the biopharmaceutical company's stock, valued at approximately $999,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in INCY. AQR Capital Management LLC grew its stake in Incyte by 92.3% in the 1st quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company's stock valued at $405,787,000 after buying an additional 3,233,356 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in shares of Incyte by 71.5% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 2,386,311 shares of the biopharmaceutical company's stock valued at $162,508,000 after acquiring an additional 995,204 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Incyte by 65.6% during the 1st quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company's stock valued at $152,062,000 after acquiring an additional 994,609 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Incyte by 581.3% during the 1st quarter. Victory Capital Management Inc. now owns 813,140 shares of the biopharmaceutical company's stock valued at $49,236,000 after acquiring an additional 693,782 shares in the last quarter. Finally, Jupiter Asset Management Ltd. boosted its position in shares of Incyte by 469.9% during the 1st quarter. Jupiter Asset Management Ltd. now owns 829,764 shares of the biopharmaceutical company's stock valued at $50,242,000 after acquiring an additional 684,171 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Stock Up 0.7%

Incyte stock opened at $86.85 on Friday. 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 firm has a 50 day moving average price of $83.27 and a two-hundred day moving average price of $70.81. The firm has a market cap of $16.96 billion, a price-to-earnings ratio of 19.74, a PEG ratio of 0.68 and a beta of 0.73.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wells Fargo & Company upgraded shares of Incyte from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $67.00 to $89.00 in a research report on Wednesday, August 6th. Guggenheim reaffirmed a "neutral" rating on shares of Incyte in a research note on Friday, September 19th. Truist Financial boosted their target price on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. UBS Group reissued a "neutral" rating and set a $68.00 price target (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Finally, Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Friday. Six research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $83.64.

Insider Activity

In related news, EVP Vijay K. Iyengar sold 1,177 shares of Incyte stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $82,225.22. Following the completion of the sale, the executive vice president owned 35,929 shares of the company's stock, valued at approximately $2,509,999.94. This trade represents a 3.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Barry P. Flannelly sold 1,192 shares of Incyte stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $83,273.12. Following the completion of the sale, the executive vice president directly 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 disclosure for this sale can be found here. Insiders sold 36,257 shares of company stock worth $2,487,927 in the last quarter. 17.80% of the stock is owned by corporate insiders.

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.

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