Aberdeen Group plc Purchases 72,541 Shares of Incyte Corporation $INCY

Key Points

• Aberdeen Group plc increased its shares in Incyte Corporation by 128.5%, owning 128,975 shares valued at approximately $7.7 million after acquiring an additional 72,541 shares.
• Several other hedge funds have also recently increased their stakes in Incyte, with a significant 474% increase in holdings by Farther Finance Advisors LLC.
• Analysts have mixed ratings on Incyte, with seven giving it a "Buy" rating, while others set price targets ranging from $60.00 to $107.00, reflecting varied expectations for the company's future performance.

Aberdeen Group plc boosted its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 128.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 128,975 shares of the biopharmaceutical company's stock after purchasing an additional 72,541 shares during the period. Aberdeen Group plc owned about 0.07% of Incyte worth $7,728,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of INCY. AQR Capital Management LLC raised its holdings in Incyte by 29.7% in the 4th quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock valued at $241,519,000 after acquiring an additional 801,090 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in Incyte by 861.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company's stock valued at $61,587,000 after acquiring an additional 798,877 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Incyte by 581.3% during 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. Jupiter Asset Management Ltd. increased its holdings in shares of Incyte by 469.9% during 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. Finally, Nuveen LLC bought a new position in shares of Incyte during the first quarter worth approximately $29,683,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Price Performance

Shares of NASDAQ INCY traded down $0.76 during mid-day trading on Tuesday, reaching $84.00. 2,325,047 shares of the company were exchanged, compared to its average volume of 1,935,375. The stock has a market capitalization of $16.40 billion, a PE ratio of 19.09, a PEG ratio of 0.67 and a beta of 0.71. The company's 50 day moving average price is $74.13 and its 200 day moving average price is $67.78. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $87.24. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01.

Insider Activity at Incyte

In related news, EVP Barry P. Flannelly sold 10,903 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total value of $743,039.45. Following the sale, the executive vice president owned 39,744 shares in the company, valued at approximately $2,708,553.60. This trade represents a 21.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Steven H. Stein sold 14,952 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the executive vice president owned 97,466 shares in the company, valued at $6,673,497.02. This represents a 13.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock worth $3,836,196 over the last ninety days. Corporate insiders own 17.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Incyte from $67.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday. BMO Capital Markets restated an "underperform" rating and issued a $60.00 target price (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Barclays began coverage on shares of Incyte in a research report on Friday, August 1st. They issued an "overweight" rating and a $90.00 target price on the stock. Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Royal Bank Of Canada raised their target price on shares of Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Incyte currently has an average rating of "Hold" and an average price target of $81.60.

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.