Incyte Corporation $INCY Shares Acquired by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC significantly increased its holdings in Incyte Corporation by 65.6%, acquiring an additional 994,609 shares in the first quarter, now owning 2,511,872 shares valued at approximately $152 million.
• Incyte's stock has a market cap of $16.79 billion and its shares recently opened at $85.98, with a twelve-month trading range between $53.56 and $87.99.
• Institutional investors and hedge funds collectively own 96.97% of Incyte's stock, indicating strong support from larger investment entities.

Acadian Asset Management LLC grew its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 65.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,511,872 shares of the biopharmaceutical company's stock after buying an additional 994,609 shares during the quarter. Acadian Asset Management LLC owned about 1.30% of Incyte worth $152,062,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. grew its position in shares of Incyte by 0.7% in the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock valued at $12,954,000 after purchasing an additional 1,419 shares during the period. Amalgamated Bank lifted its holdings in Incyte by 1.9% during the 1st quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock worth $1,910,000 after buying an additional 591 shares during the last quarter. Asset Management One Co. Ltd. raised its position in shares of Incyte by 0.8% during the 1st quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock worth $5,451,000 after purchasing an additional 747 shares during the period. Farther Finance Advisors LLC grew its holdings in Incyte by 474.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock worth $94,000 after buying an additional 1,280 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Incyte by 10.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,026 shares of the biopharmaceutical company's stock worth $1,577,000 after acquiring an additional 2,559 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the transaction, the executive vice president directly owned 26,504 shares of the company's stock, valued at $1,818,439.44. This trade represents a 2.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Vijay K. Iyengar sold 8,617 shares of Incyte stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total transaction of $587,248.55. Following the completion of the transaction, the executive vice president owned 37,701 shares in the company, valued at approximately $2,569,323.15. The trade was a 18.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,098 shares of company stock valued at $3,836,196 in the last quarter. Corporate insiders own 17.80% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Stifel Nicolaus upgraded Incyte from a "hold" rating to a "buy" rating and increased their price objective for the company from $75.00 to $107.00 in a research report on Monday, June 16th. Wells Fargo & Company raised Incyte from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $67.00 to $89.00 in a research report on Wednesday, August 6th. JPMorgan Chase & Co. lifted their price objective on Incyte from $67.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, August 22nd. BMO Capital Markets restated an "underperform" rating and issued a $60.00 price objective (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Finally, Truist Financial upped their price objective on shares of Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Incyte currently has a consensus rating of "Hold" and an average price target of $82.53.

Incyte Trading Down 3.6%

INCY traded down $3.07 during trading on Friday, reaching $83.10. 1,774,982 shares of the stock traded hands, compared to its average volume of 1,594,050. The stock has a market capitalization of $16.23 billion, a PE ratio of 18.89, a P/E/G ratio of 0.68 and a beta of 0.75. The stock's 50-day moving average is $78.54 and its 200 day moving average is $69.12. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $87.99.

Incyte Company 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.