Incyte Corporation $INCY Shares Acquired by AlphaQuest LLC

Key Points

• AlphaQuest LLC significantly increased its holdings in Incyte Corporation by 182.7%, owning 17,014 shares worth approximately $1,030,000 as of its latest SEC filing.
• A variety of institutional investors made changes to their positions in Incyte, with 96.97% of the company's stock now held by hedge funds and institutions.
• Despite recent interest from analysts, including upgraded price targets, Incyte's stock is currently down 1.7% and has a consensus price target of $81.60.

AlphaQuest LLC grew its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 182.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,014 shares of the biopharmaceutical company's stock after acquiring an additional 10,995 shares during the quarter. AlphaQuest LLC's holdings in Incyte were worth $1,030,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Raiffeisen Bank International AG purchased a new stake in shares of Incyte in the fourth quarter valued at $34,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Incyte by 161.2% in the first quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock valued at $52,000 after acquiring an additional 527 shares in the last quarter. NBC Securities Inc. lifted its position in shares of Incyte by 88,200.0% in the first quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock valued at $53,000 after acquiring an additional 882 shares in the last quarter. Brooklyn Investment Group lifted its position in shares of Incyte by 135.9% in the first quarter. Brooklyn Investment Group now owns 1,137 shares of the biopharmaceutical company's stock valued at $69,000 after acquiring an additional 655 shares in the last quarter. Finally, Intact Investment Management Inc. purchased a new stake in shares of Incyte in the first quarter valued at $73,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Trading Down 0.9%

NASDAQ:INCY traded down $0.76 on Tuesday, hitting $84.00. 2,325,047 shares of the stock were exchanged, compared to its average volume of 1,935,375. The stock has a market cap of $16.40 billion, a PE ratio of 19.09, a PEG ratio of 0.67 and a beta of 0.71. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. The stock has a fifty day moving average of $74.13 and a 200-day moving average of $67.78. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $87.24.

Insider Transactions at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 1,192 shares of the company's stock in a transaction dated Tuesday, July 15th. The stock was 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 in the company, valued at $2,628,831.80. This represents a 3.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Vijay K. Iyengar sold 1,177 shares of the company'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 $82,225.22. Following the sale, the executive vice president owned 35,929 shares of the company's stock, valued at $2,509,999.94. This represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,098 shares of company stock valued at $3,836,196. Insiders own 17.80% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Royal Bank Of Canada upped their price objective on Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 30th. Barclays initiated coverage on Incyte in a research note on Friday, August 1st. They issued an "overweight" rating and a $90.00 target price for the company. Citigroup upped their target price on Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Wells Fargo & Company upgraded Incyte from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $67.00 to $89.00 in a research note on Wednesday, August 6th. Finally, BMO Capital Markets reiterated an "underperform" rating and issued a $60.00 target price (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $81.60.

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.