Baader Bank Aktiengesellschaft Buys New Stake in Incyte Corporation $INCY

Key Points

• Baader Bank Aktiengesellschaft has acquired a new stake in Incyte Corporation, purchasing 6,316 shares valued at approximately $424,000 during the second quarter of the year.
• Numerous hedge funds have increased their positions in Incyte, with AQR Capital Management leading with a 92.3% increase, bringing their total to over 6.7 million shares.
• Incyte's stock has received mixed ratings from analysts, with target prices ranging from $73 to $107, reflecting its current average rating of "Hold" with an average target price of $82.53.

Baader Bank Aktiengesellschaft bought a new position in Incyte Corporation (NASDAQ:INCY - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 6,316 shares of the biopharmaceutical company's stock, valued at approximately $424,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Banque Transatlantique SA acquired a new position in shares of Incyte in the 1st quarter valued at about $26,000. SVB Wealth LLC purchased a new position in shares of Incyte in the 1st quarter valued at about $39,000. Geneos Wealth Management Inc. increased its stake in shares of Incyte by 350.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company's stock valued at $46,000 after purchasing an additional 588 shares in the last quarter. WPG Advisers LLC purchased a new position in shares of Incyte in the 1st quarter valued at about $47,000. Finally, Caitong International Asset Management Co. Ltd increased its stake in shares of Incyte by 161.2% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock valued at $52,000 after purchasing an additional 527 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Insider Transactions at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 10,903 shares of the company's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total transaction of $743,039.45. Following the transaction, the executive vice president directly owned 39,744 shares in the company, valued at $2,708,553.60. This represents a 21.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Vijay K. Iyengar sold 8,617 shares of the company's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total value of $587,248.55. Following the transaction, the executive vice president owned 37,701 shares in the company, valued at $2,569,323.15. This trade represents a 18.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,376 shares of company stock valued at $3,859,312 over the last three months. 17.80% of the stock is currently owned by company insiders.

Incyte Trading Up 0.9%

NASDAQ:INCY traded up $0.76 during trading hours on Tuesday, reaching $85.49. 112,896 shares of the stock were exchanged, compared to its average volume of 1,863,252. 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 business has a 50-day moving average of $80.47 and a two-hundred day moving average of $69.65. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $87.99. The company has a market capitalization of $16.69 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 0.68 and a beta of 0.75.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. BMO Capital Markets reiterated an "underperform" rating and set a $60.00 price objective (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Stifel Nicolaus boosted their price objective on Incyte from $110.00 to $115.00 and gave the stock a "buy" rating in a research note on Monday. Citigroup boosted their target price on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Guggenheim restated a "neutral" rating on shares of Incyte in a report on Friday. Finally, Wells Fargo & Company upgraded Incyte from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $67.00 to $89.00 in a report on Wednesday, August 6th. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $83.07.

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.