Incyte Corporation $INCY Stake Raised by Baird Financial Group Inc.

Key Points

• Baird Financial Group Inc. increased its stake in Incyte Corporation by 3.1%, acquiring an additional 4,427 shares, bringing its total ownership to 147,064 shares valued at approximately $8.9 million.
• Significant increases in holdings by other institutional investors have been noted, including Jacobs Levy Equity Management's 861% increase, bringing their total shares to 891,659.
• Analysts have varying ratings for Incyte, with Wells Fargo upgrading the stock to "overweight" and raising the target price to $89, while BMO Capital Markets maintains an "underperform" rating with a target of $60.

Baird Financial Group Inc. grew its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 3.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 147,064 shares of the biopharmaceutical company's stock after buying an additional 4,427 shares during the quarter. Baird Financial Group Inc. owned approximately 0.08% of Incyte worth $8,905,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Incyte by 861.0% during 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 purchasing an additional 798,877 shares during the last quarter. Victory Capital Management Inc. grew its holdings in 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 acquiring an additional 693,782 shares during the period. Jupiter Asset Management Ltd. boosted its stake 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 worth $50,242,000 after purchasing an additional 684,171 shares during the last quarter. Nuveen LLC acquired a new stake in Incyte in the first quarter valued at approximately $29,683,000. Finally, Panagora Asset Management Inc. lifted its holdings in shares of Incyte by 100.2% in the 1st quarter. Panagora Asset Management Inc. now owns 970,823 shares of the biopharmaceutical company's stock worth $58,783,000 after purchasing an additional 485,839 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the transaction, the executive vice president owned 26,504 shares in the company, valued at approximately $1,818,439.44. This represents a 2.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Steven H. Stein sold 3,706 shares of the company's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $67.94, for a total value of $251,785.64. Following the transaction, the executive vice president directly owned 102,886 shares in the company, valued at $6,990,074.84. This represents a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on INCY shares. Citigroup upped their target price on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Bank of America raised their price target on shares of Incyte from $90.00 to $104.00 and gave the company a "buy" rating in a report on Thursday. Barclays started coverage on shares of Incyte in a report on Friday, August 1st. They set an "overweight" rating and a $90.00 price target on the stock. Wells Fargo & Company raised 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, JPMorgan Chase & Co. increased their target price on shares of Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a research note on Friday, August 22nd. Seven investment 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 data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $82.53.

Incyte Trading Down 0.6%

Shares of INCY stock traded down $0.50 during trading hours on Monday, reaching $86.14. The company had a trading volume of 633,577 shares, compared to its average volume of 1,858,995. The firm has a market cap of $16.82 billion, a price-to-earnings ratio of 19.58, a P/E/G ratio of 0.68 and a beta of 0.75. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $87.99. The company has a 50 day moving average of $76.83 and a 200 day moving average of $68.64. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78.

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.