Blueshift Asset Management LLC Makes New $206,000 Investment in Incyte Corporation (NASDAQ:INCY)

Key Points

• Blueshift Asset Management LLC invested $206,000 in Incyte Corporation, acquiring 3,405 shares during the first quarter.
• Several institutional investors significantly increased their holdings in Incyte, with Jacobs Levy Equity Management raising their stake by 861.0% in the fourth quarter.
• Wall Street analysts have mixed opinions on Incyte, with price targets ranging from $60.00 to $90.00 and an average consensus rating of "Hold."

Blueshift Asset Management LLC acquired a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 3,405 shares of the biopharmaceutical company's stock, valued at approximately $206,000.

Several other hedge funds have also recently bought and sold shares of INCY. Raiffeisen Bank International AG purchased a new stake in Incyte in the fourth quarter worth $34,000. NBC Securities Inc. grew its holdings in Incyte by 88,200.0% during the 1st quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock valued at $53,000 after purchasing an additional 882 shares during the last quarter. Huntington National Bank raised its stake in Incyte by 40.7% in the fourth quarter. Huntington National Bank now owns 934 shares of the biopharmaceutical company's stock worth $65,000 after buying an additional 270 shares in the last quarter. Intact Investment Management Inc. acquired a new position in shares of Incyte in the 1st quarter valued at $73,000. Finally, Colonial Trust Co SC boosted its position in Incyte by 41.7% during the fourth quarter. Colonial Trust Co SC now owns 1,481 shares of the biopharmaceutical company's stock worth $102,000 after purchasing an additional 436 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Stock Up 0.7%

Shares of INCY traded up $0.51 during midday trading on Thursday, reaching $78.16. The stock had a trading volume of 686,276 shares, compared to its average volume of 1,874,989. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. The company has a market cap of $15.26 billion, a price-to-earnings ratio of 17.76, a PEG ratio of 0.61 and a beta of 0.71. The company's fifty day simple moving average is $69.73 and its two-hundred day simple moving average is $66.82. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $83.95.

Insider Activity

In related news, EVP Vijay K. Iyengar sold 8,617 shares of Incyte stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total value of $587,248.55. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Barry P. Flannelly sold 10,903 shares of Incyte stock in a transaction 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 transaction, the executive vice president owned 39,744 shares in the company, valued at $2,708,553.60. This represents a 21.53% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 56,098 shares of company stock worth $3,836,196. Corporate insiders own 17.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on INCY shares. JPMorgan Chase & Co. lowered their target price on Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a report on Monday, July 14th. BMO Capital Markets reaffirmed an "underperform" rating and set a $60.00 target price (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Truist Financial lifted their price objective on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research report on Wednesday, July 30th. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and increased their price target for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. Finally, Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Incyte presently has an average rating of "Hold" and an average target price of $81.20.

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.