Caxton Associates LLP Makes New Investment in Incyte Corporation $INCY

Key Points

• Caxton Associates LLP has acquired a stake in Incyte Corporation worth approximately $1.67 million by purchasing 27,636 shares in the first quarter.
• Insider trading activity is noteworthy, as insiders sold 56,098 shares valued at nearly $3.84 million in the last ninety days, indicating potential shifts in confidence among executives.
• Analysts' interest is reflected in increased price targets for Incyte, with some firms like Wells Fargo upgrading the stock from "equal weight" to "overweight" and raising the target price to $89.00.

Caxton Associates LLP bought a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 27,636 shares of the biopharmaceutical company's stock, valued at approximately $1,673,000.

A number of other large investors have also recently added to or reduced their stakes in INCY. Mercer Global Advisors Inc. ADV increased its holdings in Incyte by 131.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 7,624 shares of the biopharmaceutical company's stock worth $527,000 after purchasing an additional 4,329 shares in the last quarter. Captrust Financial Advisors increased its holdings in Incyte by 248.7% during the 4th quarter. Captrust Financial Advisors now owns 20,166 shares of the biopharmaceutical company's stock worth $1,393,000 after purchasing an additional 14,382 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of Incyte by 10.8% in the 4th quarter. Cetera Investment Advisers now owns 13,288 shares of the biopharmaceutical company's stock valued at $918,000 after acquiring an additional 1,294 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of Incyte by 22.6% in the 4th quarter. Deutsche Bank AG now owns 1,176,137 shares of the biopharmaceutical company's stock valued at $81,236,000 after acquiring an additional 217,109 shares in the last quarter. Finally, Focus Partners Wealth grew its holdings in shares of Incyte by 249.9% in the 4th quarter. Focus Partners Wealth now owns 12,073 shares of the biopharmaceutical company's stock valued at $834,000 after acquiring an additional 8,623 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

Incyte Stock Performance

NASDAQ:INCY traded down $3.07 during mid-day trading on Friday, hitting $83.10. The stock had a trading volume of 1,774,982 shares, compared to its average volume of 1,594,050. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $87.99. The stock has a market cap of $16.23 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 0.68 and a beta of 0.75. The company's 50 day simple moving average is $78.54 and its 200 day simple moving average is $69.12. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on INCY shares. Truist Financial raised their price objective on Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. 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 report on Wednesday, July 30th. Bank of America raised their price objective on Incyte from $90.00 to $104.00 and gave the company a "buy" rating in a report on Thursday, September 4th. UBS Group restated a "neutral" rating and issued a $68.00 price objective (up previously from $62.00) on shares of Incyte in a report on Wednesday, July 30th. Finally, Stifel Nicolaus upgraded Incyte from a "hold" rating to a "buy" rating and raised their price objective for the company from $75.00 to $107.00 in a report on Monday, June 16th. Seven investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $82.53.

Insider Activity

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president directly owned 26,504 shares in the company, valued at $1,818,439.44. This trade represents a 2.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Steven H. Stein sold 3,706 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $67.94, for a total transaction of $251,785.64. Following the sale, the executive vice president owned 102,886 shares of the company's stock, valued at $6,990,074.84. This trade represents a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,098 shares of company stock valued at $3,836,196. Company insiders own 17.80% of the company's stock.

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.