Citigroup Inc. Purchases 68,678 Shares of Incyte Corporation (NASDAQ:INCY)

Citigroup Inc. grew its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 24.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 354,943 shares of the biopharmaceutical company's stock after buying an additional 68,678 shares during the period. Citigroup Inc. owned approximately 0.18% of Incyte worth $21,492,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Nissay Asset Management Corp Japan ADV lifted its position in Incyte by 0.7% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company's stock valued at $1,410,000 after purchasing an additional 150 shares during the period. Blackhawk Capital Partners LLC. lifted its position in Incyte by 4.4% during the first quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company's stock valued at $250,000 after purchasing an additional 175 shares during the period. Fifth Third Bancorp lifted its position in Incyte by 2.0% during the first quarter. Fifth Third Bancorp now owns 9,103 shares of the biopharmaceutical company's stock valued at $551,000 after purchasing an additional 179 shares during the period. State of Michigan Retirement System lifted its position in Incyte by 0.5% during the first quarter. State of Michigan Retirement System now owns 43,559 shares of the biopharmaceutical company's stock valued at $2,637,000 after purchasing an additional 200 shares during the period. Finally, Sage Private Wealth Group LLC lifted its position in Incyte by 2.6% during the first quarter. Sage Private Wealth Group LLC now owns 8,898 shares of the biopharmaceutical company's stock valued at $539,000 after purchasing an additional 226 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Incyte Price Performance

Shares of INCY traded up $0.76 during mid-day trading on Friday, reaching $86.92. The stock had a trading volume of 1,883,502 shares, compared to its average volume of 1,899,944. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. The business has a fifty day moving average of $71.91 and a 200 day moving average of $67.29. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $87.06. The firm has a market cap of $16.97 billion, a price-to-earnings ratio of 19.75, a PEG ratio of 0.68 and a beta of 0.71.

Insider Activity at Incyte

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 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 owned 39,744 shares of the company's stock, valued at approximately $2,708,553.60. This represents a 21.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,098 shares of company stock worth $3,836,196 in the last three months. Insiders own 17.80% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on INCY. UBS Group restated a "neutral" rating and set a $68.00 price objective (up previously from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Truist Financial increased their price objective on shares of Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. JPMorgan Chase & Co. reduced their target price on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a report on Monday, July 14th. Royal Bank Of Canada upped their target price on shares of Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a report on Wednesday, July 30th. Finally, Barclays initiated coverage on shares of Incyte in a report on Friday, August 1st. They set an "overweight" rating and a $90.00 target price for the company. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus 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.