Deutsche Bank AG Grows Position in Incyte Corporation (NASDAQ:INCY)

Key Points

• Deutsche Bank AG increased its stake in Incyte Corporation by 9.4%, now owning over 1.28 million shares valued at approximately $77.9 million.
• Analysts have revised their target prices, with a consensus rating of "Hold" and an average target price of $81.20 for Incyte stock.
• Insider selling was noted, with 56,098 shares sold by executives over the past ninety days, representing a 3.48% decrease in ownership by an EVP.

Deutsche Bank AG increased its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 9.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,286,529 shares of the biopharmaceutical company's stock after purchasing an additional 110,392 shares during the period. Deutsche Bank AG owned 0.66% of Incyte worth $77,899,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of INCY. Vanguard Group Inc. lifted its holdings in Incyte by 2.1% in the first quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company's stock valued at $1,210,868,000 after acquiring an additional 417,346 shares during the period. LSV Asset Management boosted its holdings in shares of Incyte by 4.9% in the 1st quarter. LSV Asset Management now owns 3,637,974 shares of the biopharmaceutical company's stock worth $220,279,000 after purchasing an additional 170,484 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Incyte by 29.7% in the 4th quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock worth $241,519,000 after purchasing an additional 801,090 shares during the period. Bellevue Group AG boosted its holdings in Incyte by 0.3% during the 4th quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company's stock valued at $149,017,000 after acquiring an additional 6,927 shares during the period. Finally, Northern Trust Corp boosted its holdings in Incyte by 9.7% during the 4th quarter. Northern Trust Corp now owns 1,696,123 shares of the biopharmaceutical company's stock valued at $117,151,000 after acquiring an additional 150,672 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on INCY shares. Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Royal Bank Of Canada upped their target price on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Wells Fargo & Company upgraded Incyte from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $67.00 to $89.00 in a report on Wednesday, August 6th. BMO Capital Markets reiterated an "underperform" rating and issued a $60.00 target price (up from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Finally, Truist Financial upped their target price on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Incyte currently has a consensus rating of "Hold" and an average target price of $81.20.

Incyte Stock Up 0.2%

Incyte stock opened at $78.39 on Monday. 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's 50-day simple moving average is $70.23 and its two-hundred day simple moving average is $66.82. The company has a market cap of $15.31 billion, a PE ratio of 17.82, a PEG ratio of 0.62 and a beta of 0.71. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $83.95.

Insider Buying and Selling

In other news, EVP Steven H. Stein sold 3,706 shares of the company's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $67.94, for a total value of $251,785.64. Following the sale, the executive vice president 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 1,192 shares of the company's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $83,273.12. Following the completion of the sale, the executive vice president owned 37,630 shares in the company, valued at $2,628,831.80. The trade was a 3.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock worth $3,836,196 over the last ninety days. 17.80% of the stock is owned by corporate insiders.

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.

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