Empowered Funds LLC Purchases 115,225 Shares of Incyte Corporation $INCY

Key Points

• Empowered Funds LLC increased its holdings in Incyte Corporation by 489.1% during the first quarter, owning 138,782 shares worth approximately $8.40 million by the end of the period.
• Institutional investors currently own 96.97% of Incyte's stock, with several other hedge funds also increasing their positions in the company during the same quarter.
• Incyte's stock has been rated by analysts with a mix of "Buy", "Hold", and "Sell" ratings, resulting in an average price target of $82.53.

Empowered Funds LLC grew its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 489.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 138,782 shares of the biopharmaceutical company's stock after acquiring an additional 115,225 shares during the quarter. Empowered Funds LLC owned 0.07% of Incyte worth $8,403,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Banque Transatlantique SA bought a new stake in shares of Incyte in the 1st quarter worth approximately $26,000. Raiffeisen Bank International AG bought a new stake in shares of Incyte in the 4th quarter worth approximately $34,000. SVB Wealth LLC bought a new stake in shares of Incyte in the 1st quarter worth approximately $39,000. WPG Advisers LLC bought a new stake in shares of Incyte in the 1st quarter worth approximately $47,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Incyte by 161.2% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock worth $52,000 after acquiring an additional 527 shares during the period. Institutional investors own 96.97% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on INCY shares. Wells Fargo & Company upgraded Incyte from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $67.00 to $89.00 in a research report on Wednesday, August 6th. Bank of America raised their price objective on Incyte from $90.00 to $104.00 and gave the stock a "buy" rating in a research report on Thursday, September 4th. BMO Capital Markets restated an "underperform" rating and set a $60.00 target price (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Wall Street Zen downgraded Incyte from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Finally, UBS Group restated a "neutral" rating and set a $68.00 target price (up previously from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $82.53.

Insiders Place Their Bets

In other Incyte news, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total value 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. The trade was a 2.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction, the executive vice president owned 37,701 shares of the company's stock, valued at approximately $2,569,323.15. The trade was a 18.60% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,098 shares of company stock worth $3,836,196. 17.80% of the stock is owned by company insiders.

Incyte Price Performance

Shares of Incyte stock traded down $3.07 during midday trading on Friday, hitting $83.10. 1,774,982 shares of the company were exchanged, compared to its average volume of 1,594,050. The firm has a 50 day simple moving average of $78.54 and a 200-day simple moving average of $69.12. 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 Corporation has a 52 week low of $53.56 and a 52 week high of $87.99. The firm has a market cap of $16.23 billion, a P/E ratio of 18.89, a PEG ratio of 0.68 and a beta of 0.75.

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.