Federated Hermes Inc. Purchases 70,241 Shares of Incyte Corporation (NASDAQ:INCY)

Federated Hermes Inc. boosted its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 11.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 710,375 shares of the biopharmaceutical company's stock after purchasing an additional 70,241 shares during the quarter. Federated Hermes Inc. owned about 0.37% of Incyte worth $43,013,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of INCY. Raiffeisen Bank International AG purchased a new stake in Incyte during the fourth quarter valued at about $34,000. NBC Securities Inc. boosted 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 acquiring an additional 882 shares during the period. Huntington National Bank boosted its holdings in Incyte by 40.7% during the 4th quarter. Huntington National Bank now owns 934 shares of the biopharmaceutical company's stock valued at $65,000 after acquiring an additional 270 shares during the period. Intact Investment Management Inc. bought a new position in Incyte during the 1st quarter worth approximately $73,000. Finally, Farther Finance Advisors LLC increased its stake in Incyte by 474.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock worth $94,000 after purchasing an additional 1,280 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Royal Bank Of Canada lifted their target price on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 30th. JPMorgan Chase & Co. decreased their price objective on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating on the stock in a research report on Monday, July 14th. UBS Group reiterated a "neutral" rating and set a $68.00 target price (up from $62.00) on shares of Incyte in a report on Wednesday, July 30th. Stifel Nicolaus upgraded Incyte from a "hold" rating to a "buy" rating and boosted their price target for the company from $75.00 to $107.00 in a report on Monday, June 16th. Finally, Citigroup increased their price objective on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $79.73.

Insiders Place Their Bets

In other news, EVP Vijay K. Iyengar sold 8,617 shares of the company's 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 directly owned 37,701 shares in the company, valued at approximately $2,569,323.15. This represents a 18.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Barry P. Flannelly sold 10,903 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total transaction of $743,039.45. Following the completion of the sale, the executive vice president directly owned 39,744 shares of the company's stock, valued at $2,708,553.60. The trade was a 21.53% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 56,098 shares of company stock worth $3,836,196. Company insiders own 17.80% of the company's stock.

Incyte Stock Performance

Shares of NASDAQ INCY traded up $0.94 during trading hours on Monday, reaching $76.53. The stock had a trading volume of 422,246 shares, compared to its average volume of 1,875,489. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $83.95. The firm has a 50-day moving average of $68.95 and a 200-day moving average of $66.63. The firm has a market cap of $14.94 billion, a price-to-earnings ratio of 17.36, a PEG ratio of 0.60 and a beta of 0.71.

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.