Incyte Corporation $INCY Shares Acquired by Federation des caisses Desjardins du Quebec

Key Points

• The Federation des caisses Desjardins du Quebec boosted its stake in Incyte Corporation by 368.8%, acquiring a total of 47,091 shares valued at approximately $2.85 million.
• Several analysts have raised their price targets for Incyte, with Bank of America and Citigroup increasing them to $104.00 and $103.00, respectively, while maintaining a "buy" rating.
• Insiders have sold 56,098 shares of Incyte stock worth over $3.83 million in the last ninety days, with executives Sheila Denton and Vijay K. Iyengar reducing their ownership by 2.21% and 3.17%, respectively.

Federation des caisses Desjardins du Quebec increased its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 368.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 47,091 shares of the biopharmaceutical company's stock after purchasing an additional 37,045 shares during the period. Federation des caisses Desjardins du Quebec's holdings in Incyte were worth $2,851,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Incyte by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company's stock valued at $1,210,868,000 after purchasing an additional 417,346 shares during the last quarter. LSV Asset Management raised its stake in Incyte by 4.9% during the 1st quarter. LSV Asset Management now owns 3,637,974 shares of the biopharmaceutical company's stock valued at $220,279,000 after acquiring an additional 170,484 shares during the last quarter. Invesco Ltd. raised its stake in Incyte by 4.0% during the 1st quarter. Invesco Ltd. now owns 3,168,750 shares of the biopharmaceutical company's stock valued at $191,868,000 after acquiring an additional 120,543 shares during the last quarter. Northern Trust Corp raised its stake in Incyte by 0.6% during the 1st quarter. Northern Trust Corp now owns 1,706,402 shares of the biopharmaceutical company's stock valued at $103,323,000 after acquiring an additional 10,279 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Incyte by 2.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,682,029 shares of the biopharmaceutical company's stock valued at $101,847,000 after acquiring an additional 38,962 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Price Performance

Shares of INCY traded up $0.64 on Wednesday, reaching $86.24. The stock had a trading volume of 1,092,962 shares, compared to its average volume of 1,855,174. The firm has a market capitalization of $16.84 billion, a PE ratio of 19.61, a PEG ratio of 0.68 and a beta of 0.75. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $87.99. The firm has a 50-day moving average of $77.54 and a 200 day moving average of $68.86.

Analysts Set New Price Targets

Several analysts have commented on the company. Barclays assumed coverage on Incyte in a research note on Friday, August 1st. They set an "overweight" rating and a $90.00 price objective for the company. Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and upped their price objective for the company from $75.00 to $107.00 in a research note on Monday, June 16th. Wells Fargo & Company raised Incyte from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $67.00 to $89.00 in a research note on Wednesday, August 6th. BMO Capital Markets reaffirmed an "underperform" rating and set a $60.00 price objective (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Finally, Royal Bank Of Canada upped their price objective on Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $82.53.

Insider Buying and Selling at Incyte

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

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.