Focus Partners Advisor Solutions LLC Invests $1.32 Million in Incyte Corporation $INCY

Key Points

• Focus Partners Advisor Solutions LLC has acquired a new position in Incyte Corporation, purchasing 21,801 shares worth approximately $1,320,000 in the 1st quarter.
• Insiders at Incyte have sold a total of 56,098 shares worth nearly $3.84 million over the last quarter, indicating some management shifts amidst ongoing investment moves.
• Recent analyst upgrades have boosted Incyte's stock price target significantly, with Wells Fargo and Citigroup raising their ratings and setting price targets up to $103.00.

Focus Partners Advisor Solutions LLC acquired a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 21,801 shares of the biopharmaceutical company's stock, valued at approximately $1,320,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in 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 buying an additional 417,346 shares during the period. LSV Asset Management grew its holdings in shares of Incyte by 4.9% during 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. Invesco Ltd. grew its holdings in shares of Incyte by 4.0% during the 1st quarter. Invesco Ltd. now owns 3,168,750 shares of the biopharmaceutical company's stock worth $191,868,000 after purchasing an additional 120,543 shares during the period. Northern Trust Corp grew its holdings in shares of Incyte by 0.6% during the 1st quarter. Northern Trust Corp now owns 1,706,402 shares of the biopharmaceutical company's stock worth $103,323,000 after purchasing an additional 10,279 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position 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 worth $101,847,000 after acquiring an additional 38,962 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on INCY shares. UBS Group reissued a "neutral" rating and set a $68.00 price target (up from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Wells Fargo & Company raised Incyte from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $67.00 to $89.00 in a research report on Wednesday, August 6th. Royal Bank Of Canada boosted their price target on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 30th. Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and boosted their price target for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. Finally, BMO Capital Markets reaffirmed an "underperform" rating and issued a $60.00 target price (up from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $82.53.

Incyte Stock Performance

INCY traded down $0.32 during trading on Monday, reaching $86.32. 323,089 shares of the company were exchanged, compared to its average volume of 1,857,061. The stock has a market cap of $16.86 billion, a P/E ratio of 19.61, a PEG ratio of 0.68 and a beta of 0.75. The firm has a 50 day moving average of $76.83 and a 200 day moving average of $68.64. 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 52 week low of $53.56 and a 52 week high of $87.99.

Insiders Place Their Bets

In other news, EVP Sheila A. Denton sold 599 shares of the 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 of the company's stock, valued at approximately $1,818,439.44. This represents a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Steven H. Stein sold 14,952 shares of the company's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $68.47, for a total value of $1,023,763.44. Following the completion of the sale, the executive vice president owned 97,466 shares of the company's stock, valued at approximately $6,673,497.02. This trade represents a 13.30% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,098 shares of company stock worth $3,836,196. 17.80% of the stock is owned by company 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.