Foundations Investment Advisors LLC Has $531,000 Stock Holdings in Incyte Corporation (NASDAQ:INCY)

Key Points

• Foundations Investment Advisors LLC significantly increased its holdings in Incyte Corporation by 171.6%, purchasing an additional 5,546 shares and bringing their total to 8,777 shares valued at approximately $531,000.
• Several institutional investors, including Nissay Asset Management Corp Japan and Bank of Nova Scotia, have also expanded their positions in Incyte, with institutional ownership now at 96.97%.
• Analysts have raised their price targets for Incyte, with Citigroup increasing its target from $88 to $103 and a consensus rating of "Hold" reflecting the mixed outlook from various analysts.

Foundations Investment Advisors LLC lifted its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 171.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,777 shares of the biopharmaceutical company's stock after buying an additional 5,546 shares during the period. Foundations Investment Advisors LLC's holdings in Incyte were worth $531,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also bought and sold shares of INCY. Geode Capital Management LLC lifted its position in shares of Incyte by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company's stock worth $278,346,000 after purchasing an additional 103,910 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Incyte by 29.7% during the fourth 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 in the last quarter. LSV Asset Management lifted its holdings in shares of Incyte by 18.6% in the 4th quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company's stock valued at $239,500,000 after purchasing an additional 544,080 shares during the last quarter. Bellevue Group AG increased its position in Incyte by 0.3% during the fourth quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company's stock worth $149,017,000 after buying an additional 6,927 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Incyte by 9.7% during the fourth quarter. Northern Trust Corp now owns 1,696,123 shares of the biopharmaceutical company's stock worth $117,151,000 after purchasing an additional 150,672 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on INCY. BMO Capital Markets restated an "underperform" rating and set a $60.00 target price (up from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Truist Financial upped their target price on Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. Barclays started coverage on Incyte in a report on Friday. They issued an "overweight" rating and a $90.00 price target for the company. Royal Bank Of Canada boosted their target price on shares of Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a report on Wednesday, July 30th. Finally, Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $79.73.

Incyte Stock Performance

NASDAQ INCY traded down $0.72 on Tuesday, hitting $77.32. 695,251 shares of the stock were exchanged, compared to its average volume of 1,875,546. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $83.95. The company has a market capitalization of $15.10 billion, a PE ratio of 17.57, a P/E/G ratio of 0.60 and a beta of 0.71. The business's fifty day moving average is $69.23 and its 200 day moving average is $66.67. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78.

Insider Activity at Incyte

In related news, EVP Vijay K. Iyengar sold 1,177 shares of Incyte stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $82,225.22. Following the completion of the sale, the executive vice president directly owned 35,929 shares of the company's stock, valued at approximately $2,509,999.94. This trade represents a 3.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Barry P. Flannelly sold 1,192 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $83,273.12. Following the transaction, 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. Over the last three months, insiders have sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is currently owned by 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.