Great Lakes Advisors LLC Boosts Stock Position in Incyte Corporation $INCY

Key Points

• Great Lakes Advisors LLC significantly increased its position in Incyte Corporation by 232.8% during the first quarter, now owning 16,981 shares valued at approximately $1.03 million.
• Other institutional investors have also been active, with Captrust Financial Advisors raising its holdings by 248.7% in the last quarter.
• Incyte's stock currently has a market cap of $16.83 billion and a consensus rating of "Hold" with an average price target of $82.53 from analysts.

Great Lakes Advisors LLC boosted its holdings in Incyte Corporation (NASDAQ:INCY - Free Report) by 232.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,981 shares of the biopharmaceutical company's stock after purchasing an additional 11,879 shares during the period. Great Lakes Advisors LLC's holdings in Incyte were worth $1,028,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in INCY. Captrust Financial Advisors lifted its stake in Incyte by 248.7% in the fourth quarter. Captrust Financial Advisors now owns 20,166 shares of the biopharmaceutical company's stock worth $1,393,000 after purchasing an additional 14,382 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of Incyte by 10.8% in the fourth quarter. Cetera Investment Advisers now owns 13,288 shares of the biopharmaceutical company's stock worth $918,000 after buying an additional 1,294 shares during the period. Focus Partners Wealth increased its stake in shares of Incyte by 249.9% in the fourth quarter. Focus Partners Wealth now owns 12,073 shares of the biopharmaceutical company's stock worth $834,000 after buying an additional 8,623 shares during the period. Graham Capital Management L.P. bought a new stake in Incyte in the 4th quarter worth $254,000. Finally, Janus Henderson Group PLC grew its holdings in Incyte by 15.6% in the 4th quarter. Janus Henderson Group PLC now owns 197,890 shares of the biopharmaceutical company's stock worth $13,669,000 after acquiring an additional 26,761 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

Incyte Stock Up 0.1%

Shares of INCY traded up $0.05 during midday trading on Tuesday, hitting $83.19. 722,192 shares of the company's stock traded hands, compared to its average volume of 1,854,153. The stock has a market capitalization of $16.24 billion, a price-to-earnings ratio of 18.95, a price-to-earnings-growth ratio of 0.65 and a beta of 0.75. 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 1 year low of $53.56 and a 1 year high of $87.99. The firm's fifty day moving average is $78.86 and its 200-day moving average is $69.12.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on INCY. Royal Bank Of Canada raised their price target on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Citigroup upped their price objective on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Barclays started coverage on shares of Incyte in a report on Friday, August 1st. They issued an "overweight" rating and a $90.00 price objective for the company. Stifel Nicolaus upgraded shares of Incyte from a "hold" rating to a "buy" rating and upped their price objective for the stock from $75.00 to $107.00 in a report on Monday, June 16th. Finally, Bank of America upped their price objective on shares of Incyte from $90.00 to $104.00 and gave the stock a "buy" rating in a report on Thursday, September 4th. Seven investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $82.53.

Insiders Place Their Bets

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the transaction, the executive vice president directly owned 26,504 shares of the company's stock, valued at $1,818,439.44. This trade represents a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Steven H. Stein sold 3,706 shares of the stock in a transaction on Monday, July 21st. The shares were sold at an average price of $67.94, for a total transaction of $251,785.64. Following the transaction, the executive vice president directly owned 102,886 shares in the company, valued at approximately $6,990,074.84. The trade was a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock valued at $3,836,196 over the last ninety days. 17.80% of the stock is owned by corporate insiders.

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.