Incyte Corporation $INCY Shares Acquired by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its stake in Incyte Corporation by 0.6%, owning 1,048,152 shares valued at $63,345,000 after acquiring an additional 6,093 shares.
• Other institutional investors, such as AQR Capital Management and Jacobs Levy Equity Management, also significantly raised their positions in Incyte during the last quarter, indicating strong interest in the stock.
• Wall Street analysts have mixed ratings on Incyte, with price targets ranging from $60.00 to $103.00, reflecting a consensus price target of $81.20 and an average rating of "Hold."

Hsbc Holdings PLC raised its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 0.6% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,048,152 shares of the biopharmaceutical company's stock after purchasing an additional 6,093 shares during the period. Hsbc Holdings PLC owned 0.54% of Incyte worth $63,345,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Raiffeisen Bank International AG acquired a new stake in shares of Incyte during the 4th quarter valued at about $34,000. Caitong International Asset Management Co. Ltd boosted its stake in Incyte by 161.2% in the first quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock valued at $52,000 after acquiring an additional 527 shares in the last quarter. NBC Securities Inc. lifted its position in Incyte by 88,200.0% in the first quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock valued at $53,000 after purchasing an additional 882 shares during the period. Brooklyn Investment Group increased its holdings in Incyte by 135.9% in the first quarter. Brooklyn Investment Group now owns 1,137 shares of the biopharmaceutical company's stock valued at $69,000 after buying an additional 655 shares in the last quarter. Finally, Intact Investment Management Inc. acquired a new stake in Incyte during the first quarter worth approximately $73,000. Institutional investors own 96.97% of the company's stock.

Incyte Price Performance

Incyte stock traded up $0.56 during trading hours on Wednesday, reaching $84.56. 291,033 shares of the stock were exchanged, compared to its average volume of 1,865,270. The stock has a 50 day moving average of $74.13 and a two-hundred day moving average of $67.78. 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 twelve month low of $53.56 and a twelve month high of $87.24. The company has a market cap of $16.51 billion, a P/E ratio of 19.24, a price-to-earnings-growth ratio of 0.67 and a beta of 0.71.

Analyst Ratings Changes

A number of brokerages have recently issued reports on INCY. BMO Capital Markets restated an "underperform" rating and issued a $60.00 target price (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Truist Financial raised their target price on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. increased their target price on shares of Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, August 22nd. Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Citigroup raised their target price on shares of Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a research note 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 company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $81.60.

Insider Buying and Selling

In related news, EVP Vijay K. Iyengar sold 1,177 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 transaction of $82,225.22. Following the sale, the executive vice president directly owned 35,929 shares of the company's stock, valued at $2,509,999.94. This trade represents a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the transaction, the executive vice president directly owned 26,504 shares in the company, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 56,098 shares of company stock valued at $3,836,196. Corporate insiders own 17.80% of the company's stock.

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.