Ieq Capital LLC Buys 156,964 Shares of Incyte Corporation $INCY

Key Points

• Ieq Capital LLC significantly increased its stake in Incyte Corporation by 113.3%, acquiring an additional 156,964 shares, bringing its total holdings to 295,500 shares worth approximately $17.89 million.
• Multiple institutional investors have adjusted their holdings in Incyte, with 96.97% of the total stock owned by such entities, indicating strong institutional interest in the biopharmaceutical company.
• Analyst ratings for Incyte show a mixed outlook, with a majority maintaining a "Hold" rating and varying price targets ranging from $60.00 to $89.00 from different brokerages.

Ieq Capital LLC raised its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 113.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 295,500 shares of the biopharmaceutical company's stock after acquiring an additional 156,964 shares during the quarter. Ieq Capital LLC owned approximately 0.15% of Incyte worth $17,893,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. lifted its stake in shares of Incyte by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock worth $12,954,000 after buying an additional 1,419 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of Incyte by 1.9% during the first quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock worth $1,910,000 after acquiring an additional 591 shares during the period. Asset Management One Co. Ltd. grew its position in shares of Incyte by 0.8% in the first quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock valued at $5,451,000 after purchasing an additional 747 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Incyte by 474.1% during the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock worth $94,000 after purchasing an additional 1,280 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Incyte by 10.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,026 shares of the biopharmaceutical company's stock worth $1,577,000 after purchasing an additional 2,559 shares during the last quarter. 96.97% of the stock is owned by institutional investors.

Insider Activity at Incyte

In other news, EVP Vijay K. Iyengar sold 1,177 shares of the firm's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $82,225.22. Following the completion of the transaction, the executive vice president 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Steven H. Stein sold 3,706 shares of the company's stock in a transaction that occurred 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. The trade was a 3.48% decrease in their ownership of the stock. 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. Corporate insiders own 17.80% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on INCY. BMO Capital Markets reaffirmed an "underperform" rating and issued a $60.00 price objective (up from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Truist Financial upped their price target on shares of Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. Royal Bank Of Canada lifted their price objective on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 30th. UBS Group restated a "neutral" rating and set a $68.00 target price (up previously from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company upgraded Incyte from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $67.00 to $89.00 in a research note on Wednesday, August 6th. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $81.60.

Incyte Trading Down 0.9%

Shares of Incyte stock opened at $84.00 on Wednesday. The firm's 50 day moving average is $74.13 and its 200 day moving average is $67.78. The firm has a market capitalization of $16.40 billion, a PE ratio of 19.09, a price-to-earnings-growth ratio of 0.67 and a beta of 0.71. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $87.24. 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 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.

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