Woodline Partners LP Grows Position in Incyte Corporation $INCY

Key Points

• Woodline Partners LP increased its stake in Incyte Corporation by 0.5%, owning approximately 0.42% of the company, valued at $48.7 million post-acquisition.
• Analysts have varying ratings on Incyte, with an average target price of $82.53; seven analysts recommend a Buy, while ten suggest Hold.
• Incyte's stock has a market cap of $16.90 billion and a current stock price around $86.56, showing significant potential for growth based on recent analyst projections.

Woodline Partners LP boosted its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 0.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 804,055 shares of the biopharmaceutical company's stock after buying an additional 3,967 shares during the quarter. Woodline Partners LP owned 0.42% of Incyte worth $48,686,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Banque Transatlantique SA purchased a new position in Incyte during the first quarter worth $26,000. Raiffeisen Bank International AG purchased a new position in Incyte during the fourth quarter worth $34,000. SVB Wealth LLC purchased a new position in Incyte during the first quarter worth $39,000. WPG Advisers LLC purchased a new position in Incyte during the first quarter worth $47,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Incyte by 161.2% during the first quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock worth $52,000 after buying an additional 527 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Barclays assumed coverage on shares of Incyte in a research note on Friday, August 1st. They set an "overweight" rating and a $90.00 price objective for the company. UBS Group reissued a "neutral" rating and set a $68.00 target price (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Wells Fargo & Company raised shares of Incyte from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $67.00 to $89.00 in a research note on Wednesday, August 6th. Truist Financial boosted their target price 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. Finally, Wall Street Zen lowered shares of Incyte from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $82.53.

Insider Activity at Incyte

In other news, EVP Steven H. Stein sold 14,952 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $68.47, for a total transaction of $1,023,763.44. Following the transaction, the executive vice president owned 97,466 shares in the company, valued at $6,673,497.02. This represents a 13.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Barry P. Flannelly sold 10,903 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total transaction of $743,039.45. Following the transaction, the executive vice president owned 39,744 shares in the company, valued at approximately $2,708,553.60. This trade represents a 21.53% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,098 shares of company stock worth $3,836,196. 17.80% of the stock is owned by insiders.

Incyte Stock Down 3.6%

Shares of INCY stock traded down $3.07 on Friday, hitting $83.10. The stock had a trading volume of 1,774,982 shares, compared to its average volume of 1,594,050. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The business has a 50 day moving average price of $78.54 and a 200 day moving average price of $69.12. The company has a market cap of $16.23 billion, a PE ratio of 18.89, a P/E/G ratio of 0.68 and a beta of 0.75. Incyte Corporation has a one year low of $53.56 and a one year high of $87.99.

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.