Incyte Corporation $INCY Shares Acquired by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC significantly increased its stake in Incyte Corporation by 92.3% during the first quarter, owning approximately 3.48% of the company, valued at $405.8 million.
• Incyte's stock opened at $85.98, with a market capitalization of $16.79 billion and a current price-to-earnings ratio of 19.54.
• Recent analyst ratings for Incyte show a range of assessments, with Stifel Nicolaus upgrading the stock to a "buy" rating and increasing the price target to $107.00.

AQR Capital Management LLC increased its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 92.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,736,169 shares of the biopharmaceutical company's stock after acquiring an additional 3,233,356 shares during the period. AQR Capital Management LLC owned about 3.48% of Incyte worth $405,787,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its position in shares of Incyte by 0.7% in the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock valued at $12,954,000 after acquiring an additional 1,419 shares in the last quarter. Amalgamated Bank increased its stake in 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 last quarter. Asset Management One Co. Ltd. grew its stake 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 buying an additional 747 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Incyte by 474.1% in the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock valued at $94,000 after buying an additional 1,280 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Incyte by 10.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,026 shares of the biopharmaceutical company's stock valued at $1,577,000 after buying an additional 2,559 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Stock Performance

Shares of INCY stock opened at $85.98 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. Incyte Corporation has a one year low of $53.56 and a one year high of $87.99. The company's 50-day simple moving average is $75.78 and its 200-day simple moving average is $68.33. The stock has a market capitalization of $16.79 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 0.66 and a beta of 0.75.

Insider Buying and Selling at Incyte

In related news, EVP Barry P. Flannelly sold 10,903 shares of the firm's stock in a transaction that occurred on 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 $2,708,553.60. This trade represents a 21.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the transaction, the executive vice president owned 26,504 shares in the company, valued at approximately $1,818,439.44. This trade represents a 2.21% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,098 shares of company stock worth $3,836,196. Insiders own 17.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on INCY shares. BMO Capital Markets reaffirmed an "underperform" rating and set a $60.00 price target (up from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Royal Bank Of Canada boosted their price target on Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 30th. Stifel Nicolaus upgraded Incyte from a "hold" rating to a "buy" rating and boosted their target price for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. Barclays started coverage on Incyte in a research report on Friday, August 1st. They set an "overweight" rating and a $90.00 target price on the stock. Finally, Citigroup boosted their price target on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. 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. Based on data from MarketBeat.com, Incyte has a consensus rating of "Hold" and a consensus price target of $81.60.

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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