BNP PARIBAS ASSET MANAGEMENT Holding S.A. Buys 284,991 Shares of Incyte Corporation $INCY

Key Points

• BNP PARIBAS ASSET MANAGEMENT significantly increased its shareholding in Incyte Corporation by 1,919.4% during the first quarter, owning approximately 0.15% of the company valued at $18.15 million after acquiring 284,991 shares.
• Multiple other institutional investors, including Principal Financial Group and Amalgamated Bank, also raised their stakes in Incyte, showcasing a trend of increased institutional interest, with 96.97% of the stock now held by these investors.
• Wall Street analysts show a positive outlook on Incyte, with several firms upgrading their ratings and price targets, leading to an average target price of $81.20 and a consensus rating of "Hold".

BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 1,919.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 299,839 shares of the biopharmaceutical company's stock after buying an additional 284,991 shares during the quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned about 0.15% of Incyte worth $18,155,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of INCY. Nissay Asset Management Corp Japan ADV lifted its stake in shares of Incyte by 0.7% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company's stock valued at $1,410,000 after buying an additional 150 shares in the last quarter. Blackhawk Capital Partners LLC. lifted its stake in shares of Incyte by 4.4% in the first quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company's stock valued at $250,000 after buying an additional 175 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of Incyte by 2.0% in the first quarter. Fifth Third Bancorp now owns 9,103 shares of the biopharmaceutical company's stock valued at $551,000 after buying an additional 179 shares in the last quarter. State of Michigan Retirement System lifted its stake in shares of Incyte by 0.5% in the first quarter. State of Michigan Retirement System now owns 43,559 shares of the biopharmaceutical company's stock valued at $2,637,000 after buying an additional 200 shares in the last quarter. Finally, Sage Private Wealth Group LLC lifted its stake in shares of Incyte by 2.6% in the first quarter. Sage Private Wealth Group LLC now owns 8,898 shares of the biopharmaceutical company's stock valued at $539,000 after buying an additional 226 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

INCY has been the topic of a number of recent research reports. Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and raised their price objective for the company from $75.00 to $107.00 in a research note on Monday, June 16th. Truist Financial raised their price objective 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. Wells Fargo & Company raised shares of Incyte from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $67.00 to $89.00 in a research report on Wednesday, August 6th. Finally, UBS Group reissued a "neutral" rating and set a $68.00 price target (up from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Incyte presently has an average rating of "Hold" and an average target price of $81.20.

Incyte Stock Up 0.9%

Shares of INCY traded up $0.74 during trading hours on Wednesday, reaching $86.20. 1,688,427 shares of the stock traded hands, compared to its average volume of 1,961,769. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $72.87 and a 200 day simple moving average of $67.53. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $87.24. The company has a market cap of $16.83 billion, a price-to-earnings ratio of 19.59, a PEG ratio of 0.68 and a beta of 0.71.

Insider Activity at Incyte

In other Incyte news, 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 sale, the executive vice president owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Barry P. Flannelly sold 1,192 shares of Incyte stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $83,273.12. Following the completion of the sale, the executive vice president directly owned 37,630 shares in the company, valued at approximately $2,628,831.80. This represents a 3.07% decrease in their position. 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. Insiders own 17.80% of the company's stock.

About Incyte

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.