Incyte Corporation $INCY Shares Purchased by Caisse DE Depot ET Placement DU Quebec

Key Points

• Caisse DE Depot ET Placement DU Quebec increased its stake in Incyte Corporation by 49.6% during the first quarter, owning 622,523 shares valued at approximately $37.7 million.
• Incyte's share price underwent several analyst upgrades, including Wells Fargo raising its price target from $67 to $89, and Citigroup lifting it from $88 to $103.
• Despite recent institutional interest, Incyte's stock price has fluctuated, currently down 0.9%, with a market capitalization of $16.4 billion.

Caisse DE Depot ET Placement DU Quebec boosted its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 49.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 622,523 shares of the biopharmaceutical company's stock after acquiring an additional 206,321 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned 0.32% of Incyte worth $37,694,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raiffeisen Bank International AG purchased a new position in Incyte in the 4th quarter valued at $34,000. SVB Wealth LLC purchased a new position in Incyte in the 1st quarter valued at $39,000. Caitong International Asset Management Co. Ltd lifted its holdings in Incyte by 161.2% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock valued at $52,000 after purchasing an additional 527 shares in the last quarter. NBC Securities Inc. lifted its holdings in Incyte by 88,200.0% in the 1st quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock valued at $53,000 after purchasing an additional 882 shares in the last quarter. Finally, Brooklyn Investment Group lifted its holdings in Incyte by 135.9% in the 1st quarter. Brooklyn Investment Group now owns 1,137 shares of the biopharmaceutical company's stock valued at $69,000 after purchasing an additional 655 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on INCY. Wells Fargo & Company upgraded Incyte from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $67.00 to $89.00 in a report on Wednesday, August 6th. BMO Capital Markets restated an "underperform" rating and issued a $60.00 price objective (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Stifel Nicolaus upgraded 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 report on Monday, June 16th. Barclays began coverage on Incyte in a report on Friday, August 1st. They set an "overweight" rating and a $90.00 price target on the stock. Finally, Citigroup lifted their price target on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Incyte currently has an average rating of "Hold" and a consensus price target of $81.60.

Incyte Stock Down 0.9%

Shares of NASDAQ:INCY opened at $84.00 on Wednesday. The business has a 50-day moving average price of $74.13 and a 200 day moving average price 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. The company has a market capitalization of $16.40 billion, a price-to-earnings ratio of 19.09, a PEG ratio of 0.67 and a beta of 0.71. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $87.24.

Insiders Place Their Bets

In other Incyte news, EVP Vijay K. Iyengar sold 1,177 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 value of $82,225.22. Following the completion of the transaction, the executive vice president directly owned 35,929 shares of the company's stock, valued at $2,509,999.94. The trade was a 3.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Barry P. Flannelly sold 1,192 shares of Incyte stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $83,273.12. Following the completion of the transaction, the executive vice president directly owned 37,630 shares of the company's stock, valued at approximately $2,628,831.80. This represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,098 shares of company stock valued at $3,836,196 over the last 90 days. Company 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.

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