Jacobs Levy Equity Management Inc. Increases Stock Position in Incyte Corporation $INCY

Key Points

• Jacobs Levy Equity Management Inc. increased its stake in Incyte Corporation by 56.8%, bringing its total ownership to approximately 1.4 million shares valued at $84.7 million.
• Insider transactions revealed that two executives sold a combined total of 1,791 shares of Incyte, resulting in a decrease of their positions by 3.07% and 2.21% respectively.
• Incyte shares are currently trading at $85.44, with recent analyst ratings reflecting a consensus of "Hold" and an average price target of $82.53.

Jacobs Levy Equity Management Inc. boosted its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 56.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,398,143 shares of the biopharmaceutical company's stock after buying an additional 506,484 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.72% of Incyte worth $84,658,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Banque Transatlantique SA acquired a new position in Incyte in the first quarter valued at $26,000. AQR Capital Management LLC lifted its holdings in Incyte by 92.3% in the first quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company's stock valued at $405,787,000 after buying an additional 3,233,356 shares during the period. Advisors Asset Management Inc. increased its stake in Incyte by 16.0% in the first quarter. Advisors Asset Management Inc. now owns 13,518 shares of the biopharmaceutical company's stock valued at $819,000 after purchasing an additional 1,863 shares in the last quarter. Federation des caisses Desjardins du Quebec increased its stake in Incyte by 368.8% in the first quarter. Federation des caisses Desjardins du Quebec now owns 47,091 shares of the biopharmaceutical company's stock valued at $2,851,000 after purchasing an additional 37,045 shares in the last quarter. Finally, Perbak Capital Partners LLP bought a new stake in Incyte in the first quarter valued at $202,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Performance

INCY traded down $0.96 during midday trading on Tuesday, reaching $85.60. The company had a trading volume of 1,516,766 shares, compared to its average volume of 1,860,666. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. The stock has a market cap of $16.72 billion, a PE ratio of 19.45, a P/E/G ratio of 0.68 and a beta of 0.75. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $87.99. The business has a 50-day moving average price of $77.20 and a two-hundred day moving average price of $68.74.

Wall Street Analysts Forecast Growth

INCY has been the subject of several research analyst reports. BMO Capital Markets reaffirmed an "underperform" rating and issued a $60.00 price target (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Truist Financial lifted 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. Citigroup boosted their target price on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Stifel Nicolaus raised shares of 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. Finally, Royal Bank Of Canada boosted their target price on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 30th. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $82.53.

Insider Activity at Incyte

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the business's 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 transaction, the executive vice president directly owned 26,504 shares in the company, valued at $1,818,439.44. The trade was a 2.21% 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 Barry P. Flannelly sold 10,903 shares of the business'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 completion of the transaction, the executive vice president owned 39,744 shares in the company, valued at approximately $2,708,553.60. The trade was a 21.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock valued at $3,836,196 in the last three months. Insiders own 17.80% of the company's stock.

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.