Northern Trust Corp Grows Holdings in Incyte Corporation $INCY

Key Points

• Northern Trust Corp increased its holdings in Incyte Corporation by 0.6%, owning 1,706,402 shares valued at approximately $103.3 million.
• Several hedge funds, including Caitong International Asset Management and NBC Securities Inc., significantly boosted their stakes in Incyte, with institutional investors owning 96.97% of the stock.
• Analyst ratings for Incyte show a mixed outlook, with seven analysts rating it as a Buy and a price target range with a mean of $81.60.

Northern Trust Corp raised its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 0.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,706,402 shares of the biopharmaceutical company's stock after purchasing an additional 10,279 shares during the quarter. Northern Trust Corp owned 0.88% of Incyte worth $103,323,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Raiffeisen Bank International AG purchased a new position in shares of Incyte in the fourth quarter worth $34,000. Caitong International Asset Management Co. Ltd increased its position in Incyte by 161.2% during 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 during the period. NBC Securities Inc. increased its position in Incyte by 88,200.0% during 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 during the period. Brooklyn Investment Group increased its position in Incyte by 135.9% during 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 during the period. Finally, Intact Investment Management Inc. purchased a new position in Incyte during the 1st quarter valued at $73,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Incyte news, EVP Vijay K. Iyengar sold 8,617 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 $587,248.55. Following the transaction, the executive vice president owned 37,701 shares in the company, valued at approximately $2,569,323.15. This represents a 18.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the transaction, the executive vice president owned 26,504 shares in the company, valued at $1,818,439.44. This represents a 2.21% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,098 shares of company stock worth $3,836,196. 17.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on INCY shares. Citigroup boosted their price objective on shares of Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Royal Bank Of Canada boosted their price objective on shares of Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 30th. Barclays assumed coverage on shares of Incyte in a research report on Friday, August 1st. They set an "overweight" rating and a $90.00 price objective on the stock. Truist Financial upped their target price on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research report on Wednesday, July 30th. Finally, Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Seven investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $81.60.

Incyte Stock Down 1.1%

Incyte stock traded down $0.91 during mid-day trading on Thursday, reaching $83.94. The stock had a trading volume of 398,329 shares, compared to its average volume of 1,863,618. The company has a market capitalization of $16.39 billion, a price-to-earnings ratio of 19.05, a PEG ratio of 0.66 and a beta of 0.71. The company has a 50-day moving average price of $74.46 and a two-hundred day moving average price of $67.90. Incyte Corporation has a one year low of $53.56 and a one year high of $87.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78.

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.