PDT Partners LLC Increases Stock Holdings in Incyte Corporation $INCY

Key Points

• PDT Partners LLC significantly increased its investment in Incyte Corporation by 1,194.8% in Q1, holding 43,168 shares valued at approximately $2.6 million.
• Several analysts have revised their ratings for Incyte, with Citigroup upgrading its target price from $88.00 to $103.00 and affirming a "buy" rating, while UBS Group maintained a "neutral" stance with a target of $68.00.
• Insider selling occurred recently, with EVP Steven H. Stein selling 14,952 shares for over $1 million, decreasing his position by 13.30%.

PDT Partners LLC grew its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 1,194.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 43,168 shares of the biopharmaceutical company's stock after buying an additional 39,834 shares during the period. PDT Partners LLC's holdings in Incyte were worth $2,614,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in INCY. Raiffeisen Bank International AG purchased a new stake in Incyte in the fourth quarter worth $34,000. SVB Wealth LLC purchased a new stake in Incyte in the first quarter worth $39,000. WPG Advisers LLC purchased a new stake in Incyte in the first quarter worth $47,000. Caitong International Asset Management Co. Ltd grew its stake in Incyte by 161.2% in the first quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock worth $52,000 after purchasing an additional 527 shares during the period. Finally, NBC Securities Inc. grew its stake in Incyte by 88,200.0% in the first quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock worth $53,000 after purchasing an additional 882 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Performance

Shares of Incyte stock traded up $1.20 during trading on Friday, hitting $86.64. 1,387,671 shares of the company's stock traded hands, compared to its average volume of 1,693,140. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $87.99. The stock has a market capitalization of $16.92 billion, a P/E ratio of 19.69, a PEG ratio of 0.67 and a beta of 0.75. The business has a 50-day simple moving average of $76.83 and a 200-day simple moving average of $68.67.

Insiders Place Their Bets

In related news, EVP Sheila A. Denton sold 599 shares of the stock in a transaction 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 sale, the executive vice president directly owned 26,504 shares of the company's stock, valued at $1,818,439.44. This trade represents a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 1,192 shares of the stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $83,273.12. Following the sale, the executive vice president directly owned 37,630 shares in the company, valued at $2,628,831.80. This trade represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and upped their price target for the stock from $75.00 to $107.00 in a research note on Monday, June 16th. Truist Financial upped their price target on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. UBS Group reaffirmed a "neutral" rating and issued a $68.00 price target (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. 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. Finally, Citigroup increased their target price on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Incyte presently has an average rating of "Hold" and a consensus price target of $82.53.

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.