Raymond James Financial Inc. Grows Stock Position in Incyte Corporation $INCY

Key Points

• Raymond James Financial Inc. increased its holdings in Incyte Corporation by 33.0%, acquiring an additional 17,313 shares during the first quarter, bringing its total ownership to 69,762 shares valued at approximately $4.2 million.
• Other institutional investors, including Aberdeen Group plc and Kovitz Investment Group Partners LLC, significantly increased their stakes in Incyte, indicating strong interest from the investment community.
• Incyte's current stock price is $86.64, with analysts projecting mixed ratings; seven analysts rate it as a Buy, while the average price target stands at $82.53.

Raymond James Financial Inc. lifted its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 33.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 69,762 shares of the biopharmaceutical company's stock after acquiring an additional 17,313 shares during the period. Raymond James Financial Inc.'s holdings in Incyte were worth $4,224,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several research firms have commented on INCY. JPMorgan Chase & Co. lifted their price target on Incyte from $67.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, August 22nd. Truist Financial lifted their price target on Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. BMO Capital Markets restated an "underperform" rating and issued a $60.00 price target (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Royal Bank Of Canada lifted their price target on Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a report on Wednesday, July 30th. Finally, Stifel Nicolaus upgraded Incyte from a "hold" rating to a "buy" rating and lifted their price target for the company from $75.00 to $107.00 in a report on Monday, June 16th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $82.53.

Insider Buying and Selling

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Steven H. Stein sold 14,952 shares of the company's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $68.47, for a total value of $1,023,763.44. Following the completion of the transaction, the executive vice president owned 97,466 shares of the company's stock, valued at approximately $6,673,497.02. This represents a 13.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock worth $3,836,196 in the last 90 days. 17.80% of the stock is owned by insiders.

Incyte Trading Down 0.1%

Shares of NASDAQ:INCY traded down $0.08 during trading on Thursday, reaching $86.17. 2,012,520 shares of the stock were exchanged, compared to its average volume of 1,585,333. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $87.99. The firm has a market cap of $16.83 billion, a price-to-earnings ratio of 19.58, a price-to-earnings-growth ratio of 0.68 and a beta of 0.75. The firm's 50-day moving average price is $78.25 and its 200 day moving average price is $69.06.

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.