Vanguard Group Inc. Purchases 417,346 Shares of Incyte Corporation (NASDAQ:INCY)

Vanguard Group Inc. lifted its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 2.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,997,823 shares of the biopharmaceutical company's stock after acquiring an additional 417,346 shares during the quarter. Vanguard Group Inc. owned about 10.33% of Incyte worth $1,210,868,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. LPL Financial LLC grew its position in Incyte by 21.7% in the fourth quarter. LPL Financial LLC now owns 27,543 shares of the biopharmaceutical company's stock worth $1,902,000 after buying an additional 4,916 shares during the last quarter. Wells Fargo & Company MN grew its position in Incyte by 61.3% in the fourth quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company's stock worth $12,031,000 after buying an additional 66,220 shares during the last quarter. Cerity Partners LLC grew its position in Incyte by 240.4% in the fourth quarter. Cerity Partners LLC now owns 65,208 shares of the biopharmaceutical company's stock worth $4,474,000 after buying an additional 46,051 shares during the last quarter. Bank of Nova Scotia grew its position in Incyte by 0.8% in the fourth quarter. Bank of Nova Scotia now owns 21,694 shares of the biopharmaceutical company's stock worth $1,498,000 after buying an additional 171 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Incyte in the fourth quarter worth approximately $3,623,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Performance

Incyte stock traded down $0.67 on Friday, reaching $85.49. 236,224 shares of the stock were exchanged, compared to its average volume of 1,873,605. The stock has a market cap of $16.69 billion, a PE ratio of 19.45, a PEG ratio of 0.68 and a beta of 0.71. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $86.98. The firm has a fifty day moving average price of $71.55 and a two-hundred day moving average price of $67.19.

Analyst Ratings Changes

Several research analysts have issued reports on INCY shares. Citigroup lifted their price target 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. Wells Fargo & Company raised shares of Incyte from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. JPMorgan Chase & Co. decreased their target price on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a research note on Monday, July 14th. Royal Bank Of Canada lifted their target price on shares of Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 30th. Finally, Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Incyte currently has a consensus rating of "Hold" and an average target price of $81.20.

Insider Activity

In other news, EVP Barry P. Flannelly sold 10,903 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 $743,039.45. Following the completion of the transaction, the executive vice president owned 39,744 shares of the company's stock, valued at approximately $2,708,553.60. This represents a 21.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 directly owned 26,504 shares of the company's stock, valued at $1,818,439.44. This represents a 2.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,098 shares of company stock worth $3,836,196 in the last 90 days. 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.