Jefferies Financial Group Inc. Increases Holdings in Incyte Corporation (NASDAQ:INCY)

Key Points

• Jefferies Financial Group Inc. increased its holdings in Incyte Corporation by 266.7%, now owning approximately 156,855 shares worth about $9.5 million.
• Incyte's stock has a current market capitalization of $14.5 billion and recently reported earnings of $1.16 per share, surpassing analysts' expectations.
• Wall Street analysts are optimistic about Incyte, with Citigroup raising the price target from $88 to $103 and multiple firms giving varying ratings between "buy" and "hold."

Jefferies Financial Group Inc. lifted its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 266.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 156,855 shares of the biopharmaceutical company's stock after acquiring an additional 114,078 shares during the quarter. Jefferies Financial Group Inc. owned approximately 0.08% of Incyte worth $9,498,000 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 bought a new stake in Incyte in the fourth quarter worth approximately $34,000. NBC Securities Inc. increased its holdings in shares of Incyte by 88,200.0% during the first quarter. NBC Securities Inc. now owns 883 shares of the biopharmaceutical company's stock valued at $53,000 after acquiring an additional 882 shares in the last quarter. Huntington National Bank increased its holdings in shares of Incyte by 40.7% during the fourth quarter. Huntington National Bank now owns 934 shares of the biopharmaceutical company's stock valued at $65,000 after acquiring an additional 270 shares in the last quarter. Intact Investment Management Inc. bought a new stake in shares of Incyte during the first quarter valued at approximately $73,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of Incyte by 474.1% during the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock valued at $94,000 after acquiring an additional 1,280 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the sale, the executive vice president owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Vijay K. Iyengar sold 1,177 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $82,225.22. Following the sale, the executive vice president directly owned 35,929 shares of the company's stock, valued at $2,509,999.94. This represents a 3.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,098 shares of company stock worth $3,836,196 in the last 90 days. 17.80% of the stock is currently owned by company insiders.

Incyte Stock Up 3.2%

INCY stock traded up $2.45 on Monday, reaching $78.04. 1,624,133 shares of the company traded hands, compared to its average volume of 1,883,858. Incyte Corporation has a one year low of $53.56 and a one year high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. The company has a market cap of $15.24 billion, a P/E ratio of 17.74, a price-to-earnings-growth ratio of 0.60 and a beta of 0.71. The firm has a fifty day simple moving average of $68.95 and a 200-day simple moving average of $66.63.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on INCY. Royal Bank Of Canada upped their price target on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Wells Fargo & Company upped their price target on Incyte from $59.00 to $67.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. UBS Group reiterated a "neutral" rating and set a $68.00 price target (up previously from $62.00) on shares of Incyte in a report on Wednesday, July 30th. Barclays began coverage on Incyte in a research report on Friday. They issued an "overweight" rating and a $90.00 price objective on the stock. Finally, Citigroup boosted their price objective on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $79.73.

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.