Todd Asset Management LLC Increases Stake in Incyte Corporation (NASDAQ:INCY)

Key Points

• Todd Asset Management LLC increased its stake in Incyte Corporation by 7.2%, owning approximately 0.19% of the company with a total value of $22.43 million.
• Several institutional investors have modified their holdings in Incyte, resulting in 96.97% of the stock being owned by institutional investors and hedge funds.
• Wall Street analysts have mixed views on Incyte, with ratings ranging from “sell” to “strong buy”, and a consensus price target of $81.20.

Todd Asset Management LLC boosted its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 7.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 370,509 shares of the biopharmaceutical company's stock after purchasing an additional 24,799 shares during the quarter. Todd Asset Management LLC owned about 0.19% of Incyte worth $22,434,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. AQR Capital Management LLC grew its position in Incyte by 29.7% in the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock worth $241,519,000 after acquiring an additional 801,090 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Incyte by 861.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 891,659 shares of the biopharmaceutical company's stock valued at $61,587,000 after purchasing an additional 798,877 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Incyte by 581.3% during the 1st quarter. Victory Capital Management Inc. now owns 813,140 shares of the biopharmaceutical company's stock valued at $49,236,000 after purchasing an additional 693,782 shares during the last quarter. Jupiter Asset Management Ltd. grew its holdings in Incyte by 469.9% during the 1st quarter. Jupiter Asset Management Ltd. now owns 829,764 shares of the biopharmaceutical company's stock valued at $50,242,000 after purchasing an additional 684,171 shares during the last quarter. Finally, Nuveen LLC bought a new position in Incyte during the 1st quarter valued at about $29,683,000. Hedge funds and other institutional investors own 96.97% of the company's stock.

Incyte Stock Performance

Shares of NASDAQ:INCY traded up $0.74 during midday trading on Friday, reaching $86.90. The company's stock had a trading volume of 550,072 shares, compared to its average volume of 1,875,645. The firm has a market capitalization of $16.97 billion, a PE ratio of 19.74, a P/E/G ratio of 0.68 and a beta of 0.71. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $86.98. The stock has a fifty day moving average of $71.55 and a 200 day moving average of $67.19. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01.

Analysts Set New Price Targets

Several equities analysts recently commented on INCY shares. Truist Financial upped their price target on shares of Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. Barclays began coverage on shares of Incyte in a research note on Friday, August 1st. They issued an "overweight" rating and a $90.00 target price on the stock. Wells Fargo & Company upgraded shares of Incyte from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. Royal Bank Of Canada upped their target price on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 30th. Finally, BMO Capital Markets reaffirmed an "underperform" rating and issued a $60.00 price target (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $81.20.

Insider Buying and Selling at Incyte

In other news, EVP Vijay K. Iyengar sold 1,177 shares of Incyte 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 owned 35,929 shares in the company, valued at $2,509,999.94. This trade represents a 3.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Steven H. Stein sold 3,706 shares of the firm's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $67.94, for a total transaction of $251,785.64. Following the completion of the transaction, the executive vice president directly owned 102,886 shares in the company, valued at approximately $6,990,074.84. This represents a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock worth $3,836,196 over the last ninety days. 17.80% of the stock is owned by insiders.

Incyte 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.