Intech Investment Management LLC Boosts Holdings in Incyte Corporation $INCY

Key Points

• Intech Investment Management LLC increased its stake in Incyte Corporation by 14.7% during the first quarter, now holding 33,308 shares valued at around $2 million.
• Shares of Incyte opened at $83.90, with a market capitalization of $16.38 billion and a P/E ratio of 19.07.
• Analysts have mixed ratings for Incyte, with several upgrading their price targets, including Stifel Nicolaus raising the target from $75.00 to $107.00 and Citigroup from $88.00 to $103.00.

Intech Investment Management LLC increased its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 14.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 33,308 shares of the biopharmaceutical company's stock after purchasing an additional 4,280 shares during the period. Intech Investment Management LLC's holdings in Incyte were worth $2,017,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Principal Financial Group Inc. raised its holdings in shares of Incyte by 0.7% in the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock worth $12,954,000 after buying an additional 1,419 shares during the last quarter. Amalgamated Bank increased its holdings in Incyte by 1.9% in the first quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock valued at $1,910,000 after buying an additional 591 shares in the last quarter. Asset Management One Co. Ltd. increased its holdings in Incyte by 0.8% in the first quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock valued at $5,451,000 after buying an additional 747 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Incyte by 26.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,467 shares of the biopharmaceutical company's stock valued at $3,964,000 after buying an additional 13,523 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Incyte by 474.1% in the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock valued at $94,000 after purchasing an additional 1,280 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Price Performance

NASDAQ INCY traded up $0.53 during trading hours on Friday, reaching $86.53. The company's stock had a trading volume of 5,483,759 shares, compared to its average volume of 1,593,872. The stock has a market cap of $16.90 billion, a PE ratio of 19.67, a PEG ratio of 0.67 and a beta of 0.75. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $87.99. The company's 50-day moving average is $80.18 and its two-hundred day moving average is $69.56. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85.

Insider Activity

In other Incyte news, EVP Steven H. Stein sold 3,706 shares of the firm's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $67.94, for a total transaction of $251,785.64. Following the sale, the executive vice president directly owned 102,886 shares of the company's stock, valued at $6,990,074.84. This trade represents a 3.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 1,177 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $82,225.22. Following the sale, the executive vice president directly owned 35,929 shares in the company, valued at $2,509,999.94. This represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,376 shares of company stock valued at $3,859,312 over the last quarter. 17.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on INCY. JPMorgan Chase & Co. boosted their price target on shares of Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, August 22nd. Truist Financial boosted their price target on shares of Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. BMO Capital Markets reaffirmed an "underperform" rating and set a $60.00 target price (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Wells Fargo & Company raised 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. Finally, Barclays initiated coverage on shares of Incyte in a report on Friday, August 1st. They set an "overweight" rating and a $90.00 price target for the company. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $82.53.

About Incyte

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.