Invesco Ltd. Increases Stake in Incyte Corporation (NASDAQ:INCY)

Invesco Ltd. lifted its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,168,750 shares of the biopharmaceutical company's stock after buying an additional 120,543 shares during the period. Invesco Ltd. owned about 1.64% of Incyte worth $191,868,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. LPL Financial LLC raised its holdings in shares of Incyte by 21.7% during the fourth quarter. LPL Financial LLC now owns 27,543 shares of the biopharmaceutical company's stock valued at $1,902,000 after purchasing an additional 4,916 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Incyte by 61.3% during the fourth quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company's stock valued at $12,031,000 after purchasing an additional 66,220 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Incyte during the fourth quarter valued at approximately $3,623,000. Sterling Capital Management LLC raised its holdings in shares of Incyte by 52.4% during the fourth quarter. Sterling Capital Management LLC now owns 9,021 shares of the biopharmaceutical company's stock valued at $623,000 after purchasing an additional 3,100 shares during the last quarter. Finally, Mariner LLC raised its holdings in shares of Incyte by 19.5% during the fourth quarter. Mariner LLC now owns 12,213 shares of the biopharmaceutical company's stock valued at $843,000 after purchasing an additional 1,993 shares during the last quarter. Institutional investors own 96.97% of the company's stock.

Incyte Price Performance

Shares of INCY traded up $0.76 during mid-day trading on Friday, reaching $86.92. The stock had a trading volume of 1,883,502 shares, compared to its average volume of 1,899,944. The firm has a market cap of $16.97 billion, a price-to-earnings ratio of 19.75, a PEG ratio of 0.69 and a beta of 0.71. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $87.06. The business has a fifty day moving average of $71.91 and a 200 day moving average of $67.24. 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 related news, EVP Vijay K. Iyengar sold 8,617 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total transaction of $587,248.55. Following the completion of the transaction, the executive vice president owned 37,701 shares in the company, valued at approximately $2,569,323.15. This represents a 18.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Steven H. Stein sold 14,952 shares of the company's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $68.47, for a total transaction of $1,023,763.44. Following 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. In the last three months, insiders have sold 56,098 shares of company stock valued at $3,836,196. Company insiders own 17.80% of the company's stock.

Analyst Upgrades and Downgrades

INCY has been the subject of several research reports. Wells Fargo & Company raised shares of Incyte from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $67.00 to $89.00 in a report on Wednesday, August 6th. Barclays started coverage on shares of Incyte in a report on Friday, August 1st. They set an "overweight" rating and a $90.00 price objective for the company. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and upped their target price for the company from $75.00 to $107.00 in a report on Monday, June 16th. JPMorgan Chase & Co. reduced their target price on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a report on Monday, July 14th. Finally, Citigroup upped their target price on shares of Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $81.20.

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.