Invst LLC Makes New Investment in Incyte Corporation $INCY

Key Points

• Invst LLC has invested approximately $315,000 in Incyte Corporation by acquiring 5,206 shares during the first quarter of the year.
• Institutional investors and hedge funds control 96.97% of Incyte's stock, indicating a high level of institutional confidence in the company.
• Analysts' ratings for Incyte are mixed, with seven "Buy" ratings, ten "Hold" ratings, and one "Sell" rating, alongside a consensus price target of $82.53.

Invst LLC purchased a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,206 shares of the biopharmaceutical company's stock, valued at approximately $315,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Strs Ohio bought a new stake in Incyte during the 1st quarter worth about $2,064,000. Jacobi Capital Management LLC lifted its stake in Incyte by 5.8% in the 1st quarter. Jacobi Capital Management LLC now owns 11,573 shares of the biopharmaceutical company's stock valued at $701,000 after purchasing an additional 636 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Incyte by 65.6% during the first quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company's stock valued at $152,062,000 after acquiring an additional 994,609 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Incyte by 350.0% during the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company's stock valued at $46,000 after acquiring an additional 588 shares during the last quarter. Finally, IFM Investors Pty Ltd grew its holdings in Incyte by 3.7% in the first quarter. IFM Investors Pty Ltd now owns 33,006 shares of the biopharmaceutical company's stock worth $1,999,000 after purchasing an additional 1,169 shares during the period. 96.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

INCY has been the topic of several research reports. BMO Capital Markets reaffirmed an "underperform" rating and issued a $60.00 price objective (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Bank of America raised their price objective on shares of Incyte from $90.00 to $104.00 and gave the company a "buy" rating in a research note on Thursday, September 4th. UBS Group reiterated a "neutral" rating and issued a $68.00 price target (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Barclays assumed coverage on shares of Incyte in a report on Friday, August 1st. They set an "overweight" rating and a $90.00 price target on the stock. Finally, Wells Fargo & Company upgraded 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 research report on Wednesday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $82.53.

Incyte Stock Performance

Shares of Incyte stock traded up $0.76 during trading hours on Tuesday, hitting $83.90. 1,691,410 shares of the company were exchanged, compared to its average volume of 1,859,771. The business has a 50-day moving average of $78.86 and a 200-day moving average of $69.12. The stock has a market capitalization of $16.38 billion, a price-to-earnings ratio of 19.07, a P/E/G ratio of 0.65 and a beta of 0.75. 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 1 year low of $53.56 and a 1 year high of $87.99.

Insiders Place Their Bets

In other news, EVP Barry P. Flannelly sold 1,192 shares of Incyte stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $83,273.12. Following the completion of the transaction, the executive vice president owned 37,630 shares in the company, valued at approximately $2,628,831.80. This trade represents a 3.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Steven H. Stein sold 3,706 shares of the business's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $67.94, for a total value of $251,785.64. Following the transaction, the executive vice president 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 disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock valued at $3,836,196 over the last 90 days. 17.80% of the stock is owned by company insiders.

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.