Jupiter Asset Management Ltd. Increases Stock Position in Incyte Corporation (NASDAQ:INCY)

Key Points

• Jupiter Asset Management Ltd. increased its stake in Incyte Corporation by 469.9% in the first quarter, owning approximately 829,764 shares worth $50.24 million.
• Insiders at Incyte have sold a total of 56,098 shares worth over $3.8 million in recent transactions, indicating potential fluctuations in insider confidence.
• Analysts have varying perspectives on Incyte, with target prices ranging from $67.00 to $107.00, reflecting a mix of ratings from sell to strong buy.

Jupiter Asset Management Ltd. lifted its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 469.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 829,764 shares of the biopharmaceutical company's stock after buying an additional 684,171 shares during the quarter. Jupiter Asset Management Ltd. owned about 0.43% of Incyte worth $50,242,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Raiffeisen Bank International AG purchased a new position in Incyte during the fourth quarter valued at approximately $34,000. NBC Securities Inc. grew its stake in 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 raised its stake in Incyte by 40.7% in the fourth quarter. Huntington National Bank now owns 934 shares of the biopharmaceutical company's stock valued at $65,000 after purchasing an additional 270 shares in the last quarter. Intact Investment Management Inc. purchased a new position in Incyte in the 1st quarter worth approximately $73,000. Finally, Farther Finance Advisors LLC grew its stake in Incyte by 474.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock worth $94,000 after buying an additional 1,280 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Incyte news, EVP Barry P. Flannelly sold 1,192 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $83,273.12. Following the transaction, the executive vice president owned 37,630 shares in the company, valued at approximately $2,628,831.80. This represents a 3.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Steven H. Stein sold 3,706 shares of the company's stock in a transaction that occurred 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 in the company, 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. In the last quarter, insiders have sold 56,098 shares of company stock worth $3,836,196. Corporate insiders own 17.80% of the company's stock.

Incyte Trading Up 0.9%

NASDAQ INCY opened at $75.59 on Friday. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $83.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.00 and a current ratio of 2.85. The stock has a 50 day simple moving average of $68.95 and a two-hundred day simple moving average of $66.71. The stock has a market cap of $14.76 billion, a P/E ratio of 17.18, a price-to-earnings-growth ratio of 0.62 and a beta of 0.71.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.15. Incyte had a return on equity of 21.99% and a net margin of 18.99%. The business had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $996.17 million. During the same quarter last year, the business posted $0.64 EPS. The business's revenue was up 19.5% on a year-over-year basis. On average, analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current year.

Analysts Set New Price Targets

INCY has been the subject of a number of research reports. JPMorgan Chase & Co. cut their price target on shares of Incyte from $68.00 to $67.00 and set a "neutral" rating for the company in a research note on Monday, July 14th. Truist Financial boosted their target price on Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research report on Wednesday. UBS Group reaffirmed a "neutral" rating and issued a $68.00 target price (up previously from $62.00) on shares of Incyte in a research note on Wednesday. Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and upped their target price for the stock from $75.00 to $107.00 in a research note on Monday, June 16th. Finally, Royal Bank Of Canada upped their target price on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price 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.

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