Kodai Capital Management LP Invests $2.27 Million in Incyte Corporation $INCY

Key Points

• Kodai Capital Management LP acquired a new position in Incyte Corporation, investing approximately $2.27 million for 37,530 shares during the first quarter.
• Incyte Corporation's stock has recently been upgraded by multiple analysts, with price targets ranging from $68 to $107, reflecting an optimistic outlook for the company's performance.
• Currently, 96.97% of Incyte's stock is owned by institutional investors and hedge funds, indicating strong institutional interest in the company.

Kodai Capital Management LP bought a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 37,530 shares of the biopharmaceutical company's stock, valued at approximately $2,272,000.

A number of other large investors have also recently modified their holdings of the stock. Stifel Financial Corp boosted its stake in Incyte by 7.9% during the fourth quarter. Stifel Financial Corp now owns 10,176 shares of the biopharmaceutical company's stock worth $703,000 after acquiring an additional 745 shares in the last quarter. Kovitz Investment Group Partners LLC bought a new stake in Incyte during the fourth quarter worth about $305,000. The Manufacturers Life Insurance Company boosted its stake in Incyte by 11.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 184,871 shares of the biopharmaceutical company's stock worth $12,769,000 after acquiring an additional 19,334 shares in the last quarter. Northern Trust Corp boosted its stake in Incyte by 9.7% during the fourth quarter. Northern Trust Corp now owns 1,696,123 shares of the biopharmaceutical company's stock worth $117,151,000 after acquiring an additional 150,672 shares in the last quarter. Finally, Freestone Grove Partners LP bought a new stake in Incyte during the fourth quarter worth about $446,000. Institutional investors own 96.97% of the company's stock.

Insider Buying and Selling at Incyte

In related news, EVP Steven H. Stein sold 3,706 shares of the company's stock in a transaction on Monday, July 21st. The shares were 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the business's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the sale, the executive vice president owned 26,504 shares in the company, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,098 shares of company stock valued at $3,836,196 in the last ninety days. Corporate insiders own 17.80% of the company's stock.

Incyte Stock Performance

Shares of INCY traded up $1.37 during mid-day trading on Tuesday, hitting $85.98. 2,208,533 shares of the company traded hands, compared to its average volume of 1,866,354. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. The stock has a 50-day moving average price of $75.78 and a two-hundred day moving average price of $68.33. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $87.99. The stock has a market cap of $16.79 billion, a price-to-earnings ratio of 19.54, a P/E/G ratio of 0.66 and a beta of 0.75.

Analysts Set New Price Targets

Several equities research analysts recently commented on INCY shares. Truist Financial boosted their price objective on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Stifel Nicolaus upgraded shares of 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. JPMorgan Chase & Co. upped their target price on shares of Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a research note on Friday, August 22nd. 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, 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. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $81.60.

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.