Incyte Corporation $INCY Shares Acquired by Korea Investment CORP

Key Points

• Korea Investment CORP has increased its holdings in Incyte Corporation by 119.4% to own 151,026 shares, valued at approximately $9.15 million.
• Incyte's stock performance shows a current market cap of $16.61 billion, with a P/E ratio of 19.33 and a 52-week trading range of $53.56 to $87.24.
• Recent analyst ratings for Incyte indicate a consensus rating of "Hold" with an average price target of $81.60, reflecting growing interest from institutional investors.

Korea Investment CORP increased its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 119.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 151,026 shares of the biopharmaceutical company's stock after purchasing an additional 82,200 shares during the period. Korea Investment CORP owned approximately 0.08% of Incyte worth $9,145,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in INCY. Raymond James Financial Inc. purchased a new position in shares of Incyte during the 4th quarter worth about $3,623,000. Mariner LLC boosted its stake in shares of Incyte by 19.5% during the 4th quarter. Mariner LLC now owns 12,213 shares of the biopharmaceutical company's stock worth $843,000 after purchasing an additional 1,993 shares during the period. MetLife Investment Management LLC boosted its position in Incyte by 1.8% in the 4th quarter. MetLife Investment Management LLC now owns 42,718 shares of the biopharmaceutical company's stock valued at $2,951,000 after buying an additional 745 shares during the period. Tower Research Capital LLC TRC boosted its position in Incyte by 247.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 14,150 shares of the biopharmaceutical company's stock valued at $977,000 after buying an additional 10,080 shares during the period. Finally, State of Tennessee Department of Treasury boosted its position in Incyte by 47.9% in the 4th quarter. State of Tennessee Department of Treasury now owns 61,199 shares of the biopharmaceutical company's stock valued at $4,227,000 after buying an additional 19,818 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Stock Up 0.8%

Shares of NASDAQ INCY traded up $0.67 during trading hours on Wednesday, hitting $84.67. 642,521 shares of the stock were exchanged, compared to its average volume of 1,867,549. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The company has a market cap of $16.53 billion, a PE ratio of 19.25, a PEG ratio of 0.67 and a beta of 0.71. The firm has a fifty day moving average price of $74.13 and a 200-day moving average price of $67.78. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $87.24.

Wall Street Analyst Weigh In

INCY has been the subject of several research reports. Wall Street Zen raised shares of Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. boosted their price objective on shares of Incyte from $67.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday, August 22nd. Barclays started coverage on shares of Incyte in a research report on Friday, August 1st. They issued an "overweight" rating and a $90.00 price objective for the company. Citigroup boosted their price target on shares of Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Finally, BMO Capital Markets restated an "underperform" rating and issued a $60.00 price target (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $81.60.

Insider Activity

In related news, EVP Barry P. Flannelly sold 10,903 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total transaction of $743,039.45. Following the completion of the transaction, the executive vice president owned 39,744 shares in the company, valued at $2,708,553.60. The trade was a 21.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Sheila A. Denton sold 599 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. This trade represents a 2.21% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,098 shares of company stock worth $3,836,196. Insiders own 17.80% of the company's stock.

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.