Kovitz Investment Group Partners LLC Increases Stake in Incyte Corporation $INCY

Key Points

• Kovitz Investment Group Partners LLC significantly increased its stake in Incyte Corporation by 367.1% in the first quarter, now holding 20,617 shares valued at approximately $1.25 million.
• Several other institutional investors have also adjusted their positions, with a notable ownership of 96.97% of the company by hedge funds and institutional investors.
• Analysts have established a range of price targets for Incyte's stock, with Citigroup setting a target at $103.00 while most analysts maintain an average rating of "Hold".

Kovitz Investment Group Partners LLC boosted its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 367.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,617 shares of the biopharmaceutical company's stock after acquiring an additional 16,203 shares during the period. Kovitz Investment Group Partners LLC's holdings in Incyte were worth $1,248,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in Incyte by 0.7% in the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock worth $12,954,000 after acquiring an additional 1,419 shares during the period. Amalgamated Bank raised its position in Incyte by 1.9% in the first quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock worth $1,910,000 after acquiring an additional 591 shares during the period. Asset Management One Co. Ltd. raised its position in Incyte by 0.8% in the first quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock worth $5,451,000 after acquiring an additional 747 shares during the period. Farther Finance Advisors LLC raised its position in shares of Incyte by 474.1% in the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock valued at $94,000 after purchasing an additional 1,280 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Incyte by 10.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,026 shares of the biopharmaceutical company's stock valued at $1,577,000 after buying an additional 2,559 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

Analyst Ratings Changes

INCY has been the topic of a number of recent research reports. Citigroup upped their price target on shares of Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Wells Fargo & Company upgraded shares of Incyte from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $67.00 to $89.00 in a research note on Wednesday, August 6th. BMO Capital Markets restated an "underperform" rating and set a $60.00 price target (up from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Finally, Barclays initiated coverage on shares of Incyte in a research note on Friday, August 1st. They set an "overweight" rating and a $90.00 price target on the stock. Seven research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $81.60.

Insider Activity at Incyte

In other news, EVP Sheila A. Denton sold 599 shares of the stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the transaction, the executive vice president owned 26,504 shares of the company's stock, valued at $1,818,439.44. This represents a 2.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Vijay K. Iyengar sold 8,617 shares of the stock in a transaction on Thursday, July 3rd. The stock was 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 directly owned 37,701 shares in the company, valued at $2,569,323.15. The trade was a 18.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,098 shares of company stock worth $3,836,196 over the last quarter. 17.80% of the stock is currently owned by corporate insiders.

Incyte Price Performance

Incyte stock traded down $1.49 during midday trading on Friday, reaching $85.04. 1,475,760 shares of the stock were exchanged, compared to its average volume of 1,947,514. The company's fifty day moving average is $73.56 and its 200-day moving average is $67.64. 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 firm has a market cap of $16.61 billion, a PE ratio of 19.33, a PEG ratio of 0.67 and a beta of 0.71. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $87.24.

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.