LGT Fund Management Co Ltd. Buys Shares of 52,200 Incyte Corporation $INCY

Key Points

• LGT Fund Management Co Ltd. acquired 52,200 shares of Incyte Corporation, valued at approximately $3,555,000, in the second quarter, marking a significant investment in the biopharmaceutical company.
• Incyte has seen interest from several hedge funds, with Vanguard Group Inc. increasing its holdings by 2.1%, and AQR Capital Management significantly boosting its stake by 92.3% in the first quarter.
• Wall Street analysts have raised price targets for Incyte shares, with Bank of America increasing theirs to $104.00 and six analysts giving the stock a "Buy" rating, indicating positive market sentiment.

LGT Fund Management Co Ltd. bought a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 52,200 shares of the biopharmaceutical company's stock, valued at approximately $3,555,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Incyte by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company's stock valued at $1,210,868,000 after acquiring an additional 417,346 shares in the last quarter. AQR Capital Management LLC increased its holdings in Incyte by 92.3% during the 1st quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company's stock valued at $405,787,000 after acquiring an additional 3,233,356 shares in the last quarter. LSV Asset Management increased its holdings in Incyte by 4.9% during the 1st quarter. LSV Asset Management now owns 3,637,974 shares of the biopharmaceutical company's stock valued at $220,279,000 after acquiring an additional 170,484 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Incyte by 4.0% during the first quarter. Invesco Ltd. now owns 3,168,750 shares of the biopharmaceutical company's stock worth $191,868,000 after buying an additional 120,543 shares in the last quarter. Finally, Acadian Asset Management LLC grew its holdings 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 worth $152,062,000 after buying an additional 994,609 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

INCY has been the subject of a number of recent research reports. Bank of America lifted their price target on shares of Incyte from $90.00 to $104.00 and gave the stock a "buy" rating in a report on Thursday, September 4th. Royal Bank Of Canada lifted their price target on shares of Incyte from $72.00 to $81.00 and gave the stock a "sector perform" rating in a report on Wednesday, September 24th. Stifel Nicolaus lifted their price target on shares of Incyte from $110.00 to $115.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Barclays initiated coverage on shares of Incyte in a report on Friday, August 1st. They set an "overweight" rating and a $90.00 price target for the company. Finally, BMO Capital Markets reiterated an "underperform" rating and set a $60.00 price target (up from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Six equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $83.64.

Incyte Price Performance

INCY opened at $86.85 on Friday. The company's 50 day simple moving average is $83.27 and its 200 day simple moving average is $70.74. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $88.66. The stock has a market capitalization of $16.96 billion, a PE ratio of 19.74, a P/E/G ratio of 0.67 and a beta of 0.73.

Insider Buying and Selling

In related news, EVP Vijay K. Iyengar sold 1,177 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $82,225.22. Following the sale, the executive vice president directly owned 35,929 shares of the company's stock, valued at approximately $2,509,999.94. This trade represents a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Barry P. Flannelly sold 1,192 shares of Incyte stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $83,273.12. Following the transaction, the executive vice president directly owned 37,630 shares in the company, valued at approximately $2,628,831.80. This trade represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,257 shares of company stock valued at $2,487,927. 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.

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