MBB Public Markets I LLC Buys New Position in Incyte Corporation $INCY

Key Points

• MBB Public Markets I LLC made a new investment in Incyte Corporation, acquiring 5,260 shares valued at approximately $318,000.
• Incyte stock has a market capitalization of $16.72 billion and recent trading saw a price decrease of 1.1%, with shares opening at $85.60.
• Analysts have mixed ratings on Incyte, with seven giving a "Buy" rating and a consensus price target of $82.53.

MBB Public Markets I LLC acquired a new position in Incyte Corporation (NASDAQ:INCY - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,260 shares of the biopharmaceutical company's stock, valued at approximately $318,000.

Several other large investors have also made changes to their positions in INCY. Banque Transatlantique SA acquired a new position in shares of Incyte during the 1st quarter worth approximately $26,000. Raiffeisen Bank International AG acquired a new position in shares of Incyte during the 4th quarter worth approximately $34,000. SVB Wealth LLC acquired a new position in shares of Incyte during the 1st quarter worth approximately $39,000. WPG Advisers LLC acquired a new position in shares of Incyte during the 1st quarter worth approximately $47,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of Incyte by 161.2% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company's stock worth $52,000 after buying an additional 527 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Barry P. Flannelly sold 10,903 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 $743,039.45. Following the completion of the transaction, the executive vice president directly owned 39,744 shares in the company, valued at approximately $2,708,553.60. This represents a 21.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Steven H. Stein sold 14,952 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $68.47, for a total value of $1,023,763.44. Following the transaction, the executive vice president owned 97,466 shares of the company's stock, valued at approximately $6,673,497.02. This represents a 13.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts recently commented on the company. UBS Group reissued a "neutral" rating and issued a $68.00 price objective (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Royal Bank Of Canada increased their price objective on Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 30th. Truist Financial increased their price objective on Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. Bank of America increased their price objective on Incyte from $90.00 to $104.00 and gave the company a "buy" rating in a research note on Thursday, September 4th. Finally, Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and increased their price objective for the company from $75.00 to $107.00 in a research note on Monday, June 16th. Seven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $82.53.

Incyte Trading Down 3.6%

Shares of NASDAQ INCY traded down $3.07 during mid-day trading on Friday, reaching $83.10. 1,774,982 shares of the company's stock were exchanged, compared to its average volume of 1,594,050. The firm has a market capitalization of $16.23 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 0.68 and a beta of 0.75. 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 52-week low of $53.56 and a 52-week high of $87.99. The company's 50-day moving average is $78.54 and its 200-day moving average is $69.12.

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.