Incyte Corporation (NASDAQ:INCY) Shares Acquired by National Bank of Canada FI

Key Points

• National Bank of Canada FI increased its stake in Incyte Corporation by 61.8% during the first quarter, acquiring an additional 46,294 shares for a total of 121,210 shares worth approximately $7.34 million.
• Several other institutional investors, including Citigroup and Mitsubishi UFJ Asset Management, also raised their holdings in Incyte, contributing to a total institutional ownership of 96.97%.
• Incyte's stock recently traded at about $81.61, reflecting a 3.1% increase, with analysts holding an average rating of "Hold" and a consensus target price of $81.20.

National Bank of Canada FI boosted its holdings in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 61.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 121,210 shares of the biopharmaceutical company's stock after acquiring an additional 46,294 shares during the period. National Bank of Canada FI owned about 0.06% of Incyte worth $7,339,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Citigroup Inc. raised its position in shares of Incyte by 24.0% in the first quarter. Citigroup Inc. now owns 354,943 shares of the biopharmaceutical company's stock valued at $21,492,000 after buying an additional 68,678 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Incyte by 9.9% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 273,418 shares of the biopharmaceutical company's stock valued at $16,555,000 after buying an additional 24,543 shares during the last quarter. Ontario Teachers Pension Plan Board raised its position in shares of Incyte by 429.5% in the first quarter. Ontario Teachers Pension Plan Board now owns 68,915 shares of the biopharmaceutical company's stock valued at $4,173,000 after buying an additional 55,899 shares during the last quarter. Deutsche Bank AG raised its position in shares of Incyte by 9.4% in the first quarter. Deutsche Bank AG now owns 1,286,529 shares of the biopharmaceutical company's stock valued at $77,899,000 after buying an additional 110,392 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Incyte by 2.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,682,029 shares of the biopharmaceutical company's stock valued at $101,847,000 after buying an additional 38,962 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Stock Up 0.9%

Shares of INCY stock traded up $0.76 on Friday, hitting $86.92. The stock had a trading volume of 1,883,502 shares, compared to its average volume of 1,899,944. The firm has a market capitalization of $16.97 billion, a price-to-earnings ratio of 19.75, a P/E/G ratio of 0.68 and a beta of 0.71. The stock's 50 day moving average is $71.91 and its 200-day moving average is $67.29. 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 $87.06.

Insider Activity at Incyte

In other Incyte news, EVP Steven H. Stein sold 14,952 shares of the stock in a transaction on Monday, July 14th. The shares were sold at an average price of $68.47, for a total transaction of $1,023,763.44. Following the transaction, the executive vice president directly owned 97,466 shares in the company, valued at $6,673,497.02. This represents a 13.30% 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 firm's stock in a transaction dated 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over 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 insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Truist Financial boosted their price objective on shares of Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and upped their price target for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. UBS Group reaffirmed a "neutral" rating and set a $68.00 price target (up previously from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Barclays initiated coverage on shares of Incyte in a research report on Friday, August 1st. They set an "overweight" rating and a $90.00 price target for the company. Finally, BMO Capital Markets reaffirmed an "underperform" rating and set a $60.00 price target (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $81.20.

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.