Neuberger Berman Group LLC Takes Position in Incyte Corporation $INCY

Key Points

• Neuberger Berman Group LLC has made a new investment of approximately $587,000 in Incyte Corporation, acquiring 9,688 shares during the first quarter.
• Insider activity includes transactions by executives, with Barry P. Flannelly and Steven H. Stein selling shares recently, highlighting some decrease in their ownership stakes.
• Wall Street analysts have diverse views on Incyte's stock, with ratings ranging from "underperform" to "strong-buy", and a consensus price target of $81.20.

Neuberger Berman Group LLC bought a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,688 shares of the biopharmaceutical company's stock, valued at approximately $587,000.

Several other large investors have also modified their holdings of the business. Nissay Asset Management Corp Japan ADV boosted its position in shares of Incyte by 0.7% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company's stock valued at $1,410,000 after buying an additional 150 shares during the period. Blackhawk Capital Partners LLC. boosted its position in shares of Incyte by 4.4% during the first quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company's stock valued at $250,000 after buying an additional 175 shares during the period. Fifth Third Bancorp boosted its position in shares of Incyte by 2.0% during the first quarter. Fifth Third Bancorp now owns 9,103 shares of the biopharmaceutical company's stock valued at $551,000 after buying an additional 179 shares during the period. State of Michigan Retirement System boosted its position in shares of Incyte by 0.5% during the first quarter. State of Michigan Retirement System now owns 43,559 shares of the biopharmaceutical company's stock valued at $2,637,000 after buying an additional 200 shares during the period. Finally, Sage Private Wealth Group LLC boosted its position in shares of Incyte by 2.6% during the first quarter. Sage Private Wealth Group LLC now owns 8,898 shares of the biopharmaceutical company's stock valued at $539,000 after buying an additional 226 shares during the period. Hedge funds and other institutional investors own 96.97% of the company's stock.

Analyst Ratings Changes

INCY has been the subject of several recent analyst reports. Stifel Nicolaus upgraded Incyte from a "hold" rating to a "buy" rating and boosted their target price for the company from $75.00 to $107.00 in a research report on Monday, June 16th. Truist Financial boosted their price target on Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. BMO Capital Markets reiterated 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. Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Barclays started coverage on Incyte in a report on Friday, August 1st. They issued an "overweight" rating and a $90.00 price target for the company. Seven investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Incyte currently has a consensus rating of "Hold" and an average target price of $81.20.

Incyte Stock Up 0.5%

NASDAQ:INCY traded up $0.4260 during trading hours on Wednesday, reaching $85.8860. The company's stock had a trading volume of 725,283 shares, compared to its average volume of 1,875,689. The company has a market capitalization of $16.77 billion, a P/E ratio of 19.52, a price-to-earnings-growth ratio of 0.67 and a beta of 0.71. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $87.24. 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 stock has a 50 day moving average price of $72.52 and a two-hundred day moving average price of $67.40.

Insider Buying and Selling at Incyte

In other news, EVP Barry P. Flannelly sold 10,903 shares of the company's 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 transaction, the executive vice president directly owned 39,744 shares of the company's stock, valued at approximately $2,708,553.60. This represents a 21.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Steven H. Stein sold 14,952 shares of the company's 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 directly owned 97,466 shares in the company, valued at approximately $6,673,497.02. The trade was a 13.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 56,098 shares of company stock worth $3,836,196. 17.80% of the stock is currently owned by corporate insiders.

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.