Ontario Teachers Pension Plan Board Buys 55,899 Shares of Incyte Corporation (NASDAQ:INCY)

Key Points

• The Ontario Teachers Pension Plan Board increased its stake in Incyte Corporation by 429.5%, acquiring an additional 55,899 shares, bringing its total holdings to 68,915 shares valued at approximately $4.17 million.
• Multiple analyst upgrades have emerged for Incyte, with price targets raised by **Citigroup** to $103 and **Wells Fargo** to $89, reflecting a generally positive outlook despite varied ratings.
• Institutional investors hold a significant portion of Incyte's stock, with nearly 97% owned by such entities, indicating strong professional confidence in the company.

Ontario Teachers Pension Plan Board increased its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 429.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 68,915 shares of the biopharmaceutical company's stock after acquiring an additional 55,899 shares during the period. Ontario Teachers Pension Plan Board's holdings in Incyte were worth $4,173,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in INCY. LPL Financial LLC lifted its position in shares of Incyte by 21.7% in the 4th quarter. LPL Financial LLC now owns 27,543 shares of the biopharmaceutical company's stock worth $1,902,000 after acquiring an additional 4,916 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Incyte by 13.5% during the 4th quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company's stock worth $22,354,000 after buying an additional 38,550 shares during the period. O Shaughnessy Asset Management LLC lifted its position in shares of Incyte by 72.8% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 5,789 shares of the biopharmaceutical company's stock worth $400,000 after buying an additional 2,438 shares during the period. Wellington Management Group LLP lifted its position in shares of Incyte by 90.1% during the 4th quarter. Wellington Management Group LLP now owns 136,362 shares of the biopharmaceutical company's stock worth $9,419,000 after buying an additional 64,632 shares during the period. Finally, Prudential PLC bought a new position in shares of Incyte during the 4th quarter worth approximately $206,000. Institutional investors own 96.97% of the company's stock.

Wall Street Analyst Weigh In

INCY has been the subject of several analyst reports. Barclays initiated coverage on Incyte in a research report on Friday, August 1st. They set an "overweight" rating and a $90.00 target price for the company. Royal Bank Of Canada raised their target price on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 30th. Citigroup raised their price target on Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a report on Wednesday, July 30th. Truist Financial raised 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. Finally, Wall Street Zen raised Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $81.20.

Incyte Trading Up 0.5%

Shares of Incyte stock traded up $0.37 during trading on Monday, reaching $78.76. 481,527 shares of the company were exchanged, compared to its average volume of 1,866,367. The business has a 50-day moving average price of $70.23 and a 200-day moving average price of $66.82. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $15.38 billion, a price-to-earnings ratio of 17.88, a P/E/G ratio of 0.62 and a beta of 0.71. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $83.95.

Insider Transactions at Incyte

In related news, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total value of $41,097.39. Following the sale, the executive vice president owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vijay K. Iyengar sold 1,177 shares of the company'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 completion of the transaction, the executive vice president directly owned 35,929 shares in the company, valued at $2,509,999.94. The trade was a 3.17% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is currently owned by company 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.