Perbak Capital Partners LLP Makes New Investment in Incyte Corporation $INCY

Key Points

• Perbak Capital Partners LLP purchased a new position in Incyte Corporation for approximately $202,000, acquiring 3,339 shares in the first quarter.
• A substantial majority of Incyte's shares, roughly 96.97%, are owned by institutional investors and hedge funds, indicating strong institutional interest in the company.
• Multiple analysts have revised their price targets for Incyte, with Citigroup raising theirs to $103.00 and Wells Fargo upgrading the stock to "overweight" with a price target of $89.00.

Perbak Capital Partners LLP bought a new stake in Incyte Corporation (NASDAQ:INCY - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 3,339 shares of the biopharmaceutical company's stock, valued at approximately $202,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Stifel Financial Corp grew its holdings in shares of Incyte by 7.9% during the 4th quarter. Stifel Financial Corp now owns 10,176 shares of the biopharmaceutical company's stock valued at $703,000 after purchasing an additional 745 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of Incyte by 131.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 7,624 shares of the biopharmaceutical company's stock valued at $527,000 after purchasing an additional 4,329 shares during the last quarter. Algert Global LLC bought a new stake in shares of Incyte during the 4th quarter valued at approximately $3,194,000. Captrust Financial Advisors grew its holdings in shares of Incyte by 248.7% during the 4th quarter. Captrust Financial Advisors now owns 20,166 shares of the biopharmaceutical company's stock valued at $1,393,000 after purchasing an additional 14,382 shares during the last quarter. Finally, Brevan Howard Capital Management LP grew its holdings in shares of Incyte by 43.9% during the 4th quarter. Brevan Howard Capital Management LP now owns 52,953 shares of the biopharmaceutical company's stock valued at $3,657,000 after purchasing an additional 16,164 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on INCY. UBS Group reaffirmed a "neutral" rating and set a $68.00 price target (up from $62.00) on shares of Incyte in a report on Wednesday, July 30th. Citigroup boosted their target price on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. boosted their target price on shares of Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, August 22nd. Royal Bank Of Canada boosted their target price on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Finally, Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and boosted their target price for the stock from $75.00 to $107.00 in a report on Monday, June 16th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $82.53.

Incyte Stock Down 0.4%

INCY traded down $0.31 during trading on Monday, hitting $86.34. 338,492 shares of the company's stock were exchanged, compared to its average volume of 1,857,224. 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 business's 50 day moving average is $76.83 and its two-hundred day moving average is $68.64. Incyte Corporation has a fifty-two week low of $53.56 and a fifty-two week high of $87.99. The stock has a market cap of $16.86 billion, a P/E ratio of 19.62, a PEG ratio of 0.68 and a beta of 0.75.

Insider Activity

In related news, EVP Barry P. Flannelly sold 1,192 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $83,273.12. Following the completion of the transaction, the executive vice president owned 37,630 shares in the company, valued at approximately $2,628,831.80. This represents a 3.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Vijay K. Iyengar sold 1,177 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $82,225.22. Following the transaction, the executive vice president owned 35,929 shares of the company's stock, valued at approximately $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 three months, insiders have sold 56,098 shares of company stock worth $3,836,196. Company insiders own 17.80% of the company's stock.

Incyte Company 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.