Perpetual Ltd Purchases New Position in Incyte Corporation $INCY

Key Points

• Perpetual Ltd has acquired a new stake in Incyte Corporation, purchasing 22,108 shares valued at approximately $1.5 million during the second quarter.
• Institutional ownership of Incyte is significant, with 96.97% of the stock held by institutional investors, indicating strong confidence in the company's future.
• Recent analyst reports show mixed views on Incyte, with one firm raising its price target to $103 while another downgraded its rating to "buy," reflecting variability in market sentiment.

Perpetual Ltd acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 22,108 shares of the biopharmaceutical company's stock, valued at approximately $1,506,000.

A number of other hedge funds also recently made changes to their positions in INCY. AQR Capital Management LLC raised its stake in shares of Incyte by 92.3% during the first quarter. AQR Capital Management LLC now owns 6,736,169 shares of the biopharmaceutical company's stock valued at $405,787,000 after purchasing an additional 3,233,356 shares during the period. Acadian Asset Management LLC raised its stake in shares of Incyte by 65.6% during the first quarter. Acadian Asset Management LLC now owns 2,511,872 shares of the biopharmaceutical company's stock valued at $152,062,000 after purchasing an additional 994,609 shares during the period. Victory Capital Management Inc. raised its stake in shares of Incyte by 581.3% during the first quarter. Victory Capital Management Inc. now owns 813,140 shares of the biopharmaceutical company's stock valued at $49,236,000 after purchasing an additional 693,782 shares during the period. Jupiter Asset Management Ltd. raised its stake in shares of Incyte by 469.9% during the first quarter. Jupiter Asset Management Ltd. now owns 829,764 shares of the biopharmaceutical company's stock valued at $50,242,000 after purchasing an additional 684,171 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of Incyte by 56.8% during the first quarter. Jacobs Levy Equity Management Inc. now owns 1,398,143 shares of the biopharmaceutical company's stock valued at $84,658,000 after purchasing an additional 506,484 shares during the period. Hedge funds and other institutional investors own 96.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Citigroup lifted their price objective on shares of Incyte from $88.00 to $103.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. BMO Capital Markets restated an "underperform" rating and issued a $60.00 price target (up previously from $52.00) on shares of Incyte in a research note on Wednesday, July 30th. Guggenheim restated a "neutral" rating on shares of Incyte in a research note on Friday. Royal Bank Of Canada lifted their price target on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 30th. Finally, Truist Financial lifted their price target on shares of Incyte from $73.00 to $79.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $83.07.

Insiders Place Their Bets

In other news, EVP Steven H. Stein sold 14,952 shares of the company's stock in a transaction dated 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 in the company, valued at $6,673,497.02. This represents a 13.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Sheila A. Denton sold 599 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the transaction, the executive vice president owned 26,504 shares in the company, valued at $1,818,439.44. This represents a 2.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,376 shares of company stock worth $3,859,312 over the last quarter. Company insiders own 17.80% of the company's stock.

Incyte Stock Performance

Shares of INCY traded up $0.21 during midday trading on Tuesday, hitting $84.94. 454,171 shares of the stock traded hands, compared to its average volume of 1,865,098. The firm has a market capitalization of $16.59 billion, a PE ratio of 19.32, a price-to-earnings-growth ratio of 0.68 and a beta of 0.75. The business's 50 day moving average price is $80.47 and its two-hundred day moving average price is $69.65. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $87.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85.

About Incyte

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.