Poinciana Advisors Group LLC Makes New Investment in Incyte Corporation $INCY

Key Points

• Poinciana Advisors Group LLC has acquired a new position in Incyte Corporation, purchasing 3,364 shares valued at approximately $229,000.
• Institutional investors collectively own 96.97% of Incyte's stock, indicating significant interest from large investment firms.
• Incyte shares have a 52-week range from $53.56 to $87.99, with current trading around $83.89, reflecting a 1.4% increase.

Poinciana Advisors Group LLC acquired a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,364 shares of the biopharmaceutical company's stock, valued at approximately $229,000.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Incyte by 2.1% during the first quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company's stock worth $1,210,868,000 after purchasing an additional 417,346 shares during the last quarter. AQR Capital Management LLC grew its holdings 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 worth $405,787,000 after purchasing an additional 3,233,356 shares during the last quarter. LSV Asset Management grew its holdings in shares of Incyte by 4.9% during the first quarter. LSV Asset Management now owns 3,637,974 shares of the biopharmaceutical company's stock worth $220,279,000 after purchasing an additional 170,484 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Incyte by 4.0% during the first quarter. Invesco Ltd. now owns 3,168,750 shares of the biopharmaceutical company's stock worth $191,868,000 after purchasing an additional 120,543 shares during the last quarter. Finally, Acadian Asset Management LLC grew its holdings 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 worth $152,062,000 after purchasing an additional 994,609 shares during the last quarter. Institutional investors own 96.97% of the company's stock.

Wall Street Analyst Weigh In

INCY has been the topic of several research analyst reports. Guggenheim restated a "neutral" rating on shares of Incyte in a report on Friday, September 19th. Wall Street Zen cut Incyte from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 13th. Bank of America increased their target price on Incyte from $90.00 to $104.00 and gave the stock a "buy" rating in a report on Thursday, September 4th. 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, Royal Bank Of Canada raised their price target on Incyte from $72.00 to $81.00 and gave the company a "sector perform" rating in a report on Wednesday, September 24th. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $83.67.

Insiders Place Their Bets

In other Incyte news, EVP Steven H. Stein sold 3,706 shares of Incyte stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $67.94, for a total transaction of $251,785.64. Following the transaction, the executive vice president directly owned 102,886 shares in the company, valued at approximately $6,990,074.84. The trade was a 3.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Sheila A. Denton sold 599 shares of the 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 completion of the sale, the executive vice president owned 26,504 shares of the company's stock, valued at $1,818,439.44. This trade represents a 2.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,376 shares of company stock worth $3,859,312. 17.80% of the stock is owned by corporate insiders.

Incyte Stock Up 1.4%

Shares of NASDAQ INCY opened at $83.89 on Tuesday. Incyte Corporation has a 52-week low of $53.56 and a 52-week 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. The stock has a market cap of $16.38 billion, a P/E ratio of 19.07, a P/E/G ratio of 0.64 and a beta of 0.75. The firm has a 50 day moving average price of $81.98 and a 200 day moving average price of $70.17.

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.

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