Quantbot Technologies LP Raises Stock Position in Incyte Corporation $INCY

Key Points

• Quantbot Technologies LP increased its holdings in Incyte Corporation by acquiring an additional 9,044 shares, raising its investment to a total of 9,120 shares valued at approximately $552,000.
• Multiple institutional investors have modified their stakes in Incyte, with 96.97% of the company's stock now owned by such investors, indicating strong institutional confidence.
• Incyte's stock has faced analyst scrutiny, with ratings varying from buy to underperform, and an average target price set at $81.60.

Quantbot Technologies LP raised its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 11,900.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,120 shares of the biopharmaceutical company's stock after purchasing an additional 9,044 shares during the quarter. Quantbot Technologies LP's holdings in Incyte were worth $552,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nissay Asset Management Corp Japan ADV raised its position in Incyte by 0.7% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 20,371 shares of the biopharmaceutical company's stock worth $1,410,000 after purchasing an additional 150 shares during the period. Blackhawk Capital Partners LLC. grew its stake in Incyte by 4.4% in the 1st quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company's stock worth $250,000 after acquiring an additional 175 shares in the last quarter. Fifth Third Bancorp grew its stake in Incyte by 2.0% in the 1st quarter. Fifth Third Bancorp now owns 9,103 shares of the biopharmaceutical company's stock worth $551,000 after acquiring an additional 179 shares in the last quarter. State of Michigan Retirement System grew its stake in Incyte by 0.5% in the 1st quarter. State of Michigan Retirement System now owns 43,559 shares of the biopharmaceutical company's stock worth $2,637,000 after acquiring an additional 200 shares in the last quarter. Finally, Sage Private Wealth Group LLC grew its stake in Incyte by 2.6% in the 1st quarter. Sage Private Wealth Group LLC now owns 8,898 shares of the biopharmaceutical company's stock worth $539,000 after acquiring an additional 226 shares in the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INCY has been the topic of a number of research analyst reports. Citigroup upped their target price on shares of Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research note on Wednesday, July 30th. Wells Fargo & Company upgraded shares of Incyte from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $67.00 to $89.00 in a research note on Wednesday, August 6th. UBS Group restated a "neutral" rating and issued a $68.00 target price (up from $62.00) on shares of Incyte in a research note on Wednesday, July 30th. Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Truist Financial increased their price objective on shares of Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $81.60.

Insider Activity

In other Incyte news, EVP Sheila A. Denton sold 599 shares of the firm's stock in a transaction that occurred on 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 sale, the executive vice president directly owned 26,504 shares in the company, valued at $1,818,439.44. This trade represents a 2.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Steven H. Stein sold 3,706 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $67.94, for a total transaction of $251,785.64. Following the completion of the sale, the executive vice president owned 102,886 shares of the company's stock, valued at approximately $6,990,074.84. This trade represents a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,098 shares of company stock valued at $3,836,196 in the last ninety days. 17.80% of the stock is currently owned by insiders.

Incyte Stock Down 1.3%

INCY traded down $1.14 during trading on Thursday, hitting $83.70. The stock had a trading volume of 1,011,550 shares, compared to its average volume of 1,799,798. The company has a market capitalization of $16.34 billion, a PE ratio of 19.02, a PEG ratio of 0.67 and a beta of 0.71. Incyte Corporation has a twelve month low of $53.56 and a twelve 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 simple moving average of $74.77 and a two-hundred day simple moving average of $68.00.

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.