Sivia Capital Partners LLC Grows Stake in Incyte Corporation $INCY

Key Points

• Sivia Capital Partners LLC increased its holdings in Incyte Corporation by 147.9%, acquiring an additional 7,206 shares, bringing its total to 12,077 shares valued at approximately $822,000.
• Several institutional investors have also boosted their positions in Incyte, with 96.97% of the stock now owned by institutional stakeholders.
• Analyst ratings for Incyte have seen positive changes, with Citigroup and Stifel Nicolaus raising their price targets and recommendations, contributing to a current average target price of $82.53.

Sivia Capital Partners LLC boosted its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 147.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,077 shares of the biopharmaceutical company's stock after acquiring an additional 7,206 shares during the quarter. Sivia Capital Partners LLC's holdings in Incyte were worth $822,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Krilogy Financial LLC increased its stake in Incyte by 61.2% in the second quarter. Krilogy Financial LLC now owns 17,883 shares of the biopharmaceutical company's stock valued at $1,218,000 after acquiring an additional 6,792 shares during the last quarter. Czech National Bank grew its stake in shares of Incyte by 6.4% during the second quarter. Czech National Bank now owns 39,271 shares of the biopharmaceutical company's stock worth $2,674,000 after buying an additional 2,378 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Incyte by 26.0% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,448 shares of the biopharmaceutical company's stock worth $99,000 after buying an additional 299 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Incyte by 8.9% during the second quarter. Parallel Advisors LLC now owns 4,832 shares of the biopharmaceutical company's stock worth $329,000 after buying an additional 393 shares during the last quarter. Finally, OMNI 360 Wealth Inc. bought a new stake in shares of Incyte during the second quarter worth $310,000. 96.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

INCY has been the topic of a number of research reports. 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 research note on Wednesday, July 30th. Truist Financial boosted their target price 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. UBS Group reaffirmed a "neutral" rating and set a $68.00 target price (up previously from $62.00) on shares of Incyte in a research note 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 research note on Wednesday, July 30th. Finally, Barclays initiated coverage on shares of Incyte in a research note on Friday, August 1st. They set an "overweight" rating and a $90.00 target price on the stock. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $82.53.

Incyte Stock Up 0.6%

INCY traded up $0.53 during midday trading on Friday, hitting $86.53. The company had a trading volume of 5,483,759 shares, compared to its average volume of 1,593,872. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $87.99. 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 company has a market capitalization of $16.90 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 0.68 and a beta of 0.75. The stock's 50 day moving average price is $80.18 and its 200 day moving average price is $69.56.

Insider Activity at Incyte

In other Incyte news, EVP Steven H. Stein sold 3,706 shares of Incyte stock in a transaction on Monday, July 21st. The shares were sold at an average price of $67.94, for a total value of $251,785.64. Following the completion of the sale, the executive vice president directly owned 102,886 shares of the company's stock, 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 document filed with the SEC, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 1,192 shares of Incyte stock in a transaction on 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 sale, the executive vice president directly owned 37,630 shares of the company's stock, valued at approximately $2,628,831.80. This trade represents a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,376 shares of company stock valued at $3,859,312. 17.80% of the stock is currently owned by company insiders.

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.