34,082 Shares in Incyte Corporation $INCY Acquired by Strs Ohio

Key Points

• Strs Ohio has acquired a new stake in Incyte Corporation, purchasing 34,082 shares valued at approximately $2,064,000 in the first quarter of 2023.
• Incyte's stock is currently trading at $83.14, with a market cap of $16.24 billion and a P/E ratio of 18.90.
• Recent analyst ratings saw Royal Bank Of Canada and Wells Fargo & Company increasing their price targets for Incyte, reflecting growing confidence in the stock's potential.

Strs Ohio purchased a new position in Incyte Corporation (NASDAQ:INCY - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 34,082 shares of the biopharmaceutical company's stock, valued at approximately $2,064,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Incyte by 2.1% in the first quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company's stock valued at $1,210,868,000 after purchasing an additional 417,346 shares during the last quarter. AQR Capital Management LLC increased its stake in Incyte by 92.3% in 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 last quarter. LSV Asset Management increased its stake in Incyte by 4.9% in the first quarter. LSV Asset Management now owns 3,637,974 shares of the biopharmaceutical company's stock valued at $220,279,000 after purchasing an additional 170,484 shares during the last quarter. Invesco Ltd. increased its stake in Incyte by 4.0% in the first quarter. Invesco Ltd. now owns 3,168,750 shares of the biopharmaceutical company's stock valued at $191,868,000 after purchasing an additional 120,543 shares during the last quarter. Finally, Acadian Asset Management LLC increased its stake in Incyte by 65.6% in 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 last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Stock Up 0.6%

NASDAQ INCY traded up $0.53 on Friday, hitting $86.53. 5,483,759 shares of the stock traded hands, compared to its average volume of 1,593,872. The stock has a 50-day moving average of $80.18 and a 200 day moving average of $69.56. Incyte Corporation has a twelve month low of $53.56 and a twelve month high of $87.99. The company has a market capitalization of $16.90 billion, a P/E ratio of 19.67, a price-to-earnings-growth ratio of 0.67 and a beta of 0.75. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Wells Fargo & Company raised Incyte from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $67.00 to $89.00 in a research report on Wednesday, August 6th. Barclays assumed coverage on Incyte in a research report on Friday, August 1st. They set an "overweight" rating and a $90.00 price target for the company. Royal Bank Of Canada upped their target price on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 30th. Wall Street Zen downgraded Incyte from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 13th. Finally, BMO Capital Markets reaffirmed an "underperform" rating and issued a $60.00 target price (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $82.53.

Insider Transactions at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 1,177 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $82,225.22. Following the sale, the executive vice president owned 35,929 shares in the company, valued at $2,509,999.94. This represents a 3.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Steven H. Stein sold 3,706 shares of the stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $67.94, for a total value of $251,785.64. Following the sale, the executive vice president owned 102,886 shares in the company, valued at $6,990,074.84. The trade was a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,376 shares of company stock worth $3,859,312. 17.80% of the stock is owned by corporate insiders.

Incyte 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.