TD Asset Management Inc Boosts Stock Position in Incyte Corporation (NASDAQ:INCY)

Key Points

• TD Asset Management Inc increased its stake in Incyte Corporation by 3.9%, acquiring a total of 143,468 shares valued at approximately $8.7 million.
• Incyte reported a strong quarterly earnings performance with a $1.16 EPS, surpassing analysts' expectations of $1.01 and achieving a 19.5% year-over-year revenue increase.
• Analysts have varying price targets for Incyte, with Citigroup raising their target to $103.00 and BMO Capital Markets maintaining an "underperform" rating at a target of $60.00.

TD Asset Management Inc grew its position in Incyte Corporation (NASDAQ:INCY - Free Report) by 3.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 143,468 shares of the biopharmaceutical company's stock after acquiring an additional 5,343 shares during the quarter. TD Asset Management Inc owned about 0.07% of Incyte worth $8,687,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of INCY. Geode Capital Management LLC raised its stake in shares of Incyte by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 4,040,086 shares of the biopharmaceutical company's stock worth $278,346,000 after purchasing an additional 103,910 shares during the last quarter. AQR Capital Management LLC raised its position in Incyte by 29.7% in the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock worth $241,519,000 after acquiring an additional 801,090 shares in the last quarter. LSV Asset Management raised its position in Incyte by 18.6% in the fourth quarter. LSV Asset Management now owns 3,467,490 shares of the biopharmaceutical company's stock worth $239,500,000 after acquiring an additional 544,080 shares in the last quarter. Bellevue Group AG raised its position in Incyte by 0.3% in the fourth quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company's stock worth $149,017,000 after acquiring an additional 6,927 shares in the last quarter. Finally, Northern Trust Corp raised its position in Incyte by 9.7% in the fourth quarter. Northern Trust Corp now owns 1,696,123 shares of the biopharmaceutical company's stock worth $117,151,000 after acquiring an additional 150,672 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on INCY shares. Barclays started coverage on Incyte in a research report on Friday. They issued an "overweight" rating and a $90.00 price objective for the company. Citigroup increased their price objective on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a research report on Wednesday. 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 report on Wednesday. Stifel Nicolaus upgraded Incyte from a "hold" rating to a "buy" rating and raised their price target for the company from $75.00 to $107.00 in a research report on Monday, June 16th. Finally, Royal Bank Of Canada raised their price target on Incyte from $68.00 to $72.00 and gave the company a "sector perform" rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Incyte has a consensus rating of "Hold" and an average price target of $79.73.

Incyte Trading Up 0.9%

Shares of NASDAQ INCY traded up $0.70 during midday trading on Friday, hitting $75.59. The stock had a trading volume of 1,583,946 shares, compared to its average volume of 1,597,725. The company has a market capitalization of $14.76 billion, a price-to-earnings ratio of 17.18, a PEG ratio of 0.63 and a beta of 0.71. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $83.95. The company has a quick ratio of 2.00, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The company has a fifty day moving average price of $68.95 and a 200 day moving average price of $66.67.

Insider Transactions at Incyte

In other news, EVP Sheila A. Denton sold 599 shares of Incyte 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 transaction, the executive vice president directly owned 26,504 shares of the company's stock, valued at $1,818,439.44. The trade was a 2.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Steven H. Stein sold 14,952 shares of the business's stock in a transaction that occurred on 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 directly owned 97,466 shares in the company, valued at $6,673,497.02. This trade represents a 13.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is currently owned by company 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.