LGT Fund Management Co Ltd. Purchases Shares of 52,200 Incyte Corporation $INCY

LGT Fund Management Co Ltd. purchased a new stake in shares of Incyte Corporation (NASDAQ:INCY) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 52,200 shares of the biopharmaceutical company’s stock, valued at approximately $3,555,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC lifted its position 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 in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in shares of Incyte by 71.5% during the second quarter. Robeco Institutional Asset Management B.V. now owns 2,386,311 shares of the biopharmaceutical company’s stock worth $162,508,000 after purchasing an additional 995,204 shares in the last quarter. Acadian Asset Management LLC lifted its position 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 in the last quarter. Victory Capital Management Inc. lifted its position in shares of Incyte by 581.3% during the first quarter. Victory Capital Management Inc. now owns 813,140 shares of the biopharmaceutical company’s stock worth $49,236,000 after purchasing an additional 693,782 shares in the last quarter. Finally, Jupiter Asset Management Ltd. lifted its position in shares of Incyte by 469.9% during the first quarter. Jupiter Asset Management Ltd. now owns 829,764 shares of the biopharmaceutical company’s stock worth $50,242,000 after purchasing an additional 684,171 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Stock Up 0.7%

Shares of NASDAQ:INCY opened at $86.85 on Friday. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $83.27 and a 200 day simple moving average of $70.74. The firm has a market cap of $16.96 billion, a PE ratio of 19.74, a price-to-earnings-growth ratio of 0.67 and a beta of 0.73. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $88.66.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Steven H. Stein sold 3,706 shares of the business’s stock in a transaction 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 in the company, valued at $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 Securities & Exchange Commission, which is available at this link. Also, EVP Barry P. Flannelly sold 1,192 shares of the business’s 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 sale, the executive vice president owned 37,630 shares of the company’s stock, valued at approximately $2,628,831.80. The trade was a 3.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,257 shares of company stock worth $2,487,927 over the last 90 days. Insiders own 17.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on INCY. Bank of America boosted their target price on shares of Incyte from $90.00 to $104.00 and gave the stock a “buy” rating in a research report on Thursday, September 4th. Wells Fargo & Company raised shares of Incyte from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $67.00 to $89.00 in a research report on Wednesday, August 6th. 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 report on Wednesday, July 30th. UBS Group reissued a “neutral” rating and set a $68.00 target price (up from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Finally, Wall Street Zen raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Friday. Six analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $83.64.

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.