HB Wealth Management LLC Makes New Investment in Incyte Corporation $INCY

HB Wealth Management LLC purchased a new position in Incyte Corporation (NASDAQ:INCY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,033 shares of the biopharmaceutical company’s stock, valued at approximately $207,000.

Other hedge funds have also modified their holdings of the company. Banque Transatlantique SA bought a new position in shares of Incyte in the first quarter worth approximately $26,000. SVB Wealth LLC bought a new position in shares of Incyte in the first quarter worth approximately $39,000. Geneos Wealth Management Inc. boosted its position in shares of Incyte by 350.0% during the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock worth $46,000 after acquiring an additional 588 shares during the last quarter. WPG Advisers LLC purchased a new position in Incyte during the first quarter valued at $47,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in Incyte by 161.2% during the first quarter. Caitong International Asset Management Co. Ltd now owns 854 shares of the biopharmaceutical company’s stock valued at $52,000 after acquiring an additional 527 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Price Performance

Incyte stock opened at $87.17 on Wednesday. The firm has a market capitalization of $17.02 billion, a PE ratio of 19.81, a price-to-earnings-growth ratio of 0.68 and a beta of 0.73. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $88.66. The firm has a 50-day moving average price of $83.80 and a 200-day moving average price of $71.17.

Insider Activity

In other news, EVP Barry P. Flannelly sold 1,192 shares of Incyte stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 1,177 shares of Incyte stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $82,225.22. Following the sale, the executive vice president directly owned 35,929 shares of the company’s stock, valued at $2,509,999.94. This represents a 3.17% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,257 shares of company stock valued at $2,487,927. Corporate insiders own 17.80% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on INCY shares. Truist Financial raised their target price 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. Royal Bank Of Canada raised their target price on shares of Incyte from $72.00 to $81.00 and gave the company a “sector perform” rating in a research note on Wednesday, September 24th. Wells Fargo & Company raised shares of Incyte from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $67.00 to $89.00 in a research note on Wednesday, August 6th. Citigroup raised their target price on shares of Incyte from $88.00 to $103.00 and gave the company a “buy” rating in a research note on Wednesday, July 30th. Finally, Stifel Nicolaus raised their target price on shares of Incyte from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Six investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Incyte currently has an average rating of “Hold” and an average 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.