27,071 Shares in Incyte Corporation $INCY Bought by Mediolanum International Funds Ltd

Mediolanum International Funds Ltd acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 27,071 shares of the biopharmaceutical company’s stock, valued at approximately $2,271,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Incyte by 0.7% in the second quarter. Vanguard Group Inc. now owns 20,135,393 shares of the biopharmaceutical company’s stock worth $1,371,220,000 after purchasing an additional 137,570 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Incyte by 21.8% in the 2nd quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock worth $558,519,000 after acquiring an additional 1,465,286 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Incyte by 3.3% in the 2nd quarter. Geode Capital Management LLC now owns 4,347,731 shares of the biopharmaceutical company’s stock valued at $294,899,000 after acquiring an additional 139,740 shares during the last quarter. LSV Asset Management raised its position in shares of Incyte by 6.2% during the 2nd quarter. LSV Asset Management now owns 3,861,831 shares of the biopharmaceutical company’s stock valued at $262,991,000 after acquiring an additional 223,857 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Incyte by 7.3% in the second quarter. Invesco Ltd. now owns 3,401,018 shares of the biopharmaceutical company’s stock worth $231,609,000 after purchasing an additional 232,268 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Thomas Tray sold 2,774 shares of the firm’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $100.00, for a total transaction of $277,400.00. Following the transaction, the insider directly owned 22,973 shares of the company’s stock, valued at approximately $2,297,300. This trade represents a 10.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael James Morrissey sold 54,008 shares of the company’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $97.29, for a total transaction of $5,254,438.32. Following the completion of the sale, the executive vice president directly owned 31,830 shares of the company’s stock, valued at $3,096,740.70. The trade was a 62.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 95,225 shares of company stock worth $9,519,745. 17.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on INCY shares. Mizuho set a $121.00 price target on shares of Incyte and gave the stock an “outperform” rating in a research report on Monday, December 8th. Piper Sandler raised their target price on shares of Incyte from $82.00 to $102.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Morgan Stanley lifted their target price on Incyte from $92.00 to $94.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 6th. Truist Financial set a $103.00 price target on Incyte in a research report on Wednesday, December 24th. Finally, Oppenheimer downgraded Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $100.75.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $100.92 on Wednesday. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $112.29. The company has a market cap of $19.81 billion, a PE ratio of 16.90, a P/E/G ratio of 0.62 and a beta of 0.82. The stock has a 50 day simple moving average of $101.73 and a 200-day simple moving average of $92.54. The company has a current ratio of 3.20, a quick ratio of 3.13 and a debt-to-equity ratio of 0.01.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.