In a recent 13F filing with the Securities and Exchange Commission, Aviva PLC lowered its position in shares of Incyte Co. (NASDAQ:INCY) by 0.9% during the fourth quarter, selling 3,407 shares and leaving them with a total of 387,480 shares. The biopharmaceutical company’s stock was worth $1,019,000 at the end of the most recent quarter which is equivalent to about 0.17% of Incyte’s entirety.
For those interested in other hedge funds holding INCY, HoldingsChannel.com provides the latest 13F filings and insider trades for Incyte Co. (NASDAQ:INCY).
The advice of several brokerages regarding INCY has also become available as Piper Sandler reiterated an “overweight” rating and set a $100.00 price target on shares while SVB Securities upgraded Incyte from an “underperform” rating to a “market perform” rating and set a $61.00 price target on the stock in their respective reports on Wednesday, February 8th and Friday, March 24th.
SVB Leerink reiterated an “underperform” rating and issued a $63.00 price objective on shares in their report from February 8th while TheStreet downgraded Incyte from a “b-” rating to a “c” rating in their report released on February 7th.
Finally, BMO Capital Markets dropped their price objective on Incyte from $75.00 to $70.00 in their report released on Wednesday, May 3rd.
Despite one equities research analyst giving the stock a sell rating, nine have given it a hold rating while six rated it as buy leading them to have an average consensus rating of “Hold.” Bloomberg.com reports that they have an average price target of $$81.50 giving potential investors some insight into whether or not they should invest.
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Incyte Corporation Attracts Institutional Investors and Hedge Funds Despite Recent Stock Decline
Incyte Corporation, a Delaware-based biopharmaceutical company, is attracting attention from institutional investors and hedge funds alike. Recent SEC filings indicate that several hedge funds have purchased and sold shares of Incyte stock, including Cetera Advisor Networks LLC, Private Advisor Group LLC, D.A. Davidson & CO., Commonwealth of Pennsylvania Public School Empls Retrmt SYS, and Dimensional Fund Advisors LP.
Cetera Advisor Networks LLC increased its stake in Incyte by 7.4% during the 1st quarter, now owning over 5,200 shares worth $418,000. Private Advisor Group LLC acquired a new stake worth about $323,000 during the same period. D.A. Davidson & CO. and Commonwealth of Pennsylvania Public School Empls Retrmt SYS also increased their holdings by 4.8% and 6.8%, respectively.
Dimensional Fund Advisors LP made a significant investment in Incyte during the first quarter as well, purchasing over 43,000 additional shares worth approximately $47 million. Altogether, institutional investors and hedge funds currently own 95.08% of Incyte’s outstanding shares.
Despite this interest from large financial firms, Incyte has seen declines in its stock prices in recent months since June 2023 when it opened at $61.55 on Thursday NASDAQ price which is a far cry from its record high of$86.29 between the periods spanning back over the last year.
Nevertheless ,there are notable strengths within this company to take note off; trading with ticker INCY various schools of thought purport putting their faiths into this promising biopharmaceutical mark to uncover therapies for un-met therapeutic needs for grappling patients with little to no options when it comes down to healing infected diseases.
In conclusion despite fluctuations in market capitalization pivoting opinions among investors will only speculate renewed interests as it enters into new therapies treatments thereby creating new market value, as always time alone will be the harbinger of such outcomes.
