Incyte Corporation $INCY Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky reduced its position in shares of Incyte Corporation (NASDAQ:INCY) by 10.7% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 263,340 shares of the biopharmaceutical company’s stock after selling 31,400 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Incyte were worth $24,785,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Incyte during the 4th quarter worth about $122,893,000. Caisse de depot et placement du Quebec grew its position in Incyte by 264.5% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock valued at $127,046,000 after acquiring an additional 1,087,091 shares in the last quarter. Marshall Wace LLP grew its position in Incyte by 6,586.4% in the 4th quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock valued at $105,930,000 after acquiring an additional 1,056,451 shares in the last quarter. Wellington Management Group LLP increased its stake in Incyte by 3,406.8% during the fourth quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock worth $73,028,000 after purchasing an additional 718,294 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Incyte by 5,218.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock worth $58,950,000 after purchasing an additional 585,618 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on INCY shares. TD Cowen reissued a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Jefferies Financial Group downgraded shares of Incyte from a “buy” rating to a “hold” rating and cut their target price for the stock from $120.00 to $94.00 in a research note on Monday, March 16th. Truist Financial raised their price target on shares of Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a research report on Monday, June 22nd. Citigroup restated a “market perform” rating on shares of Incyte in a research note on Tuesday, June 2nd. Finally, UBS Group boosted their price target on shares of Incyte from $103.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Eight equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to MarketBeat, Incyte currently has an average rating of “Hold” and a consensus target price of $108.20.

Incyte Stock Performance

Shares of Incyte stock opened at $116.71 on Monday. The business has a 50-day simple moving average of $103.20 and a 200-day simple moving average of $100.50. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.60 and a current ratio of 3.68. Incyte Corporation has a one year low of $67.17 and a one year high of $118.97. The company has a market cap of $23.32 billion, a PE ratio of 16.48, a P/E/G ratio of 1.07 and a beta of 0.76.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.43. Incyte had a net margin of 26.71% and a return on equity of 26.66%. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the company earned $1.16 earnings per share. The firm’s revenue was up 20.9% compared to the same quarter last year. On average, equities research analysts forecast that Incyte Corporation will post 6.61 EPS for the current fiscal year.

Insider Activity at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the sale, the insider directly owned 262,692 shares of the company’s stock, valued at approximately $25,349,778. This represents a 6.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Incyte Profile

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.