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

Teachers Retirement System of The State of Kentucky cut its stake in Incyte Corporation (NASDAQ:INCY) by 10.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 owned approximately 0.13% of Incyte worth $24,785,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in INCY. Procyon Advisors LLC lifted its position in Incyte by 718.5% during the first quarter. Procyon Advisors LLC now owns 22,917 shares of the biopharmaceutical company’s stock worth $2,157,000 after buying an additional 20,117 shares in the last quarter. Kaizen Financial Strategies purchased a new stake in Incyte in the 1st quarter valued at $272,000. 180 Wealth Advisors LLC grew its holdings in Incyte by 2.0% in the 1st quarter. 180 Wealth Advisors LLC now owns 6,877 shares of the biopharmaceutical company’s stock valued at $647,000 after buying an additional 132 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Incyte by 1.5% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,941 shares of the biopharmaceutical company’s stock worth $3,665,000 after acquiring an additional 582 shares during the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of Incyte by 145.2% in the 1st quarter. Fifth Third Bancorp now owns 27,289 shares of the biopharmaceutical company’s stock worth $2,568,000 after acquiring an additional 16,160 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Stock Performance

Shares of Incyte stock opened at $116.71 on Monday. The firm has a market cap of $23.32 billion, a PE ratio of 16.48, a price-to-earnings-growth ratio of 1.07 and a beta of 0.76. The company has a quick ratio of 3.60, a current ratio of 3.68 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 52 week low of $67.17 and a 52 week high of $118.97. The business’s fifty day simple moving average is $103.20 and its 200-day simple moving average is $100.50.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.43. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company’s quarterly revenue was up 20.9% on a year-over-year basis. During the same period last year, the company earned $1.16 EPS. Equities analysts forecast that Incyte Corporation will post 6.61 earnings per share for the current year.

Insiders Place Their Bets

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider owned 262,692 shares of the company’s stock, valued at $25,349,778. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Sanford C. Bernstein initiated coverage on shares of Incyte in a research report on Thursday, May 21st. They set a “market perform” rating and a $99.00 price target on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Incyte in a research report on Monday, June 29th. Oppenheimer reaffirmed a “market perform” rating and set a $107.00 target price on shares of Incyte in a research note on Monday, June 8th. Barclays reaffirmed an “overweight” rating on shares of Incyte in a research note on Tuesday, March 24th. Finally, TD Cowen reissued a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Eight analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $108.20.

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.