California State Teachers Retirement System Acquires 28,097,353 Shares of Incyte Corporation $INCY

California State Teachers Retirement System boosted its holdings in Incyte Corporation (NASDAQ:INCY) by 11,644.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 28,338,640 shares of the biopharmaceutical company’s stock after acquiring an additional 28,097,353 shares during the quarter. California State Teachers Retirement System owned approximately 0.14% of Incyte worth $3,212,468,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of INCY. Trails Edge Capital Partners LP acquired a new stake in Incyte in the second quarter valued at approximately $17,570,800. Twin Capital Management Inc. acquired a new position in shares of Incyte during the first quarter worth $875,000. BlackRock Inc. acquired a new position in shares of Incyte during the second quarter worth $2,044,189,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Incyte by 5,218.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 596,840 shares of the biopharmaceutical company’s stock valued at $58,950,000 after acquiring an additional 585,618 shares during the last quarter. Finally, Sector Gamma AS boosted its holdings in shares of Incyte by 6.7% during the 4th quarter. Sector Gamma AS now owns 218,783 shares of the biopharmaceutical company’s stock valued at $21,609,000 after acquiring an additional 13,669 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

Incyte stock opened at $123.28 on Friday. The stock’s 50 day moving average is $121.70 and its 200 day moving average is $106.56. The firm has a market cap of $24.99 billion, a P/E ratio of 15.70, a P/E/G ratio of 3.66 and a beta of 0.77. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60.

Incyte (NASDAQ:INCY) last announced its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm’s revenue was up 37.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.57 earnings per share. Equities analysts anticipate that Incyte Corporation will post 2.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the sale, the insider directly owned 183,200 shares in the company, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The transaction 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. Also, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the transaction, the executive vice president directly owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This represents a 40.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on INCY. Stifel Nicolaus set a $145.00 price objective on Incyte in a research report on Tuesday, July 28th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $104.00 target price on shares of Incyte in a research report on Thursday, August 13th. UBS Group raised their price objective on shares of Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Citigroup reaffirmed a “buy” rating on shares of Incyte in a research note on Monday, August 3rd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Incyte has a consensus rating of “Moderate Buy” and a consensus price target of $124.05.

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte’s commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.