Kentucky Retirement Systems Trims Position in Incyte Co. (NASDAQ:INCY)

Kentucky Retirement Systems lessened its stake in shares of Incyte Co. (NASDAQ:INCY) by 20.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,136 shares of the biopharmaceutical company’s stock after selling 2,908 shares during the quarter. Kentucky Retirement Systems’ holdings in Incyte were worth $736,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in INCY. Avantax Advisory Services Inc. purchased a new position in Incyte during the 1st quarter valued at about $254,000. Vanguard Group Inc. grew its holdings in shares of Incyte by 0.9% during the first quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock worth $1,294,120,000 after purchasing an additional 196,440 shares in the last quarter. UniSuper Management Pty Ltd grew its holdings in shares of Incyte by 591.8% during the first quarter. UniSuper Management Pty Ltd now owns 17,391 shares of the biopharmaceutical company’s stock worth $991,000 after purchasing an additional 14,877 shares in the last quarter. Bessemer Group Inc. grew its holdings in shares of Incyte by 36.6% during the first quarter. Bessemer Group Inc. now owns 1,314 shares of the biopharmaceutical company’s stock worth $75,000 after purchasing an additional 352 shares in the last quarter. Finally, MQS Management LLC purchased a new position in shares of Incyte during the first quarter worth about $322,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insider Activity at Incyte

In related news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the sale, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 18.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Thomas Tray sold 572 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $62.94, for a total value of $36,001.68. Following the sale, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. This trade represents a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,702 shares of company stock valued at $856,166 over the last ninety days. Insiders own 17.60% of the company’s stock.

Incyte Trading Down 8.3 %

NASDAQ INCY opened at $70.56 on Wednesday. Incyte Co. has a 12 month low of $50.35 and a 12 month high of $83.95. The stock has a market cap of $13.59 billion, a P/E ratio of 504.04, a P/E/G ratio of 8.75 and a beta of 0.71. The stock’s fifty day moving average price is $69.43 and its 200-day moving average price is $64.19. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the prior year, the company posted $0.91 earnings per share. The company’s revenue was up 23.8% on a year-over-year basis. As a group, equities analysts forecast that Incyte Co. will post 0.4 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wolfe Research assumed coverage on Incyte in a report on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price objective for the company. William Blair reissued an “outperform” rating on shares of Incyte in a report on Monday, September 9th. BMO Capital Markets reissued an “underperform” rating and set a $52.00 price objective (up previously from $48.00) on shares of Incyte in a report on Wednesday, October 30th. Wells Fargo & Company boosted their price objective on Incyte from $62.00 to $68.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley boosted their target price on Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $77.16.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.