Incyte Co. (NASDAQ:INCY) Shares Sold by Arizona State Retirement System

Arizona State Retirement System reduced its position in Incyte Co. (NASDAQ:INCY) by 17.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,143 shares of the biopharmaceutical company’s stock after selling 9,252 shares during the quarter. Arizona State Retirement System’s holdings in Incyte were worth $2,615,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Cape Investment Advisory Inc. acquired a new stake in Incyte during the 4th quarter worth $25,000. MFA Wealth Advisors LLC acquired a new stake in shares of Incyte during the second quarter worth about $26,000. Redmont Wealth Advisors LLC purchased a new position in shares of Incyte during the first quarter worth about $28,000. Riverview Trust Co acquired a new position in Incyte in the 1st quarter valued at about $29,000. Finally, Innealta Capital LLC purchased a new stake in Incyte during the 2nd quarter valued at approximately $32,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

INCY has been the topic of a number of recent research reports. BMO Capital Markets reissued an “underperform” rating and issued a $48.00 target price (down previously from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. Citigroup lifted their target price on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft increased their price target on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Oppenheimer lowered their price objective on Incyte from $84.00 to $81.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. increased their target price on Incyte from $59.00 to $61.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Incyte has a consensus rating of “Hold” and a consensus target price of $73.29.

Incyte Stock Up 1.6 %

INCY opened at $62.26 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The company has a market cap of $13.98 billion, a price-to-earnings ratio of 18.87, a PEG ratio of 4.88 and a beta of 0.73. Incyte Co. has a one year low of $50.27 and a one year high of $70.36. The business’s fifty day moving average is $63.43 and its two-hundred day moving average is $59.48.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) EPS for the quarter, missing the consensus estimate of $0.78 by ($2.60). Incyte had a return on equity of 0.75% and a net margin of 2.52%. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the firm earned $0.77 earnings per share. Incyte’s quarterly revenue was up 9.3% on a year-over-year basis. Analysts anticipate that Incyte Co. will post 0.67 EPS for the current fiscal year.

Insider Buying and Selling at Incyte

In related news, EVP Barry P. Flannelly sold 8,148 shares of Incyte stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the transaction, the executive vice president now directly owns 50,534 shares in the company, valued at approximately $3,032,040. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Incyte news, EVP Barry P. Flannelly sold 1,306 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total value of $83,832.14. Following the transaction, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $3,725,715.98. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 8,148 shares of Incyte stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the sale, the executive vice president now owns 50,534 shares of the company’s stock, valued at $3,032,040. The disclosure for this sale can be found here. Insiders have sold 44,189 shares of company stock valued at $2,812,522 over the last quarter. Corporate insiders own 17.50% of the company’s stock.

About Incyte

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.