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

Key Points

• California State Teachers Retirement System increased its Incyte stake by 28.1 million shares, bringing its ownership to 13.98%, valued at approximately $3.21 billion. Institutional investors collectively own 96.97% of the company.
• Analysts remain generally positive, with an average “Moderate Buy” rating and a $124.05 price target. Recent upgrades and target increases include Guggenheim at $150 and Canaccord Genuity at $152.
• Incyte exceeded quarterly expectations, reporting $3.09 in adjusted EPS versus a $2.15 consensus estimate and $1.67 billion in revenue, up 37.7% year over year.

California State Teachers Retirement System grew its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 11,644.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,338,640 shares of the biopharmaceutical company's stock after acquiring an additional 28,097,353 shares during the period. California State Teachers Retirement System owned 13.98% of Incyte worth $3,212,468,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Saudi Central Bank lifted its holdings in Incyte by 92.2% during the 2nd quarter. Saudi Central Bank now owns 11,842 shares of the biopharmaceutical company's stock worth $1,342,000 after purchasing an additional 5,682 shares during the last quarter. AlphaGrep UK Ltd acquired a new position in Incyte in the 2nd quarter valued at $487,000. Munich Reinsurance Co Stock Corp in Munich bought a new position in Incyte during the 2nd quarter worth $6,471,000. Syon Capital LLC increased its position in Incyte by 16.8% during the 2nd quarter. Syon Capital LLC now owns 6,409 shares of the biopharmaceutical company's stock worth $727,000 after buying an additional 924 shares during the period. Finally, denkapparat Operations GmbH lifted its holdings in shares of Incyte by 10.2% during the second quarter. denkapparat Operations GmbH now owns 17,890 shares of the biopharmaceutical company's stock worth $2,028,000 after buying an additional 1,654 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on INCY. Guggenheim boosted their target price on shares of Incyte from $136.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. TD Cowen upgraded shares of Incyte to a "strong-buy" rating in a research note on Monday, August 24th. Wall Street Zen upgraded shares of Incyte from a "hold" rating to a "buy" rating in a research note on Saturday, August 29th. Canaccord Genuity Group began coverage on shares of Incyte in a report on Thursday, August 20th. They issued a "buy" rating and a $152.00 price objective for the company. Finally, Mizuho increased their target price on shares of Incyte from $121.00 to $137.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and twelve have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $124.05.

Insider Activity at Incyte

In other news, insider Pablo Cagnoni sold 10,801 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was a 5.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of the company's stock in a transaction that occurred 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 sale, the executive vice president directly owned 61,441 shares of the company's stock, valued at approximately $7,339,741.86. This trade 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.

Incyte Stock Performance

Shares of NASDAQ INCY opened at $123.28 on Friday. Incyte Corporation has a 52 week low of $81.09 and a 52 week high of $132.60. The stock has a market capitalization of $24.99 billion, a P/E ratio of 15.70, a PEG ratio of 3.66 and a beta of 0.77. The stock's fifty day moving average is $121.70 and its 200 day moving average is $106.56.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter in the previous year, the firm earned $1.57 earnings per share. Incyte's revenue for the quarter was up 37.7% compared to the same quarter last year. Equities research analysts forecast that Incyte Corporation will post 2.64 earnings per share for the current year.

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.

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