Kentucky Retirement Systems Insurance Trust Fund Invests $280,000 in Incyte Corporation (NASDAQ:INCY)

Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,624 shares of the biopharmaceutical company's stock, valued at approximately $280,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Intact Investment Management Inc. purchased a new stake in shares of Incyte during the first quarter valued at $73,000. State of Alaska Department of Revenue lifted its stake in Incyte by 3.2% during the first quarter. State of Alaska Department of Revenue now owns 18,824 shares of the biopharmaceutical company's stock valued at $1,139,000 after buying an additional 590 shares in the last quarter. CWA Asset Management Group LLC lifted its position in shares of Incyte by 105.0% in the 1st quarter. CWA Asset Management Group LLC now owns 57,381 shares of the biopharmaceutical company's stock valued at $3,474,000 after acquiring an additional 29,397 shares in the last quarter. Clarius Group LLC purchased a new stake in shares of Incyte in the 1st quarter valued at approximately $203,000. Finally, Janney Montgomery Scott LLC lifted its position in shares of Incyte by 10.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 29,793 shares of the biopharmaceutical company's stock valued at $1,804,000 after acquiring an additional 2,746 shares in the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on INCY shares. Wells Fargo & Company increased their target price on Incyte from $58.00 to $59.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. Truist Financial increased their price objective on Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a research note on Tuesday, May 27th. Citigroup reissued a "buy" rating on shares of Incyte in a research note on Tuesday, June 3rd. Guggenheim lowered shares of Incyte from a "buy" rating to a "neutral" rating and set a $92.00 price target for the company. in a research report on Tuesday, March 18th. Finally, Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and increased their price target for the stock from $75.00 to $107.00 in a research report on Monday, June 16th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $74.53.

Incyte Stock Down 3.4%

NASDAQ INCY traded down $2.44 during trading on Friday, hitting $68.37. 3,495,236 shares of the company traded hands, compared to its average volume of 2,014,934. The business has a fifty day simple moving average of $64.29 and a 200 day simple moving average of $66.76. The company has a current ratio of 2.04, a quick ratio of 2.00 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $83.95. The company has a market capitalization of $13.23 billion, a P/E ratio of 213.66, a PEG ratio of 0.60 and a beta of 0.67.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $1.01 by $0.15. Incyte had a net margin of 0.48% and a return on equity of 2.77%. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. During the same quarter last year, the firm posted $0.64 earnings per share. The company's quarterly revenue was up 19.5% compared to the same quarter last year. As a group, sell-side analysts predict that Incyte Corporation will post 4.86 EPS for the current year.

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.