Public Employees Retirement System of Ohio Buys 3,951 Shares of Incyte Corporation $INCY

Key Points

• The Public Employees Retirement System of Ohio increased its stake in Incyte Corporation by 7.9%, acquiring a total of 54,231 shares valued at $3,693,000 after purchasing 3,951 additional shares in the second quarter.
• Incyte has received positive analyst ratings, with Citigroup raising its price target from $88.00 to $103.00 and several other analysts issuing upgrades, reflecting increased investor confidence.
• The company's stock is currently priced at $84.81 with a market capitalization of $16.56 billion, indicating a stable position in the biopharmaceutical sector.

Public Employees Retirement System of Ohio lifted its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 7.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 54,231 shares of the biopharmaceutical company's stock after acquiring an additional 3,951 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Incyte were worth $3,693,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Fifth Third Bancorp grew its stake in shares of Incyte by 22.2% during the 2nd quarter. Fifth Third Bancorp now owns 11,124 shares of the biopharmaceutical company's stock valued at $758,000 after acquiring an additional 2,021 shares during the period. Compagnie Lombard Odier SCmA lifted its holdings in Incyte by 15.8% in the 2nd quarter. Compagnie Lombard Odier SCmA now owns 22,150 shares of the biopharmaceutical company's stock worth $1,508,000 after purchasing an additional 3,030 shares in the last quarter. Gries Financial LLC purchased a new position in Incyte in the 2nd quarter worth approximately $315,000. Farther Finance Advisors LLC lifted its holdings in Incyte by 10.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company's stock worth $116,000 after purchasing an additional 156 shares in the last quarter. Finally, CX Institutional lifted its holdings in Incyte by 10.6% in the 2nd quarter. CX Institutional now owns 4,271 shares of the biopharmaceutical company's stock worth $291,000 after purchasing an additional 411 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Trading Up 1.1%

Shares of NASDAQ INCY opened at $84.81 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. The stock has a market capitalization of $16.56 billion, a P/E ratio of 19.28, a price-to-earnings-growth ratio of 0.65 and a beta of 0.75. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $87.99. The business has a fifty day moving average price of $82.30 and a 200 day moving average price of $70.27.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 1,192 shares of the company's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total transaction of $83,273.12. Following the completion of the sale, the executive vice president directly owned 37,630 shares in the company, valued at $2,628,831.80. This represents a 3.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Steven H. Stein sold 3,706 shares of the company's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $67.94, for a total value of $251,785.64. Following the sale, the executive vice president owned 102,886 shares of the company's stock, valued at $6,990,074.84. This trade represents a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,777 shares of company stock worth $3,818,215 in the last three months. 17.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Citigroup upped their price objective on Incyte from $88.00 to $103.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. Barclays began coverage on Incyte in a report on Friday, August 1st. They set an "overweight" rating and a $90.00 price objective on the stock. Wells Fargo & Company upgraded Incyte from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $67.00 to $89.00 in a report on Wednesday, August 6th. Wall Street Zen lowered Incyte from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 13th. Finally, BMO Capital Markets reaffirmed an "underperform" rating and issued a $60.00 price objective (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Incyte has an average rating of "Hold" and a consensus target price of $83.64.

Incyte 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.

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