Public Employees Retirement System of Ohio Purchases New Position in Incyte Corporation $INCY

Public Employees Retirement System of Ohio purchased a new position in Incyte Corporation (NASDAQ:INCY - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 57,397 shares of the biopharmaceutical company's stock, valued at approximately $6,507,000.

Several other large investors also recently added to or reduced their stakes in INCY. Fiduciary Financial Advisors bought a new stake in shares of Incyte in the 2nd quarter valued at approximately $26,000. Elyxium Wealth LLC bought a new position in shares of Incyte during the 4th quarter valued at approximately $28,000. Smithfield Trust Co increased its position in shares of Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock valued at $28,000 after purchasing an additional 162 shares during the last quarter. MUFG Securities EMEA plc purchased a new stake in Incyte during the 2nd quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC purchased a new stake in Incyte during the 2nd quarter valued at $33,000. 96.97% of the stock is owned by institutional investors.

Incyte Stock Up 1.5%

INCY stock opened at $125.01 on Wednesday. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60. The firm has a market cap of $25.34 billion, a price-to-earnings ratio of 15.92, a PEG ratio of 3.87 and a beta of 0.77. The business's fifty day simple moving average is $119.79 and its two-hundred day simple moving average is $105.33.

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

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Weiss Ratings raised shares of Incyte from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 29th. TD Cowen upgraded shares of Incyte to a "strong-buy" rating in a report on Monday, August 24th. Citigroup reaffirmed a "buy" rating on shares of Incyte in a research note on Monday, August 3rd. HC Wainwright reiterated a "buy" rating and set a $150.00 price target on shares of Incyte in a report on Thursday, August 20th. Finally, Wall Street Zen raised shares of Incyte from a "hold" rating to a "buy" rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $123.10.

Insider Activity

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the business's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares of the company's stock, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the company's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the transaction, the insider owned 183,200 shares in the company, valued at $23,002,592. This represents a 5.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company's research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company's flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.

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