State of New Jersey Common Pension Fund D Sells 3,471 Shares of Incyte Corporation $INCY

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Incyte Corporation by 5.6%, ending the quarter with a stake worth $3.54 million.
• Multiple institutional investors have increased their stakes in Incyte, with overall institutional ownership now at 96.97%.
• Analysts have expressed increased optimism about Incyte, with some upgrading the stock to a "strong-buy" rating and raising target prices significantly.

State of New Jersey Common Pension Fund D cut its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 5.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 58,504 shares of the biopharmaceutical company's stock after selling 3,471 shares during the period. State of New Jersey Common Pension Fund D's holdings in Incyte were worth $3,542,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Incyte by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 19,997,823 shares of the biopharmaceutical company's stock valued at $1,210,868,000 after buying an additional 417,346 shares in the last quarter. LSV Asset Management lifted its stake in shares of Incyte by 4.9% during the first quarter. LSV Asset Management now owns 3,637,974 shares of the biopharmaceutical company's stock valued at $220,279,000 after acquiring an additional 170,484 shares during the period. AQR Capital Management LLC increased its holdings in Incyte by 29.7% in the fourth quarter. AQR Capital Management LLC now owns 3,502,813 shares of the biopharmaceutical company's stock valued at $241,519,000 after purchasing an additional 801,090 shares during the last quarter. Invesco Ltd. increased its holdings in Incyte by 4.0% in the first quarter. Invesco Ltd. now owns 3,168,750 shares of the biopharmaceutical company's stock valued at $191,868,000 after purchasing an additional 120,543 shares during the last quarter. Finally, Bellevue Group AG increased its holdings in Incyte by 0.3% in the fourth quarter. Bellevue Group AG now owns 2,157,478 shares of the biopharmaceutical company's stock valued at $149,017,000 after purchasing an additional 6,927 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company's stock.

Wall Street Analysts Forecast Growth

INCY has been the subject of several recent analyst reports. Royal Bank Of Canada increased their price target on Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Wall Street Zen raised Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. increased their price target on Incyte from $67.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday. BMO Capital Markets reissued an "underperform" rating and set a $60.00 target price (up from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Finally, Stifel Nicolaus raised Incyte from a "hold" rating to a "buy" rating and boosted their target price for the stock from $75.00 to $107.00 in a report on Monday, June 16th. Seven analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Incyte presently has a consensus rating of "Hold" and an average target price of $81.60.

Incyte Price Performance

INCY stock traded down $1.49 during midday trading on Friday, reaching $85.04. 1,475,760 shares of the stock were exchanged, compared to its average volume of 1,947,514. The stock has a market capitalization of $16.61 billion, a PE ratio of 19.33, a P/E/G ratio of 0.67 and a beta of 0.71. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $87.24. 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 company has a fifty day moving average price of $73.56 and a 200 day moving average price of $67.64.

Insider Buying and Selling

In other Incyte news, EVP Vijay K. Iyengar sold 8,617 shares of Incyte stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $68.15, for a total transaction of $587,248.55. Following the transaction, the executive vice president directly owned 37,701 shares of the company's stock, valued at approximately $2,569,323.15. The trade was a 18.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Steven H. Stein sold 14,952 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $68.47, for a total value of $1,023,763.44. Following the sale, the executive vice president owned 97,466 shares in the company, valued at approximately $6,673,497.02. The trade was a 13.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,098 shares of company stock valued at $3,836,196 over the last 90 days. 17.80% of the stock is owned by corporate insiders.

Incyte Company 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.