Teacher Retirement System of Texas Sells 4,776 Shares of Incyte Corporation (NASDAQ:INCY)

Teacher Retirement System of Texas decreased its position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 9.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 44,805 shares of the biopharmaceutical company's stock after selling 4,776 shares during the period. Teacher Retirement System of Texas' holdings in Incyte were worth $2,713,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in INCY. Victory Capital Management Inc. grew its stake in shares of Incyte by 11.1% in the 4th quarter. Victory Capital Management Inc. now owns 119,358 shares of the biopharmaceutical company's stock worth $8,244,000 after buying an additional 11,902 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Incyte in the 4th quarter worth approximately $3,549,000. Raymond James Financial Inc. purchased a new stake in shares of Incyte in the 4th quarter worth approximately $3,623,000. Amundi grew its stake in shares of Incyte by 28.9% in the 4th quarter. Amundi now owns 670,350 shares of the biopharmaceutical company's stock worth $49,023,000 after buying an additional 150,431 shares during the last quarter. Finally, AlphaQuest LLC grew its stake in shares of Incyte by 163.5% in the 4th quarter. AlphaQuest LLC now owns 6,019 shares of the biopharmaceutical company's stock worth $416,000 after buying an additional 3,735 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company's stock.

Insider Activity

In other 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 $2,569,323.15. The trade was a 18.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Barry P. Flannelly sold 10,903 shares of Incyte stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total value of $743,039.45. Following the transaction, the executive vice president directly owned 39,744 shares in the company, valued at approximately $2,708,553.60. The trade was a 21.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,119 shares of company stock valued at $1,371,385 in the last ninety days. Corporate insiders own 17.80% of the company's stock.

Incyte Stock Performance

NASDAQ INCY traded down $1.75 on Friday, hitting $68.59. 1,094,786 shares of the company traded hands, compared to its average volume of 1,952,134. The business's 50 day moving average price is $66.23 and its 200-day moving average price is $66.64. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $83.95. The company has a current ratio of 2.04, a quick ratio of 2.00 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $13.28 billion, a price-to-earnings ratio of 214.35, a P/E/G ratio of 0.58 and a beta of 0.68.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.01 by $0.15. Incyte had a return on equity of 2.77% and a net margin of 0.48%. The firm had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $996.17 million. During the same period in the previous year, the firm earned $0.64 EPS. The business's quarterly revenue was up 19.5% on a year-over-year basis. Equities analysts expect that Incyte Corporation will post 4.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on INCY shares. UBS Group reiterated a "neutral" rating and set a $61.00 target price on shares of Incyte in a research note on Tuesday, June 3rd. Truist Financial increased their target price on Incyte from $72.00 to $73.00 and gave the company a "hold" rating in a research note on Tuesday, May 27th. Stifel Nicolaus upgraded Incyte from a "hold" rating to a "buy" rating and increased their target price for the company from $75.00 to $107.00 in a research note on Monday, June 16th. 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 research note on Wednesday, April 30th. Finally, Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Incyte currently has a consensus rating of "Hold" and a consensus target price of $74.53.

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.