Incyte Corporation (NASDAQ:INCY) Shares Bought by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky increased its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 7.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 380,631 shares of the biopharmaceutical company's stock after acquiring an additional 25,073 shares during the period. Teachers Retirement System of The State of Kentucky owned about 0.20% of Incyte worth $23,047,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INCY. Principal Financial Group Inc. lifted its stake in Incyte by 0.7% in the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company's stock worth $12,954,000 after purchasing an additional 1,419 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Incyte by 61.3% in the fourth quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company's stock worth $12,031,000 after purchasing an additional 66,220 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Incyte by 13.5% in the fourth quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company's stock worth $22,354,000 after purchasing an additional 38,550 shares during the last quarter. Amalgamated Bank grew its stake in shares of Incyte by 1.9% in the first quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company's stock worth $1,910,000 after purchasing an additional 591 shares during the last quarter. Finally, Pictet Asset Management Holding SA grew its stake in shares of Incyte by 73.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock worth $90,749,000 after purchasing an additional 556,218 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Price Performance

Shares of Incyte stock traded up $1.78 during trading on Wednesday, reaching $70.68. 402,706 shares of the stock traded hands, compared to its average volume of 1,935,730. The company has a market capitalization of $13.68 billion, a price-to-earnings ratio of 220.79, a P/E/G ratio of 0.57 and a beta of 0.68. The business has a fifty day simple moving average of $67.12 and a two-hundred day simple moving average of $66.61. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.04 and a quick ratio of 2.00. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last announced 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 firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $996.17 million. During the same quarter last year, the firm earned $0.64 EPS. The firm's revenue for the quarter was up 19.5% compared to the same quarter last year. Sell-side analysts expect that Incyte Corporation will post 4.86 EPS for the current year.

Insider Activity

In other news, EVP Sheila A. Denton sold 599 shares of Incyte stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $68.61, for a total transaction of $41,097.39. Following the completion of the sale, the executive vice president owned 26,504 shares of the company's stock, valued at approximately $1,818,439.44. The trade was a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 1,177 shares of Incyte stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $82,225.22. Following the sale, the executive vice president directly owned 35,929 shares of the company's stock, valued at $2,509,999.94. This represents a 3.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,392 shares of company stock worth $3,584,411 in the last ninety days. 17.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on INCY shares. Wells Fargo & Company boosted their price target on Incyte from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. Truist Financial upped their price target on Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a research note on Tuesday, May 27th. JPMorgan Chase & Co. cut their price target on Incyte from $68.00 to $67.00 and set a "neutral" rating on the stock in a research note on Monday, July 14th. Stifel Nicolaus upgraded Incyte from a "hold" rating to a "buy" rating and upped their price target for the stock from $75.00 to $107.00 in a research note on Monday, June 16th. Finally, Wall Street Zen raised Incyte from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $74.47.

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.