Teachers Retirement System of The State of Kentucky Acquires 25,073 Shares of Incyte Corporation (NASDAQ:INCY)

Teachers Retirement System of The State of Kentucky raised its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 7.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 380,631 shares of the biopharmaceutical company's stock after buying 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.

A number of other institutional investors and hedge funds have also recently modified their holdings of INCY. Copperwynd Financial LLC boosted its stake in shares of Incyte by 3.9% during the 1st quarter. Copperwynd Financial LLC now owns 12,747 shares of the biopharmaceutical company's stock worth $772,000 after acquiring an additional 476 shares during the last quarter. Allegiance Financial Group Advisory Services LLC lifted its position in Incyte by 110.7% during the first quarter. Allegiance Financial Group Advisory Services LLC now owns 6,944 shares of the biopharmaceutical company's stock valued at $420,000 after purchasing an additional 3,649 shares in the last quarter. Hussman Strategic Advisors Inc. grew its holdings in Incyte by 25.0% during the first quarter. Hussman Strategic Advisors Inc. now owns 52,500 shares of the biopharmaceutical company's stock valued at $3,179,000 after purchasing an additional 10,500 shares during the period. Grandfield & Dodd LLC grew its holdings in Incyte by 4.2% during the first quarter. Grandfield & Dodd LLC now owns 21,065 shares of the biopharmaceutical company's stock valued at $1,275,000 after purchasing an additional 858 shares during the period. Finally, Parcion Private Wealth LLC purchased a new stake in Incyte in the first quarter worth about $337,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Incyte news, EVP Barry P. Flannelly sold 1,192 shares of Incyte stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total transaction of $83,273.12. Following the completion of the transaction, the executive vice president directly owned 37,630 shares of the company's stock, valued at $2,628,831.80. The trade was a 3.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sheila A. Denton sold 599 shares of the stock in a transaction 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 directly owned 26,504 shares in the company, valued at approximately $1,818,439.44. This represents a 2.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,392 shares of company stock valued at $3,584,411 over the last quarter. Company insiders own 17.80% of the company's stock.

Incyte Price Performance

Incyte stock traded up $1.56 during mid-day trading on Tuesday, reaching $68.94. 614,990 shares of the company's stock traded hands, compared to its average volume of 1,936,247. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $83.95. The company has a quick ratio of 2.00, a current ratio of 2.04 and a debt-to-equity ratio of 0.01. The stock has a 50 day moving average of $67.12 and a two-hundred day moving average of $66.61. The company has a market cap of $13.34 billion, a price-to-earnings ratio of 215.41, a PEG ratio of 0.57 and a beta of 0.68.

Incyte (NASDAQ:INCY - Get Free Report) last announced its earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $996.17 million. During the same period in the prior year, the company earned $0.64 EPS. The business's revenue was up 19.5% compared to the same quarter last year. Equities analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on INCY shares. Morgan Stanley cut their price objective on Incyte from $69.00 to $65.00 and set an "equal weight" rating for the company in a research note on Monday, March 24th. UBS Group reiterated a "neutral" rating and issued a $61.00 price target on shares of Incyte in a research report on Tuesday, June 3rd. Stifel Nicolaus upgraded shares of Incyte from a "hold" rating to a "buy" rating and raised their price objective for the company from $75.00 to $107.00 in a research report on Monday, June 16th. Royal Bank Of Canada set a $67.00 target price on shares of Incyte and gave the company a "sector perform" rating in a research note on Monday, June 23rd. Finally, Wall Street Zen upgraded Incyte from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $74.47.

About Incyte

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.