Teachers Retirement System of The State of Kentucky Trims Stock Position in Incyte Corporation $INCY

Key Points

• Teachers Retirement System of The State of Kentucky cut its Incyte stake by 17.2% in Q4, selling 61,100 shares and now holds 294,740 shares (about 0.15% of the company) valued at roughly $29.11 million.
• Insider Pablo J. Cagnoni sold 18,667 shares on April 17 under a Rule 10b5-1 plan (a 6.63% reduction in his holdings), while institutional investors own ~96.97% of Incyte and analysts' consensus is a Hold with an average price target of $104.89.

Teachers Retirement System of The State of Kentucky cut its stake in Incyte Corporation (NASDAQ:INCY - Free Report) by 17.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 294,740 shares of the biopharmaceutical company's stock after selling 61,100 shares during the period. Teachers Retirement System of The State of Kentucky owned about 0.15% of Incyte worth $29,111,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. LSV Asset Management lifted its position in Incyte by 3.2% in the third quarter. LSV Asset Management now owns 3,986,097 shares of the biopharmaceutical company's stock valued at $338,061,000 after acquiring an additional 124,266 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Incyte by 13.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,103,946 shares of the biopharmaceutical company's stock valued at $263,246,000 after acquiring an additional 373,298 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Incyte by 7.0% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,480,793 shares of the biopharmaceutical company's stock valued at $245,028,000 after acquiring an additional 161,405 shares during the last quarter. Man Group plc lifted its position in Incyte by 20.0% in the third quarter. Man Group plc now owns 1,933,547 shares of the biopharmaceutical company's stock valued at $163,984,000 after acquiring an additional 322,877 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in Incyte by 34.7% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,743,794 shares of the biopharmaceutical company's stock valued at $147,891,000 after acquiring an additional 448,911 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of Incyte stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the transaction, the insider directly owned 262,692 shares in the company, valued at approximately $25,349,778. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 17.80% of the company's stock.

Incyte Trading Down 0.9%

NASDAQ INCY opened at $94.65 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32. The firm has a market cap of $18.84 billion, a PE ratio of 14.77, a P/E/G ratio of 0.76 and a beta of 0.85. Incyte Corporation has a one year low of $57.77 and a one year high of $112.29. The firm's fifty day moving average is $96.09 and its two-hundred day moving average is $98.49.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 EPS for the quarter, missing analysts' consensus estimates of $1.96 by ($0.16). The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.35 billion. Incyte had a net margin of 25.03% and a return on equity of 26.34%. The company's revenue for the quarter was up 27.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.43 earnings per share. Analysts expect that Incyte Corporation will post 6.52 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on INCY shares. TD Cowen reissued a "buy" rating on shares of Incyte in a research report on Tuesday, January 13th. Jefferies Financial Group cut shares of Incyte from a "buy" rating to a "hold" rating and reduced their price target for the company from $120.00 to $94.00 in a research report on Monday, March 16th. Stifel Nicolaus boosted their price target on shares of Incyte from $119.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, February 11th. Morgan Stanley set a $102.00 price target on shares of Incyte in a research report on Wednesday, February 11th. Finally, HC Wainwright restated a "buy" rating and issued a $135.00 price objective on shares of Incyte in a research note on Wednesday, April 15th. Ten research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $104.89.

Incyte Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.