VIRGINIA RETIREMENT SYSTEMS ET Al Acquires Shares of 545,375 Incyte Corporation $INCY

Key Points

• Virginia Retirement Systems acquired 545,375 Incyte shares worth approximately $61.8 million, representing 0.27% of the company. Institutional investors collectively own 96.97% of Incyte.
• Incyte reported quarterly earnings of $3.09 per share, beating estimates of $2.15, while revenue rose 37.7% year over year to $1.67 billion.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $124.05; shares recently opened at $126.75, near their 52-week high of $132.60.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Incyte Corporation (NASDAQ:INCY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 545,375 shares of the biopharmaceutical company's stock, valued at approximately $61,824,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.27% of Incyte as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in INCY. Fiduciary Financial Advisors bought a new stake in shares of Incyte during the second quarter valued at approximately $26,000. Elyxium Wealth LLC bought a new position in Incyte in the fourth quarter worth $28,000. Smithfield Trust Co lifted its position in Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company's stock valued at $28,000 after buying an additional 162 shares during the period. MUFG Securities EMEA plc purchased a new position in Incyte during the second quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC bought a new stake in shares of Incyte during the 2nd quarter valued at $33,000. Institutional investors own 96.97% of the company's stock.

Insider Buying and Selling

In other Incyte news, insider Pablo J. Cagnoni sold 10,801 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the sale, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick A. Mayes sold 41,899 shares of Incyte stock in a transaction on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares of the company's stock, valued at approximately $7,339,741.86. The trade was a 40.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 16.20% of the stock is owned by insiders.

Analyst Ratings Changes

INCY has been the topic of a number of recent research reports. TD Cowen raised shares of Incyte to a "strong-buy" rating in a research report on Monday, August 24th. JPMorgan Chase & Co. boosted their price objective on shares of Incyte from $105.00 to $110.00 and gave the stock a "neutral" rating in a research note on Thursday, July 23rd. Mizuho upped their price objective on shares of Incyte from $121.00 to $137.00 and gave the stock an "outperform" rating in a report on Tuesday, August 4th. Piper Sandler raised their target price on shares of Incyte from $110.00 to $130.00 and gave the company an "overweight" rating in a research note on Monday, August 17th. Finally, UBS Group lifted their target price on shares of Incyte from $103.00 to $113.00 and gave the company a "neutral" rating in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $124.05.

Incyte Price Performance

Shares of Incyte stock opened at $126.75 on Monday. Incyte Corporation has a 1 year low of $81.09 and a 1 year high of $132.60. The firm's 50-day moving average is $120.87 and its 200 day moving average is $105.90. The stock has a market cap of $25.69 billion, a price-to-earnings ratio of 16.15, a PEG ratio of 3.68 and a beta of 0.77.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.94. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. Incyte's revenue was up 37.7% compared to the same quarter last year. During the same period last year, the business earned $1.57 EPS. On average, equities analysts expect that Incyte Corporation will post 2.64 EPS for the current fiscal year.

Incyte Company 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.

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