Alaska Permanent Fund Corp Cuts Stake in Incyte Co. (NASDAQ:INCY)

Alaska Permanent Fund Corp lowered its stake in Incyte Co. (NASDAQ:INCY - Free Report) by 33.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 50,606 shares of the biopharmaceutical company's stock after selling 25,830 shares during the quarter. Alaska Permanent Fund Corp's holdings in Incyte were worth $3,178,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of INCY. Pacer Advisors Inc. lifted its stake in Incyte by 2,858.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,025,784 shares of the biopharmaceutical company's stock valued at $64,409,000 after buying an additional 991,110 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Incyte by 585.8% in the third quarter. Los Angeles Capital Management LLC now owns 1,145,362 shares of the biopharmaceutical company's stock worth $66,168,000 after purchasing an additional 978,342 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Incyte by 56.6% in the third quarter. Acadian Asset Management LLC now owns 2,684,621 shares of the biopharmaceutical company's stock worth $155,053,000 after purchasing an additional 970,668 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Incyte by 145.2% in the third quarter. Federated Hermes Inc. now owns 864,710 shares of the biopharmaceutical company's stock worth $49,954,000 after purchasing an additional 512,083 shares in the last quarter. Finally, Royal Bank of Canada lifted its position in shares of Incyte by 85.3% in the third quarter. Royal Bank of Canada now owns 987,052 shares of the biopharmaceutical company's stock worth $57,021,000 after purchasing an additional 454,416 shares in the last quarter. Institutional investors own 96.97% of the company's stock.

Incyte Stock Performance

Shares of NASDAQ:INCY traded up $0.09 on Wednesday, hitting $51.74. The company had a trading volume of 1,564,434 shares, compared to its average volume of 1,724,911. Incyte Co. has a 1-year low of $50.27 and a 1-year high of $75.74. The stock has a market cap of $11.62 billion, a price-to-earnings ratio of 19.52, a P/E/G ratio of 1.20 and a beta of 0.65. The stock has a 50 day moving average price of $57.06 and a 200 day moving average price of $57.78. The company has a current ratio of 3.55, a quick ratio of 3.36 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings data on Tuesday, February 13th. The biopharmaceutical company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.09). Incyte had a net margin of 16.17% and a return on equity of 12.56%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the firm earned $0.44 earnings per share. Incyte's revenue for the quarter was up 9.3% on a year-over-year basis. Analysts expect that Incyte Co. will post 3.85 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on INCY. Cantor Fitzgerald began coverage on shares of Incyte in a research report on Tuesday. They issued a "neutral" rating on the stock. William Blair reissued an "outperform" rating on shares of Incyte in a research report on Tuesday, February 6th. BMO Capital Markets boosted their price objective on shares of Incyte from $58.00 to $64.00 and gave the stock a "market perform" rating in a research report on Wednesday, February 14th. Royal Bank of Canada reissued a "sector perform" rating and issued a $65.00 price objective on shares of Incyte in a research report on Monday, March 25th. Finally, JMP Securities lowered shares of Incyte from an "outperform" rating to a "market perform" rating in a research report on Wednesday, February 14th. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $75.50.

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.