State of Alaska Department of Revenue Sells 19,330 Shares of Incyte Co. (NASDAQ:INCY)

State of Alaska Department of Revenue lessened its stake in shares of Incyte Co. (NASDAQ:INCY) by 36.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 34,059 shares of the biopharmaceutical company’s stock after selling 19,330 shares during the period. State of Alaska Department of Revenue’s holdings in Incyte were worth $2,250,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in INCY. ProShare Advisors LLC boosted its position in Incyte by 14.4% during the first quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock worth $3,594,000 after purchasing an additional 7,925 shares during the period. Kennedy Capital Management LLC bought a new position in Incyte in the 1st quarter worth $463,000. Magnetar Financial LLC acquired a new position in Incyte during the 1st quarter worth $1,817,000. Andra AP fonden lifted its position in Incyte by 35.2% during the 2nd quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock worth $15,022,000 after acquiring an additional 64,500 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its holdings in Incyte by 19.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 152,452 shares of the biopharmaceutical company’s stock valued at $8,652,000 after acquiring an additional 24,328 shares during the period. Institutional investors and hedge funds own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on INCY. JPMorgan Chase & Co. boosted their price objective on Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday. The Goldman Sachs Group upped their price target on Incyte from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com raised Incyte from a “buy” rating to a “strong-buy” rating in a research report on Thursday. BMO Capital Markets reaffirmed an “underperform” rating and set a $52.00 target price (up previously from $48.00) on shares of Incyte in a research report on Wednesday. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $76.74.

Incyte Stock Up 2.7 %

Shares of NASDAQ:INCY opened at $76.13 on Friday. The company’s fifty day moving average is $66.04 and its 200-day moving average is $61.84. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.87. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $76.33. The company has a market capitalization of $14.67 billion, a PE ratio of 543.79, a P/E/G ratio of 6.57 and a beta of 0.73.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. Incyte’s quarterly revenue was up 23.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.91 earnings per share. Equities research analysts predict that Incyte Co. will post 0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Incyte news, insider Thomas Tray sold 572 shares of Incyte stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Incyte news, insider Thomas Tray sold 572 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the sale, the insider now owns 24,825 shares of the company’s stock, valued at $1,562,485.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the completion of the transaction, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.60% of the stock is owned by corporate insiders.

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.