State of New Jersey Common Pension Fund D Reduces Stake in Incyte Co. (NASDAQ:INCY)

State of New Jersey Common Pension Fund D lessened its holdings in Incyte Co. (NASDAQ:INCY) by 36.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 70,328 shares of the biopharmaceutical company’s stock after selling 39,552 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Incyte were worth $4,263,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Incyte by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 22,715,821 shares of the biopharmaceutical company’s stock valued at $1,294,120,000 after purchasing an additional 196,440 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of Incyte by 28.0% in the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after purchasing an additional 779,243 shares during the last quarter. LSV Asset Management lifted its stake in shares of Incyte by 0.5% in the 2nd quarter. LSV Asset Management now owns 2,769,892 shares of the biopharmaceutical company’s stock valued at $167,911,000 after purchasing an additional 15,115 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Incyte by 7.6% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 2,514,634 shares of the biopharmaceutical company’s stock valued at $143,259,000 after purchasing an additional 177,852 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Incyte in the 4th quarter valued at $123,253,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft upped their price target on Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Guggenheim boosted their price target on shares of Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday. Bank of America raised their price objective on shares of Incyte from $66.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday. Royal Bank of Canada reissued a “sector perform” rating and issued a $67.00 price objective on shares of Incyte in a research note on Tuesday, September 3rd. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research note on Monday. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $73.76.

Insider Buying and Selling at Incyte

In other Incyte news, EVP Barry P. Flannelly sold 1,306 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total value of $83,832.14. Following the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at approximately $3,725,715.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Incyte news, EVP Barry P. Flannelly sold 1,306 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $64.19, for a total transaction of $83,832.14. Following the sale, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $3,725,715.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Barry P. Flannelly sold 8,148 shares of the business’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the sale, the executive vice president now owns 50,534 shares in the company, valued at $3,032,040. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,047 shares of company stock valued at $2,225,626. 17.50% of the stock is owned by company insiders.

Incyte Stock Performance

Shares of INCY opened at $66.41 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.84 and a current ratio of 1.92. The stock has a market capitalization of $14.91 billion, a P/E ratio of 20.12, a P/E/G ratio of 5.03 and a beta of 0.73. The company’s fifty day moving average is $64.03 and its two-hundred day moving average is $59.61. Incyte Co. has a 1 year low of $50.27 and a 1 year high of $70.36.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($2.60). The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Incyte had a net margin of 2.52% and a return on equity of 0.75%. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.77 earnings per share. On average, sell-side analysts predict that Incyte Co. will post 0.67 earnings per share for the current year.

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.