Texas Permanent School Fund Corp Has $1.86 Million Stake in Incyte Co. (NASDAQ:INCY)

Texas Permanent School Fund Corp decreased its holdings in shares of Incyte Co. (NASDAQ:INCY) by 20.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,753 shares of the biopharmaceutical company’s stock after selling 7,699 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Incyte were worth $1,864,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of INCY. Norges Bank bought a new position in Incyte during the 4th quarter worth approximately $123,253,000. KBC Group NV boosted its stake in Incyte by 842.2% during the 4th quarter. KBC Group NV now owns 955,749 shares of the biopharmaceutical company’s stock worth $60,011,000 after acquiring an additional 854,311 shares during the last quarter. Acadian Asset Management LLC boosted its stake in Incyte by 28.0% during the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock worth $215,833,000 after acquiring an additional 779,243 shares during the last quarter. Swedbank AB bought a new position in Incyte during the 1st quarter worth approximately $37,440,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in Incyte by 122.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company’s stock worth $54,116,000 after acquiring an additional 490,680 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 8,148 shares of the business’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following the transaction, the executive vice president now directly owns 50,534 shares in the company, valued at $3,032,040. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Barry P. Flannelly sold 8,148 shares of the business’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following the transaction, the executive vice president now directly owns 50,534 shares in the company, valued at $3,032,040. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Thomas Tray sold 572 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the transaction, the insider now owns 24,825 shares in the company, valued at $1,562,485.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,047 shares of company stock worth $2,225,626. Insiders own 17.50% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. JMP Securities reaffirmed a “market perform” rating on shares of Incyte in a research note on Tuesday. JPMorgan Chase & Co. lifted their price target on shares of Incyte from $59.00 to $61.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Citigroup lifted their price target on shares of Incyte from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, BMO Capital Markets reaffirmed an “underperform” rating and issued a $48.00 price target (down previously from $52.00) on shares of Incyte in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $73.24.

Incyte Stock Performance

Shares of INCY stock opened at $65.17 on Thursday. The company’s fifty day simple moving average is $64.23 and its 200-day simple moving average is $59.70. The company has a quick ratio of 1.84, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. The firm has a market cap of $14.63 billion, a PE ratio of 19.75, a P/E/G ratio of 5.03 and a beta of 0.73. Incyte Co. has a 12 month low of $50.27 and a 12 month high of $70.36.

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