Texas Permanent School Fund Corp Sells 7,699 Shares of Incyte Co. (NASDAQ:INCY)

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

Other large investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in Incyte by 48.8% in the 4th quarter. Wellington Management Group LLP now owns 131,649 shares of the biopharmaceutical company’s stock valued at $8,266,000 after buying an additional 43,160 shares during the last quarter. Fulton Bank N.A. acquired a new position in Incyte in the 1st quarter valued at $1,425,000. FORVIS Wealth Advisors LLC acquired a new position in Incyte in the 1st quarter valued at $1,495,000. ProShare Advisors LLC grew its stake in Incyte by 14.4% in the 1st quarter. ProShare Advisors LLC now owns 63,086 shares of the biopharmaceutical company’s stock valued at $3,594,000 after buying an additional 7,925 shares during the last quarter. Finally, Kennedy Capital Management LLC acquired a new position in Incyte in the 1st quarter valued at $463,000. 96.97% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Incyte news, EVP Barry P. Flannelly sold 8,148 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total value of $488,880.00. Following the completion of the sale, the executive vice president now owns 50,534 shares in the company, valued at approximately $3,032,040. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Incyte news, EVP Vijay K. Iyengar sold 15,571 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the sale, the executive vice president now owns 36,701 shares in the company, valued at approximately $2,569,070. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Barry P. Flannelly sold 8,148 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the sale, the executive vice president now owns 50,534 shares of the company’s stock, valued at approximately $3,032,040. The disclosure for this sale can be found here. Insiders sold 34,047 shares of company stock worth $2,225,626 in the last quarter. 17.50% of the stock is owned by corporate insiders.

Incyte Trading Down 1.9 %

Shares of Incyte stock opened at $65.17 on Thursday. The stock has a market capitalization of $14.63 billion, a P/E ratio of 19.75, a price-to-earnings-growth ratio of 5.03 and a beta of 0.73. 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 company has a 50-day simple moving average of $64.23 and a 200 day simple moving average of $59.70. Incyte Co. has a 12-month low of $50.27 and a 12-month high of $70.36.

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

Wall Street Analyst Weigh In

INCY has been the subject of a number of research reports. William Blair reissued an “outperform” rating on shares of Incyte in a report on Monday, September 9th. BMO Capital Markets reissued an “underperform” rating and issued a $48.00 price target (down from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $67.00 price target on shares of Incyte in a report on Tuesday, September 3rd. JMP Securities reissued a “market perform” rating on shares of Incyte in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Incyte from $55.00 to $60.00 and gave the company a “hold” rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Incyte presently has a consensus rating of “Hold” and an average target price of $73.24.

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.