State of Alaska Department of Revenue Sells 15,825 Shares of Incyte Co. (NASDAQ:INCY)

State of Alaska Department of Revenue reduced its holdings in shares of Incyte Co. (NASDAQ:INCY) by 46.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,234 shares of the biopharmaceutical company’s stock after selling 15,825 shares during the period. State of Alaska Department of Revenue’s holdings in Incyte were worth $1,259,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. CWM LLC raised its position in Incyte by 79.3% during the 3rd quarter. CWM LLC now owns 14,297 shares of the biopharmaceutical company’s stock valued at $945,000 after purchasing an additional 6,325 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of Incyte by 102.3% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,562 shares of the biopharmaceutical company’s stock valued at $103,000 after acquiring an additional 790 shares in the last quarter. Creative Planning raised its holdings in Incyte by 6.2% in the third quarter. Creative Planning now owns 22,366 shares of the biopharmaceutical company’s stock worth $1,478,000 after buying an additional 1,307 shares during the last quarter. V Square Quantitative Management LLC lifted its holdings in shares of Incyte by 4.1% during the third quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock valued at $262,000 after purchasing an additional 155 shares in the last quarter. Finally, Foundations Investment Advisors LLC bought a new stake in Incyte in the 3rd quarter worth approximately $220,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insider Activity at Incyte

In other Incyte news, EVP Vijay K. Iyengar sold 6,043 shares of the stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $75.38, for a total value of $455,521.34. Following the completion of the sale, the executive vice president now owns 30,658 shares in the company, valued at approximately $2,311,000.04. This represents a 16.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Steven H. Stein sold 12,352 shares of Incyte stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total transaction of $897,866.88. Following the transaction, the executive vice president now directly owns 66,967 shares in the company, valued at $4,867,831.23. This trade represents a 15.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,695 shares of company stock valued at $1,444,356. 17.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Stifel Nicolaus lifted their price target on shares of Incyte from $75.00 to $77.00 and gave the stock a “hold” rating in a research note on Monday. The Goldman Sachs Group increased their price target on Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research report on Friday, January 10th. BMO Capital Markets reiterated an “underperform” rating and set a $52.00 target price (up from $48.00) on shares of Incyte in a research report on Wednesday, October 30th. Finally, Bank of America upgraded Incyte from a “neutral” rating to a “buy” rating and raised their price target for the company from $68.00 to $90.00 in a research note on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Incyte currently has a consensus rating of “Hold” and a consensus price target of $75.59.

Incyte Stock Up 4.1 %

INCY stock opened at $69.05 on Thursday. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $83.95. The stock has a market capitalization of $13.30 billion, a PE ratio of 493.25, a price-to-earnings-growth ratio of 0.53 and a beta of 0.70. The firm has a 50 day moving average of $71.58 and a 200 day moving average of $69.16.

Incyte (NASDAQ:INCY) last posted its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. Sell-side analysts forecast that Incyte Co. will post 0.35 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.