Kentucky Retirement Systems Insurance Trust Fund Reduces Stock Position in Incyte Co. (NASDAQ:INCY)

Kentucky Retirement Systems Insurance Trust Fund cut its holdings in shares of Incyte Co. (NASDAQ:INCY) by 21.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,733 shares of the biopharmaceutical company’s stock after selling 1,278 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Incyte were worth $313,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of INCY. Kennedy Capital Management LLC acquired a new position in Incyte during the 1st quarter valued at approximately $463,000. Magnetar Financial LLC acquired a new stake in shares of Incyte in the first quarter valued at $1,817,000. Greenwood Capital Associates LLC acquired a new stake in shares of Incyte in the third quarter valued at $433,000. Andra AP fonden lifted its holdings in shares of Incyte by 35.2% in the second quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock valued at $15,022,000 after buying an additional 64,500 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of Incyte by 19.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 152,452 shares of the biopharmaceutical company’s stock valued at $8,652,000 after buying an additional 24,328 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Stock Down 8.3 %

Shares of INCY opened at $70.56 on Wednesday. The stock has a market capitalization of $13.59 billion, a price-to-earnings ratio of 504.04, a PEG ratio of 8.75 and a beta of 0.71. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. Incyte Co. has a 52 week low of $50.35 and a 52 week high of $83.95. The stock has a fifty day moving average of $69.43 and a 200-day moving average of $64.19.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.12). The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.08 billion. Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The business’s revenue was up 23.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.91 earnings per share. As a group, sell-side analysts anticipate that Incyte Co. will post 0.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. StockNews.com upgraded Incyte from a “buy” rating to a “strong-buy” rating in a report on Thursday, October 31st. BMO Capital Markets reaffirmed 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. Wolfe Research started coverage on Incyte in a research report on Tuesday, October 1st. They set an “outperform” rating and a $84.00 price target on the stock. William Blair reissued an “outperform” rating on shares of Incyte in a research report on Monday, September 9th. Finally, Morgan Stanley boosted their target price on Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Incyte currently has a consensus rating of “Hold” and a consensus target price of $77.16.

Insider Activity

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 18.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas Tray sold 572 shares of Incyte stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. This trade represents a 2.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,702 shares of company stock worth $856,166 in the last three months. Company insiders own 17.60% of the company’s stock.

Incyte 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.