Maryland State Retirement & Pension System Sells 677 Shares of Incyte Co. (NASDAQ:INCY)

Maryland State Retirement & Pension System cut its holdings in shares of Incyte Co. (NASDAQ:INCY) by 7.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,490 shares of the biopharmaceutical company’s stock after selling 677 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Incyte were worth $586,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Point72 Asset Management L.P. bought a new position in Incyte during the 3rd quarter worth $156,611,000. Charles Schwab Investment Management Inc. increased its position in shares of Incyte by 29.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,609,220 shares of the biopharmaceutical company’s stock worth $106,369,000 after purchasing an additional 364,169 shares during the period. Candriam S.C.A. raised its stake in Incyte by 27.8% in the fourth quarter. Candriam S.C.A. now owns 1,034,652 shares of the biopharmaceutical company’s stock valued at $71,463,000 after purchasing an additional 224,919 shares in the last quarter. LBP AM SA bought a new stake in Incyte during the fourth quarter worth about $13,905,000. Finally, Los Angeles Capital Management LLC grew its stake in Incyte by 94.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 407,201 shares of the biopharmaceutical company’s stock worth $28,125,000 after buying an additional 197,406 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Incyte

In other news, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $72.69, for a total transaction of $897,866.88. Following the completion of the sale, the executive vice president now directly owns 66,967 shares in the company, valued at $4,867,831.23. This represents a 15.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Sheila A. Denton sold 14,069 shares of the business’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total transaction of $1,042,090.83. Following the completion of the transaction, the executive vice president now owns 25,848 shares in the company, valued at approximately $1,914,561.36. The trade was a 35.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,827 shares of company stock worth $3,322,618 over the last ninety days. 17.60% of the stock is owned by insiders.

Incyte Trading Up 1.4 %

INCY opened at $62.78 on Tuesday. The company’s 50 day moving average price is $70.42 and its two-hundred day moving average price is $70.17. The firm has a market capitalization of $12.15 billion, a price-to-earnings ratio of 232.53, a PEG ratio of 0.41 and a beta of 0.76. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.94.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.48). Incyte had a net margin of 0.77% and a return on equity of 0.05%. As a group, research analysts predict that Incyte Co. will post 4.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on INCY. Guggenheim cut shares of Incyte from a “buy” rating to a “neutral” rating and set a $92.00 target price for the company. in a research report on Tuesday, March 18th. StockNews.com downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 12th. Truist Financial reduced their target price on Incyte from $74.00 to $72.00 and set a “hold” rating on the stock in a report on Tuesday, March 18th. William Blair lowered Incyte from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 18th. Finally, UBS Group initiated coverage on Incyte in a research report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price objective for the company. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $74.88.

Incyte Company 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.