California State Teachers Retirement System Has $22.71 Million Holdings in Incyte Corporation $INCY

California State Teachers Retirement System lessened its stake in Incyte Corporation (NASDAQ:INCY) by 2.1% in the 1st quarter, Holdings Channel reports. The institutional investor owned 241,287 shares of the biopharmaceutical company’s stock after selling 5,172 shares during the quarter. California State Teachers Retirement System’s holdings in Incyte were worth $22,710,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Norges Bank bought a new stake in Incyte in the 4th quarter valued at $122,893,000. Caisse de depot et placement du Quebec boosted its stake in Incyte by 264.5% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 1,498,013 shares of the biopharmaceutical company’s stock worth $127,046,000 after purchasing an additional 1,087,091 shares during the period. Marshall Wace LLP boosted its stake in Incyte by 6,586.4% in the 4th quarter. Marshall Wace LLP now owns 1,072,491 shares of the biopharmaceutical company’s stock worth $105,930,000 after purchasing an additional 1,056,451 shares during the period. Wellington Management Group LLP increased its holdings in Incyte by 3,406.8% during the 4th quarter. Wellington Management Group LLP now owns 739,378 shares of the biopharmaceutical company’s stock worth $73,028,000 after purchasing an additional 718,294 shares in the last quarter. Finally, SEB Asset Management AB bought a new position in Incyte during the 1st quarter worth about $60,817,000. Institutional investors own 96.97% of the company’s stock.

Incyte Price Performance

Shares of NASDAQ:INCY opened at $119.52 on Friday. The company’s 50-day moving average price is $109.54 and its two-hundred day moving average price is $102.24. Incyte Corporation has a one year low of $73.81 and a one year high of $132.60. The stock has a market capitalization of $24.23 billion, a PE ratio of 15.23, a price-to-earnings-growth ratio of 1.55 and a beta of 0.76.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.94. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.Incyte’s revenue for the quarter was up 37.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.57 EPS. On average, analysts anticipate that Incyte Corporation will post 2.5 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on INCY shares. Truist Financial boosted their price target on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. HC Wainwright increased their price objective on Incyte from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday. Guggenheim lifted their target price on Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday. Citigroup restated a “market perform” rating on shares of Incyte in a research note on Wednesday, July 15th. Finally, BMO Capital Markets upped their price target on Incyte from $112.00 to $130.00 and gave the stock a “market perform” rating in a research report on Wednesday. Eight investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Incyte has an average rating of “Hold” and a consensus price target of $117.74.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.