Vestcor Inc Trims Holdings in Incyte Co. (NASDAQ:INCY)

Vestcor Inc reduced its holdings in shares of Incyte Co. (NASDAQ:INCY) by 86.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 2,625 shares of the biopharmaceutical company’s stock after selling 17,167 shares during the period. Vestcor Inc’s holdings in Incyte were worth $174,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. MFA Wealth Advisors LLC acquired a new position in Incyte in the 2nd quarter valued at about $26,000. Brooklyn Investment Group purchased a new position in shares of Incyte in the 3rd quarter valued at approximately $30,000. Innealta Capital LLC acquired a new position in shares of Incyte in the second quarter valued at approximately $32,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Incyte during the third quarter worth approximately $33,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in shares of Incyte during the second quarter worth $36,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on INCY shares. Citigroup boosted their price objective on shares of Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Morgan Stanley increased their price target on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Incyte in a report on Tuesday, November 19th. StockNews.com downgraded Incyte from a “strong-buy” rating to a “buy” rating in a research note on Friday. Finally, Guggenheim lifted their price target on Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Incyte has an average rating of “Hold” and a consensus target price of $76.18.

Insider Buying and Selling

In related news, EVP Barry P. Flannelly sold 3,680 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the sale, the executive vice president now owns 58,042 shares of the company’s stock, valued at $4,624,786.56. This trade represents a 5.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Vijay K. Iyengar sold 6,043 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $75.38, for a total transaction of $455,521.34. Following the completion of the transaction, the executive vice president now directly owns 30,658 shares of the company’s stock, valued at $2,311,000.04. The trade was a 16.47 % decrease in their position. The disclosure for this sale can be found here. Insiders own 17.60% of the company’s stock.

Incyte Trading Down 3.2 %

Shares of INCY stock opened at $68.55 on Friday. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $72.14 and a 200-day simple moving average of $66.18. The stock has a market cap of $13.21 billion, a P/E ratio of 489.64, a P/E/G ratio of 8.36 and a beta of 0.69.

Incyte (NASDAQ:INCY) last posted its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter last year, the business posted $0.91 earnings per share. The business’s revenue was up 23.8% compared to the same quarter last year. On average, analysts forecast that Incyte Co. will post 0.4 earnings per share for the current fiscal year.

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.