Retirement Systems of Alabama Sells 2,483 Shares of Incyte Co. (NASDAQ:INCY)

Retirement Systems of Alabama cut its stake in Incyte Co. (NASDAQ:INCY) by 6.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 34,481 shares of the biopharmaceutical company’s stock after selling 2,483 shares during the quarter. Retirement Systems of Alabama’s holdings in Incyte were worth $2,279,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Pacer Advisors Inc. boosted its stake in Incyte by 17,460.4% during the second quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company’s stock worth $163,200,000 after acquiring an additional 2,676,851 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Incyte in the 3rd quarter worth approximately $156,611,000. Mizuho Securities USA LLC grew its stake in shares of Incyte by 13,814.7% in the 3rd quarter. Mizuho Securities USA LLC now owns 2,000,100 shares of the biopharmaceutical company’s stock worth $132,207,000 after buying an additional 1,985,726 shares during the last quarter. AQR Capital Management LLC increased its position in Incyte by 70.5% during the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company’s stock valued at $159,905,000 after buying an additional 1,101,041 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in Incyte by 28.0% during the second quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company’s stock valued at $215,833,000 after buying an additional 779,243 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Insider Buying and Selling at Incyte

In other Incyte news, insider Thomas Tray sold 650 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $70.64, for a total transaction of $45,916.00. Following the completion of the transaction, the insider now owns 23,962 shares in the company, valued at $1,692,675.68. This trade represents a 2.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Vijay K. Iyengar sold 6,043 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $75.38, for a total value of $455,521.34. Following the transaction, the executive vice president now owns 30,658 shares of the company’s stock, valued at $2,311,000.04. This represents a 16.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 11,023 shares of company stock valued at $839,711 in the last three months. 17.60% of the stock is currently owned by corporate insiders.

Incyte Stock Up 2.7 %

NASDAQ INCY opened at $68.84 on Friday. The stock’s 50-day moving average price is $72.42 and its 200-day moving average price is $66.56. The company has a market capitalization of $13.26 billion, a P/E ratio of 491.75, a price-to-earnings-growth ratio of 8.36 and a beta of 0.69. Incyte Co. has a 52 week low of $50.35 and a 52 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.

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on INCY shares. Guggenheim lifted their price target on Incyte from $86.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Citigroup lifted their target price on shares of Incyte from $92.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. UBS Group assumed coverage on shares of Incyte in a report on Tuesday. They set a “neutral” rating and a $77.00 price target on the stock. StockNews.com downgraded Incyte from a “strong-buy” rating to a “buy” rating in a report on Friday, December 13th. Finally, Truist Financial reissued a “hold” rating and issued a $74.00 target price (down previously from $83.00) on shares of Incyte in a research report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $76.29.

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.