State of New Jersey Common Pension Fund D Sells 9,769 Shares of Incyte Co. (NASDAQ:INCY)

State of New Jersey Common Pension Fund D lowered its position in shares of Incyte Co. (NASDAQ:INCY) by 13.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,559 shares of the biopharmaceutical company’s stock after selling 9,769 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Incyte were worth $4,003,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. MFA Wealth Advisors LLC bought a new position in Incyte during the 2nd quarter worth $26,000. Innealta Capital LLC bought a new position in Incyte during the second quarter worth about $32,000. Itau Unibanco Holding S.A. acquired a new stake in Incyte in the 2nd quarter worth about $36,000. Deseret Mutual Benefit Administrators boosted its holdings in Incyte by 37.1% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock valued at $37,000 after purchasing an additional 164 shares during the period. Finally, Cromwell Holdings LLC grew its position in shares of Incyte by 101.1% during the 3rd quarter. Cromwell Holdings LLC now owns 563 shares of the biopharmaceutical company’s stock worth $37,000 after purchasing an additional 283 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on INCY shares. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and lifted their price target for the company from $68.00 to $90.00 in a research report on Tuesday, October 29th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research report on Monday, September 16th. JMP Securities restated a “market perform” rating on shares of Incyte in a research report on Tuesday, September 17th. William Blair reaffirmed an “outperform” rating on shares of Incyte in a research report on Monday, September 9th. Finally, Morgan Stanley raised their target price on shares of Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $76.74.

Incyte Stock Performance

NASDAQ:INCY opened at $80.58 on Wednesday. The stock’s 50-day moving average is $67.79 and its 200-day moving average is $63.16. The stock has a market cap of $15.52 billion, a P/E ratio of 582.40, a price-to-earnings-growth ratio of 9.61 and a beta of 0.71. Incyte Co. has a 1-year low of $50.35 and a 1-year high of $83.95. The company has a current ratio of 1.87, a quick ratio of 1.82 and a debt-to-equity ratio of 0.01.

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

Insider Activity at Incyte

In other Incyte news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now directly owns 36,390 shares of the company’s stock, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares in the company, valued at approximately $2,269,280.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas Tray sold 572 shares of the stock in a transaction 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 sale, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,702 shares of company stock worth $856,166 over 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.