Retirement Systems of Alabama Sells 4,091 Shares of Incyte Co. (NASDAQ:INCY)

Retirement Systems of Alabama lessened its position in shares of Incyte Co. (NASDAQ:INCY) by 10.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,964 shares of the biopharmaceutical company’s stock after selling 4,091 shares during the period. Retirement Systems of Alabama’s holdings in Incyte were worth $2,241,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Cape Investment Advisory Inc. bought a new stake in Incyte in the 4th quarter valued at approximately $25,000. MFA Wealth Advisors LLC acquired a new position in Incyte during the second quarter worth $26,000. Redmont Wealth Advisors LLC acquired a new position in Incyte during the first quarter worth $28,000. Riverview Trust Co bought a new position in Incyte in the first quarter valued at $29,000. Finally, Fidelis Capital Partners LLC bought a new stake in Incyte during the 1st quarter worth about $32,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Vijay K. Iyengar sold 15,571 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $70.00, for a total value of $1,089,970.00. Following the sale, the executive vice president now directly owns 36,701 shares in the company, valued at approximately $2,569,070. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Vijay K. Iyengar sold 15,571 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $70.00, for a total value of $1,089,970.00. Following the completion of the transaction, the executive vice president now directly owns 36,701 shares in the company, valued at $2,569,070. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Barry P. Flannelly sold 1,306 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $64.19, for a total transaction of $83,832.14. Following the sale, the executive vice president now directly owns 58,042 shares in the company, valued at approximately $3,725,715.98. The disclosure for this sale can be found here. Insiders sold 45,282 shares of company stock valued at $2,876,911 over the last ninety days. 17.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

INCY has been the topic of a number of recent research reports. StockNews.com downgraded Incyte from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 2nd. TD Cowen decreased their target price on shares of Incyte from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft upped their price target on shares of Incyte from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Bank of America lifted their price objective on shares of Incyte from $62.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Finally, Oppenheimer cut their target price on shares of Incyte from $84.00 to $81.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Incyte presently has a consensus rating of “Hold” and a consensus target price of $73.29.

Incyte Price Performance

Shares of NASDAQ INCY opened at $65.63 on Wednesday. The company has a quick ratio of 3.43, a current ratio of 1.92 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $14.74 billion, a PE ratio of 19.89, a PEG ratio of 1.14 and a beta of 0.73. The stock’s 50 day moving average price is $62.92 and its 200-day moving average price is $59.07. Incyte Co. has a twelve month low of $50.27 and a twelve month high of $70.36.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, July 30th. The biopharmaceutical company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60). The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Incyte had a return on equity of 0.75% and a net margin of 2.52%. Incyte’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period last year, the firm posted $0.77 earnings per share. On average, equities analysts anticipate that Incyte Co. will post 3.35 EPS for the current 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.