State of Alaska Department of Revenue Cuts Stake in Incyte Corporation $INCY

State of Alaska Department of Revenue reduced its stake in shares of Incyte Corporation (NASDAQ:INCY) by 4.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,044 shares of the biopharmaceutical company’s stock after selling 780 shares during the period. State of Alaska Department of Revenue’s holdings in Incyte were worth $1,228,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Assenagon Asset Management S.A. lifted its holdings in shares of Incyte by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company’s stock worth $612,000 after acquiring an additional 147 shares during the period. Farther Finance Advisors LLC increased its position in Incyte by 10.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,706 shares of the biopharmaceutical company’s stock worth $116,000 after purchasing an additional 156 shares in the last quarter. Advisory Alpha LLC increased its position in Incyte by 2.1% during the 1st quarter. Advisory Alpha LLC now owns 8,056 shares of the biopharmaceutical company’s stock worth $488,000 after purchasing an additional 166 shares in the last quarter. Blackhawk Capital Partners LLC. increased its position in Incyte by 4.4% during the 1st quarter. Blackhawk Capital Partners LLC. now owns 4,135 shares of the biopharmaceutical company’s stock worth $250,000 after purchasing an additional 175 shares in the last quarter. Finally, Fifth Third Bancorp increased its position in Incyte by 2.0% during the 1st quarter. Fifth Third Bancorp now owns 9,103 shares of the biopharmaceutical company’s stock worth $551,000 after purchasing an additional 179 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Incyte Stock Performance

Incyte stock opened at $86.85 on Friday. The company has a market cap of $16.96 billion, a PE ratio of 19.74, a P/E/G ratio of 0.68 and a beta of 0.73. The company has a fifty day moving average price of $83.27 and a two-hundred day moving average price of $70.81. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.78. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $88.66.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. UBS Group reissued a “neutral” rating and set a $68.00 target price (up previously from $62.00) on shares of Incyte in a research report on Wednesday, July 30th. Wall Street Zen raised shares of Incyte from a “buy” rating to a “strong-buy” rating in a research report on Friday. Guggenheim reissued a “neutral” rating on shares of Incyte in a research report on Friday, September 19th. Weiss Ratings reissued a “hold (c+)” rating on shares of Incyte in a research report on Saturday, September 27th. Finally, Truist Financial increased their target price on shares of Incyte from $73.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, July 30th. Six investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Incyte presently has a consensus rating of “Hold” and a consensus price target of $83.64.

Insiders Place Their Bets

In other Incyte news, EVP Vijay K. Iyengar sold 1,177 shares of the firm’s stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $82,225.22. Following the sale, the executive vice president directly owned 35,929 shares in the company, valued at approximately $2,509,999.94. This trade represents a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Barry P. Flannelly sold 1,192 shares of the firm’s stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $83,273.12. Following the completion of the sale, the executive vice president owned 37,630 shares in the company, valued at $2,628,831.80. The trade was a 3.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,257 shares of company stock valued at $2,487,927 over the last 90 days. 17.80% of the stock is owned by company insiders.

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.