State of New Jersey Common Pension Fund D Grows Stake in Incyte Co. (NASDAQ:INCY)

State of New Jersey Common Pension Fund D raised its holdings in shares of Incyte Co. (NASDAQ:INCY) by 2.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 61,975 shares of the biopharmaceutical company’s stock after purchasing an additional 1,416 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Incyte were worth $4,281,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Haverford Trust Co increased its position in Incyte by 1.8% during the 3rd quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company’s stock valued at $515,000 after buying an additional 135 shares in the last quarter. Retirement Systems of Alabama increased its holdings in shares of Incyte by 0.4% during the fourth quarter. Retirement Systems of Alabama now owns 34,620 shares of the biopharmaceutical company’s stock valued at $2,391,000 after acquiring an additional 139 shares in the last quarter. Trust Point Inc. raised its position in shares of Incyte by 5.0% in the 4th quarter. Trust Point Inc. now owns 3,282 shares of the biopharmaceutical company’s stock valued at $227,000 after purchasing an additional 156 shares during the last quarter. Mather Group LLC. raised its position in shares of Incyte by 26.4% in the 4th quarter. Mather Group LLC. now owns 828 shares of the biopharmaceutical company’s stock valued at $57,000 after purchasing an additional 173 shares during the last quarter. Finally, Tectonic Advisors LLC boosted its stake in Incyte by 1.6% in the 3rd quarter. Tectonic Advisors LLC now owns 12,390 shares of the biopharmaceutical company’s stock worth $819,000 after purchasing an additional 190 shares in the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of Incyte from $65.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Royal Bank of Canada reduced their target price on Incyte from $70.00 to $68.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 11th. Citigroup dropped their price target on Incyte from $97.00 to $88.00 and set a “buy” rating on the stock in a research note on Tuesday, February 11th. William Blair reissued an “outperform” rating on shares of Incyte in a report on Friday, December 13th. Finally, StockNews.com downgraded Incyte from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Incyte has a consensus rating of “Hold” and an average price target of $75.59.

Incyte Stock Performance

NASDAQ INCY opened at $70.16 on Thursday. The stock has a market capitalization of $13.58 billion, a price-to-earnings ratio of 259.86, a PEG ratio of 0.40 and a beta of 0.70. The stock has a 50-day moving average of $71.20 and a 200 day moving average of $69.31. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. Incyte Co. has a twelve month low of $50.35 and a twelve month high of $83.95.

Incyte (NASDAQ:INCY) last announced its earnings results on Monday, February 10th. The biopharmaceutical company reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.48). Incyte had a return on equity of 0.05% and a net margin of 0.77%. Sell-side analysts anticipate that Incyte Co. will post 4.86 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Steven H. Stein sold 12,352 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $72.69, for a total value of $897,866.88. Following the completion of the transaction, the executive vice president now directly owns 66,967 shares of the company’s stock, valued at approximately $4,867,831.23. This represents a 15.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas Tray sold 650 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $70.64, for a total value 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. The trade was a 2.64 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,695 shares of company stock worth $1,444,356. 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.