Public Employees Retirement System of Ohio Acquires New Shares in Incyte Corporation $INCY

Public Employees Retirement System of Ohio acquired a new position in Incyte Corporation (NASDAQ:INCY) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 57,397 shares of the biopharmaceutical company’s stock, valued at approximately $6,507,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fiduciary Financial Advisors purchased a new position in Incyte during the 2nd quarter valued at about $26,000. Elyxium Wealth LLC purchased a new stake in shares of Incyte in the 4th quarter worth approximately $28,000. Smithfield Trust Co boosted its stake in shares of Incyte by 135.0% during the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 162 shares in the last quarter. MUFG Securities EMEA plc purchased a new position in Incyte during the second quarter valued at approximately $32,000. Finally, CYBER HORNET ETFs LLC purchased a new position in Incyte during the second quarter valued at approximately $33,000. 96.97% of the stock is currently owned by institutional investors.

Incyte Stock Up 1.5%

Shares of INCY opened at $125.01 on Wednesday. The company has a 50 day moving average of $119.79 and a two-hundred day moving average of $105.33. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60. The company has a market cap of $25.34 billion, a price-to-earnings ratio of 15.92, a price-to-earnings-growth ratio of 3.87 and a beta of 0.77.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the prior year, the firm posted $1.57 earnings per share. The business’s quarterly revenue was up 37.7% on a year-over-year basis. On average, sell-side analysts expect that Incyte Corporation will post 2.64 EPS for the current year.

Insider Activity

In other Incyte news, EVP Patrick A. Mayes sold 41,899 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo J. Cagnoni sold 10,801 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the sale, the insider directly owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This represents a 5.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 16.20% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on INCY shares. Piper Sandler upped their target price on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $104.00 price target on shares of Incyte in a report on Thursday, August 13th. Leerink Partners boosted their price target on Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Barclays upped their price objective on Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Finally, Truist Financial lifted their target price on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a research note on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, Incyte presently has a consensus rating of “Moderate Buy” and a consensus price target of $123.10.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.