National Pension Service Sells 34,758 Shares of Incyte Corporation $INCY

National Pension Service lowered its stake in shares of Incyte Corporation (NASDAQ:INCY) by 44.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 42,731 shares of the biopharmaceutical company’s stock after selling 34,758 shares during the period. National Pension Service’s holdings in Incyte were worth $4,844,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the stock. WINTON GROUP Ltd raised its position in Incyte by 47.0% in the second quarter. WINTON GROUP Ltd now owns 254,408 shares of the biopharmaceutical company’s stock worth $28,840,000 after acquiring an additional 81,376 shares during the period. NewEdge Advisors LLC increased its stake in shares of Incyte by 69.5% during the 2nd quarter. NewEdge Advisors LLC now owns 34,605 shares of the biopharmaceutical company’s stock worth $3,923,000 after purchasing an additional 14,189 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of Incyte by 13.9% in the 2nd quarter. IFP Advisors Inc now owns 6,073 shares of the biopharmaceutical company’s stock worth $688,000 after purchasing an additional 740 shares during the period. Squarepoint Ops LLC lifted its stake in Incyte by 20.1% in the second quarter. Squarepoint Ops LLC now owns 7,981 shares of the biopharmaceutical company’s stock valued at $905,000 after purchasing an additional 1,337 shares during the last quarter. Finally, Baird Financial Group Inc. grew its holdings in Incyte by 20.3% during the second quarter. Baird Financial Group Inc. now owns 224,855 shares of the biopharmaceutical company’s stock valued at $25,490,000 after purchasing an additional 37,995 shares during the period. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analyst Upgrades and Downgrades

INCY has been the topic of several research reports. Leerink Partners boosted their target price on Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Citigroup reiterated a “buy” rating on shares of Incyte in a research note on Monday, August 3rd. Barclays lifted their price objective on Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a report on Tuesday, July 28th. Finally, Truist Financial lifted their target price on shares of Incyte from $103.00 to $105.00 and gave the stock a “hold” rating in a research note on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $124.05.

Incyte Price Performance

INCY opened at $121.47 on Monday. The firm has a market capitalization of $24.62 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 3.53 and a beta of 0.77. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60. The company has a fifty day moving average price of $121.80 and a 200-day moving average price of $106.70.

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

Insider Buying and Selling

In other Incyte news, EVP Patrick Mayes sold 41,899 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the transaction, the executive vice president owned 61,441 shares of the company’s stock, valued at $7,339,741.86. The trade was a 40.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pablo Cagnoni sold 10,801 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the sale, the insider owned 183,200 shares in the company, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

About Incyte

Incyte Corporation is a biopharmaceutical company focused on discovering, developing and commercializing medicines for oncology and inflammatory diseases. Founded in 1991 and headquartered in Wilmington, Delaware, the company conducts research in areas including oncology, hematology, immunology and dermatology.

Incyte’s commercial portfolio includes Jakafi (ruxolitinib), a treatment for certain myelofibrosis, polycythemia vera and graft-versus-host disease; Opzelura (ruxolitinib) cream for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib) for selected cancers involving abnormal FGFR signaling.