Incyte Co. (NASDAQ:INCY) Stock Position Lowered by New York State Teachers Retirement System

The New York State Teachers Retirement System has reduced its stake in Incyte Co. (NASDAQ:INCY) by 18.0% during the third quarter of the year, as stated in their recent filing with the SEC. After selling 38,089 shares, the retirement system currently holds 173,895 shares of this biopharmaceutical company. Their total investment in Incyte is approximately valued at $11,494,000, representing about 0.08% of the company.

In addition to the New York State Teachers Retirement System, several institutional investors and hedge funds have adjusted their positions in Incyte recently. For instance, ProShare Advisors LLC increased its holdings by 14.4% in the first quarter and now owns 63,086 shares worth $3,594,000 after acquiring 7,925 additional shares. Similarly, Kennedy Capital Management LLC has entered new stakes in Incyte, investing about $463,000, while Magnetar Financial LLC has also purchased shares valued at approximately $1,817,000 during this period. Furthermore, Andra AP fonden raised its stake by 35.2% in the second quarter, owning 247,800 shares worth $15,022,000 as a result of acquiring 64,500 shares. DekaBank Deutsche Girozentrale contributed to this trend by increasing their position by 19.0%, now holding 152,452 shares valued at $8,652,000. Collectively, institutional investors own about 96.97% of Incyte's stock.

Recent Analyst Ratings and Price Targets

Analysts have recently discussed Incyte’s stock, with various price targets being set. Deutsche Bank Aktiengesellschaft has increased the price target from $55.00 to $60.00 and rated the stock as “hold.” Guggenheim has raised its price target from $86.00 to $92.00, giving Incyte a “buy” rating. On the other hand, Cantor Fitzgerald has maintained a “neutral” rating. Bank of America upgraded Incyte from “neutral” to “buy” and raised the price target from $68.00 to $90.00. Additionally, William Blair reiterated an “outperform” rating. According to MarketBeat, the consensus rating for Incyte is “hold,” with an average target price of $76.74, following various ratings from one analyst suggesting a sell, eleven holding, nine buying, and one strong buy position.

Insider Transactions

In recent insider trading activities, Thomas Tray, an insider at Incyte, sold 572 shares on September 12 at an average price of $62.94, totaling approximately $36,001.68. Post-transaction, Tray holds 24,825 shares valued at around $1,562,485.50. Similarly, EVP Jonathan Elliott Dickinson sold 8,450 shares on the same day at an average price of $62.36, totaling $526,942.00, leading to a direct ownership of 36,390 shares valued at approximately $2,269,280.40. Insiders collectively own 17.60% of Incyte’s stock.

Current Stock Performance

As of now, Incyte’s stock (NASDAQ:INCY) opened at $76.13. The company has a market capitalization of $14.67 billion, a debt-to-equity ratio of 0.01, and current and quick ratios of 1.87 and 1.84, respectively. The 52-week range for the stock has seen a low of $50.35 to a high of $76.33. The company recently reported its quarterly earnings on October 29, revealing earnings per share of $1.07, which fell short of estimates by $0.12. Total revenue for the quarter was $1.14 billion, surpassing analyst expectations of $1.08 billion. Year-over-year, the revenue increased by 23.8%, compared to earnings of $0.91 per share in the same quarter last year. Analysts anticipate Incyte will post an EPS of 0.52 for the current year.

Company Overview

Incyte Corporation is a biopharmaceutical company focused on discovering, developing, and commercializing therapeutics in areas like hematology/oncology, inflammation, and autoimmunity. They are known for products like JAKAFI for treating specific blood disorders, MONJUVI for certain types of lymphoma, and several others targeting various cancers and autoimmune conditions, including OPZELURA cream for atopic dermatitis.

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