Incyte Co. (NASDAQ:INCY) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System lowered its position in Incyte Co. (NASDAQ:INCY - Free Report) by 4.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 782,947 shares of the biopharmaceutical company's stock after selling 36,246 shares during the quarter. California Public Employees Retirement System owned about 0.41% of Incyte worth $54,078,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. CWA Asset Management Group LLC purchased a new stake in Incyte in the 4th quarter worth about $1,933,000. Orion Portfolio Solutions LLC purchased a new stake in shares of Incyte in the third quarter worth approximately $770,000. Tri Ri Asset Management Corp bought a new stake in shares of Incyte during the 3rd quarter worth approximately $3,292,000. Pallas Capital Advisors LLC purchased a new position in Incyte during the 4th quarter valued at $1,006,000. Finally, SG Americas Securities LLC grew its position in Incyte by 262.2% in the 4th quarter. SG Americas Securities LLC now owns 99,407 shares of the biopharmaceutical company's stock valued at $6,866,000 after acquiring an additional 71,963 shares during the last quarter. Institutional investors own 96.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on INCY shares. UBS Group started coverage on shares of Incyte in a report on Tuesday, December 17th. They set a "neutral" rating and a $77.00 price objective for the company. StockNews.com downgraded shares of Incyte from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, February 12th. Citigroup dropped their price objective on Incyte from $97.00 to $88.00 and set a "buy" rating on the stock in a research note on Tuesday, February 11th. Royal Bank of Canada decreased their target price on Incyte from $70.00 to $68.00 and set a "sector perform" rating for the company in a research report on Tuesday, February 11th. Finally, Morgan Stanley dropped their price target on Incyte from $69.00 to $65.00 and set an "equal weight" rating on the stock in a research report on Monday, March 24th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, Incyte presently has an average rating of "Hold" and a consensus target price of $74.88.

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Insiders Place Their Bets

In related news, EVP Sheila A. Denton sold 14,069 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $74.07, for a total value of $1,042,090.83. Following the transaction, the executive vice president now owns 25,848 shares in the company, valued at approximately $1,914,561.36. This represents a 35.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Barry P. Flannelly sold 19,807 shares of Incyte stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $67.69, for a total transaction of $1,340,735.83. Following the sale, the executive vice president now owns 33,567 shares of the company's stock, valued at approximately $2,272,150.23. The trade was a 37.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,827 shares of company stock valued at $3,322,618. Insiders own 17.60% of the company's stock.

Incyte Stock Down 3.0 %

Shares of INCY stock traded down $1.88 during trading hours on Friday, reaching $60.58. 3,670,885 shares of the company's stock were exchanged, compared to its average volume of 2,351,276. Incyte Co. has a fifty-two week low of $50.35 and a fifty-two week high of $83.95. The stock's 50 day moving average is $68.41 and its 200-day moving average is $70.01. The company has a current ratio of 1.97, a quick ratio of 1.94 and a debt-to-equity ratio of 0.01. The company has a market cap of $11.72 billion, a price-to-earnings ratio of 224.38, a P/E/G ratio of 0.41 and a beta of 0.89.

Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly 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%. Analysts predict that Incyte Co. will post 4.86 earnings per share for the current fiscal year.

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.