State of Alaska Department of Revenue Has $2.25 Million Stock Holdings in Incyte Co. (NASDAQ:INCY)

State of Alaska Department of Revenue trimmed its holdings in shares of Incyte Co. (NASDAQ:INCY - Free Report) by 36.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 34,059 shares of the biopharmaceutical company's stock after selling 19,330 shares during the period. State of Alaska Department of Revenue's holdings in Incyte were worth $2,250,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Pacer Advisors Inc. boosted its position in Incyte by 17,460.4% during the 2nd quarter. Pacer Advisors Inc. now owns 2,692,182 shares of the biopharmaceutical company's stock valued at $163,200,000 after purchasing an additional 2,676,851 shares during the period. AQR Capital Management LLC increased its holdings in shares of Incyte by 70.5% in the 2nd quarter. AQR Capital Management LLC now owns 2,661,758 shares of the biopharmaceutical company's stock worth $159,905,000 after acquiring an additional 1,101,041 shares during the period. Acadian Asset Management LLC lifted its position in Incyte by 28.0% in the 2nd quarter. Acadian Asset Management LLC now owns 3,560,989 shares of the biopharmaceutical company's stock valued at $215,833,000 after purchasing an additional 779,243 shares during the last quarter. Swedbank AB bought a new stake in Incyte in the 1st quarter valued at about $37,440,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in Incyte by 122.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 892,710 shares of the biopharmaceutical company's stock valued at $54,116,000 after purchasing an additional 490,680 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Wolfe Research initiated coverage on Incyte in a report on Tuesday, October 1st. They set an "outperform" rating and a $84.00 price target on the stock. Wells Fargo & Company lifted their target price on Incyte from $62.00 to $68.00 and gave the company an "equal weight" rating in a research note on Wednesday. Royal Bank of Canada increased their price target on Incyte from $67.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Wednesday. Oppenheimer lifted their price objective on shares of Incyte from $81.00 to $82.00 and gave the company an "outperform" rating in a research note on Wednesday. Finally, Cantor Fitzgerald reissued a "neutral" rating on shares of Incyte in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $76.74.

Incyte Stock Performance

INCY stock traded up $2.01 during midday trading on Friday, hitting $76.13. 2,261,651 shares of the company traded hands, compared to its average volume of 1,430,823. Incyte Co. has a twelve month low of $50.35 and a twelve month high of $76.33. The stock has a market capitalization of $14.67 billion, a price-to-earnings ratio of 543.82, a price-to-earnings-growth ratio of 6.49 and a beta of 0.71. The company has a quick ratio of 1.84, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The business has a 50 day simple moving average of $66.04 and a 200-day simple moving average of $61.90.

Incyte (NASDAQ:INCY - Get Free Report) last announced its earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a negative return on equity of 0.63% and a net margin of 0.80%. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the business earned $0.91 EPS. The business's revenue was up 23.8% compared to the same quarter last year. As a group, equities research analysts predict that Incyte Co. will post 0.52 earnings per share for the current year.

Insider Transactions at Incyte

In other news, insider Thomas Tray sold 572 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $62.94, for a total transaction of $36,001.68. Following the completion of the transaction, the insider now directly owns 24,825 shares in the company, valued at $1,562,485.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Thomas Tray sold 572 shares of the business's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.94, for a total transaction of $36,001.68. Following the transaction, the insider now owns 24,825 shares in the company, valued at approximately $1,562,485.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the company's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $62.36, for a total transaction of $526,942.00. Following the transaction, the executive vice president now directly owns 36,390 shares of the company's stock, valued at $2,269,280.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.60% of the stock is currently owned by corporate insiders.

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.