State of Alaska Department of Revenue Increases Stake in Incyte Co. (NASDAQ:INCY)

State of Alaska Department of Revenue raised its position in Incyte Co. (NASDAQ:INCY) by 4.1% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 31,760 shares of the biopharmaceutical company’s stock after purchasing an additional 1,257 shares during the period. State of Alaska Department of Revenue’s holdings in Incyte were worth $2,357,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Invesco Ltd. increased its position in shares of Incyte by 76.2% during the 2nd quarter. Invesco Ltd. now owns 5,210,785 shares of the biopharmaceutical company’s stock worth $442,708,000 after purchasing an additional 2,252,891 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in Incyte by 3,415.7% during the second quarter. Nuveen Asset Management LLC now owns 2,212,722 shares of the biopharmaceutical company’s stock worth $187,993,000 after purchasing an additional 2,149,784 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Incyte by 133.3% during the second quarter. Renaissance Technologies LLC now owns 1,962,310 shares of the biopharmaceutical company’s stock worth $166,718,000 after purchasing an additional 1,121,310 shares during the last quarter. FMR LLC lifted its stake in Incyte by 2,120.0% in the first quarter. FMR LLC now owns 657,610 shares of the biopharmaceutical company’s stock valued at $56,561,000 after buying an additional 627,988 shares during the last quarter. Finally, Bessemer Group Inc. lifted its stake in Incyte by 115,574.2% in the second quarter. Bessemer Group Inc. now owns 564,490 shares of the biopharmaceutical company’s stock valued at $47,959,000 after buying an additional 564,002 shares during the last quarter. Institutional investors own 91.76% of the company’s stock.

In other news, EVP Barry P. Flannelly sold 959 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $79.91, for a total value of $76,633.69. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jean Jacques Bienaime sold 1,724 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $85.07, for a total value of $146,660.68. Following the completion of the sale, the director now owns 277,597 shares in the company, valued at $23,615,176.79. The disclosure for this sale can be found here. Insiders sold 110,183 shares of company stock worth $9,094,694 over the last 90 days. Company insiders own 17.10% of the company’s stock.

A number of research firms have recently issued reports on INCY. Piper Jaffray Companies reissued a “buy” rating on shares of Incyte in a report on Monday, June 17th. Mizuho started coverage on Incyte in a report on Wednesday, October 2nd. They set a “buy” rating and a $95.00 price objective on the stock. Morgan Stanley upped their price objective on Incyte from $82.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, September 5th. BMO Capital Markets started coverage on Incyte in a report on Thursday, September 12th. They set a “market perform” rating and a $85.00 price objective on the stock. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $91.00 price objective on shares of Incyte in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $92.05.

Incyte stock traded down $0.02 during trading hours on Wednesday, hitting $74.42. The stock had a trading volume of 3,846 shares, compared to its average volume of 1,318,693. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.61 and a quick ratio of 5.59. The stock has a market capitalization of $15.98 billion, a price-to-earnings ratio of 90.85 and a beta of 1.05. Incyte Co. has a 1-year low of $57.00 and a 1-year high of $89.30. The stock’s fifty day moving average is $78.62 and its two-hundred day moving average is $80.65.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, July 30th. The biopharmaceutical company reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.37. Incyte had a return on equity of 17.10% and a net margin of 15.25%. The business had revenue of $529.93 million for the quarter, compared to the consensus estimate of $498.57 million. During the same period in the prior year, the business earned $0.63 earnings per share. The business’s revenue was up 1.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Incyte Co. will post 1.99 EPS for the current year.

About Incyte

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of various therapeutics in the United States. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and Iclusig, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

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Institutional Ownership by Quarter for Incyte (NASDAQ:INCY)

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