VIRGINIA RETIREMENT SYSTEMS ET Al Invests $61.82 Million in Incyte Corporation $INCY

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Incyte Corporation (NASDAQ:INCY) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 545,375 shares of the biopharmaceutical company’s stock, valued at approximately $61,824,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. NewEdge Advisors LLC raised its stake in Incyte by 369.3% during the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock valued at $763,000 after buying an additional 9,913 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Incyte by 15.1% in the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock worth $299,000 after buying an additional 648 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Incyte by 6.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock worth $49,322,000 after buying an additional 48,751 shares during the last quarter. United Services Automobile Association bought a new stake in shares of Incyte in the first quarter worth $219,000. Finally, Focus Partners Wealth grew its holdings in shares of Incyte by 74.1% in the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock worth $1,273,000 after acquiring an additional 8,951 shares during the period. Institutional investors own 96.97% of the company’s stock.

Incyte Stock Performance

NASDAQ INCY opened at $126.75 on Monday. The company has a market capitalization of $25.69 billion, a PE ratio of 16.15, a price-to-earnings-growth ratio of 3.68 and a beta of 0.77. The business’s fifty day moving average is $120.87 and its 200 day moving average is $105.90. Incyte Corporation has a fifty-two week low of $81.09 and a fifty-two week high of $132.60.

Incyte (NASDAQ:INCY) last released its quarterly earnings results 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. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.Incyte’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.57 earnings per share. On average, sell-side analysts forecast that Incyte Corporation will post 2.64 EPS for the current year.

Insider Buying and Selling

In related news, insider Pablo Cagnoni sold 10,801 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total transaction of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was a 5.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrick Mayes sold 41,899 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares of the company’s stock, valued at $7,339,741.86. This represents a 40.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 16.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on INCY. Guggenheim increased their target price on Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. HC Wainwright restated a “buy” rating and set a $150.00 price target on shares of Incyte in a research note on Thursday, August 20th. Barclays upped their price target on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Stifel Nicolaus set a $145.00 price objective on shares of Incyte in a research note on Tuesday, July 28th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Incyte in a report on Tuesday, September 1st. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $124.05.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.