Maryland State Retirement & Pension System Sells 1,058 Shares of Incyte Corporation (NASDAQ:INCY)

Maryland State Retirement & Pension System reduced its stake in Incyte Corporation (NASDAQ:INCY) by 12.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,432 shares of the biopharmaceutical company’s stock after selling 1,058 shares during the period. Maryland State Retirement & Pension System’s holdings in Incyte were worth $450,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in Incyte by 0.7% during the first quarter. Principal Financial Group Inc. now owns 213,947 shares of the biopharmaceutical company’s stock valued at $12,954,000 after buying an additional 1,419 shares during the period. Amalgamated Bank increased its holdings in shares of Incyte by 1.9% in the first quarter. Amalgamated Bank now owns 31,551 shares of the biopharmaceutical company’s stock worth $1,910,000 after buying an additional 591 shares during the period. Asset Management One Co. Ltd. increased its holdings in shares of Incyte by 0.8% in the first quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company’s stock worth $5,451,000 after buying an additional 747 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Incyte by 474.1% in the first quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company’s stock worth $94,000 after buying an additional 1,280 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Incyte by 10.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,026 shares of the biopharmaceutical company’s stock worth $1,577,000 after buying an additional 2,559 shares during the period. Institutional investors own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on INCY. Citigroup lifted their price objective on Incyte from $88.00 to $103.00 and gave the stock a “buy” rating in a report on Wednesday, July 30th. Truist Financial boosted their price target on Incyte from $73.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, July 30th. Royal Bank Of Canada boosted their price target on Incyte from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, July 30th. BMO Capital Markets restated an “underperform” rating and set a $60.00 price target (up previously from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Finally, Barclays initiated coverage on Incyte in a report on Friday, August 1st. They set an “overweight” rating and a $90.00 price target on the stock. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Incyte presently has an average rating of “Hold” and an average price target of $81.20.

Insider Buying and Selling

In other news, EVP Barry P. Flannelly sold 1,192 shares of the business’s stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $69.86, for a total value of $83,273.12. Following the sale, the executive vice president directly owned 37,630 shares of the company’s stock, valued at $2,628,831.80. The trade was a 3.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Vijay K. Iyengar sold 1,177 shares of the company’s stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $69.86, for a total value of $82,225.22. Following the completion of the transaction, the executive vice president directly owned 35,929 shares in the company, valued at $2,509,999.94. This trade represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is owned by company insiders.

Incyte Stock Performance

Shares of INCY opened at $86.92 on Friday. The company has a quick ratio of 2.78, a current ratio of 2.85 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average price is $71.91 and its 200-day moving average price is $67.29. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $87.06. The stock has a market cap of $16.97 billion, a P/E ratio of 19.75, a P/E/G ratio of 0.68 and a beta of 0.71.

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.