VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Shares in Incyte Corporation $INCY

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Incyte Corporation (NASDAQ:INCY) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 735,325 shares of the biopharmaceutical company’s stock, valued at approximately $50,076,000.

Several other institutional investors have also recently modified their holdings of the company. Chevy Chase Trust Holdings LLC raised its holdings in shares of Incyte by 0.7% during the 2nd quarter. Chevy Chase Trust Holdings LLC now owns 84,860 shares of the biopharmaceutical company’s stock valued at $5,779,000 after buying an additional 619 shares in the last quarter. Applied Finance Capital Management LLC grew its position in Incyte by 22.6% during the second quarter. Applied Finance Capital Management LLC now owns 229,000 shares of the biopharmaceutical company’s stock valued at $15,595,000 after acquiring an additional 42,169 shares during the last quarter. Sage Private Wealth Group LLC raised its stake in shares of Incyte by 15.9% during the second quarter. Sage Private Wealth Group LLC now owns 10,315 shares of the biopharmaceutical company’s stock worth $702,000 after acquiring an additional 1,417 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of Incyte by 3.6% in the 2nd quarter. Nordea Investment Management AB now owns 14,276 shares of the biopharmaceutical company’s stock worth $977,000 after acquiring an additional 490 shares during the last quarter. Finally, Praxis Investment Management Inc. boosted its stake in shares of Incyte by 82.2% in the 2nd quarter. Praxis Investment Management Inc. now owns 6,980 shares of the biopharmaceutical company’s stock valued at $475,000 after purchasing an additional 3,150 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

Incyte Stock Up 0.3%

Shares of NASDAQ INCY opened at $87.57 on Friday. The firm has a fifty day simple moving average of $85.20 and a two-hundred day simple moving average of $72.54. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $92.86. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $17.10 billion, a PE ratio of 19.90, a price-to-earnings-growth ratio of 0.68 and a beta of 0.73.

Insider Buying and Selling

In other Incyte news, EVP Steven H. Stein sold 3,706 shares of the firm’s stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $67.94, for a total value of $251,785.64. Following the completion of the sale, the executive vice president directly owned 102,886 shares in the company, valued at $6,990,074.84. This trade represents a 3.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 4,261 shares of company stock valued at $298,482 in the last ninety days. Company insiders own 17.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on INCY shares. Stifel Nicolaus boosted their price target on shares of Incyte from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Incyte in a report on Wednesday, October 8th. Royal Bank Of Canada increased their target price on Incyte from $72.00 to $81.00 and gave the company a “sector perform” rating in a report on Wednesday, September 24th. JPMorgan Chase & Co. lifted their price target on Incyte from $73.00 to $89.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. Finally, BMO Capital Markets reiterated an “underperform” rating and issued a $60.00 price objective (up previously from $52.00) on shares of Incyte in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $84.79.

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.