State of New Jersey Common Pension Fund D Sells 2,178 Shares of Incyte Corporation $INCY

State of New Jersey Common Pension Fund D lowered its stake in Incyte Corporation (NASDAQ:INCY) by 3.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 56,326 shares of the biopharmaceutical company’s stock after selling 2,178 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Incyte were worth $3,836,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Banque Transatlantique SA bought a new position in Incyte in the 1st quarter valued at approximately $26,000. FNY Investment Advisers LLC acquired a new position in Incyte in the 2nd quarter worth about $27,000. Hilltop National Bank bought a new position in Incyte in the second quarter valued at about $37,000. SVB Wealth LLC acquired a new stake in shares of Incyte during the first quarter valued at about $39,000. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Incyte by 350.0% during the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock valued at $46,000 after purchasing an additional 588 shares in the last quarter. 96.97% of the stock is owned by institutional investors.

Incyte Price Performance

Shares of INCY opened at $93.08 on Tuesday. The firm has a market cap of $18.18 billion, a PE ratio of 21.15, a price-to-earnings-growth ratio of 0.71 and a beta of 0.73. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $93.17. The business’s 50 day moving average price is $85.81 and its two-hundred day moving average price is $73.88. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.78 and a current ratio of 2.85.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on INCY shares. Wall Street Zen lowered shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 18th. Guggenheim restated a “neutral” rating on shares of Incyte in a research report on Friday, September 19th. Truist Financial lifted their price target on shares of Incyte from $73.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, July 30th. BMO Capital Markets restated an “underperform” rating and issued a $60.00 price objective (up from $52.00) on shares of Incyte in a report on Wednesday, July 30th. Finally, Bank of America raised their target price on Incyte from $90.00 to $104.00 and gave the stock a “buy” rating in a research report on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $84.79.

Incyte Company 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.