Illinois Municipal Retirement Fund Sells 13,111 Shares of Incyte Corporation $INCY

Illinois Municipal Retirement Fund lessened its stake in shares of Incyte Corporation (NASDAQ:INCY) by 5.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 247,227 shares of the biopharmaceutical company’s stock after selling 13,111 shares during the period. Illinois Municipal Retirement Fund owned about 0.12% of Incyte worth $30,001,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in INCY. BlackRock Inc. purchased a new position in Incyte in the second quarter valued at approximately $2,044,189,000. Legal & General Group Plc bought a new position in Incyte during the second quarter valued at $182,054,000. Caisse de depot et placement du Quebec purchased a new stake in Incyte in the second quarter worth $155,360,000. Deutsche Bank AG purchased a new stake in Incyte in the second quarter worth $143,172,000. Finally, Bank of New York Mellon Corp purchased a new stake in Incyte in the second quarter worth $110,279,000. Institutional investors own 96.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on INCY shares. Morgan Stanley assumed coverage on Incyte in a research report on Tuesday, October 20th. They set an “equal weight” rating and a $119.00 price target on the stock. Cantor Fitzgerald reiterated a “neutral” rating on shares of Incyte in a research note on Friday, September 11th. Wall Street Zen lowered Incyte from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Leerink Partners lowered their price objective on Incyte from $154.00 to $150.00 and set an “outperform” rating on the stock in a research note on Thursday, November 5th. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of Incyte in a report on Tuesday, October 27th. Eleven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Incyte currently has an average rating of “Hold” and an average target price of $132.86.

Insiders Place Their Bets

In other Incyte news, insider Thomas Tray sold 610 shares of the firm’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $118.96, for a total value of $72,565.60. Following the completion of the transaction, the insider directly owned 21,126 shares of the company’s stock, valued at $2,513,148.96. This trade represents a 2.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Steven H. Stein sold 240,193 shares of the business’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $118.39, for a total transaction of $28,436,449.27. Following the transaction, the chief marketing officer owned 30,916 shares of the company’s stock, valued at $3,660,145.24. This trade represents a 88.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 254,246 shares of company stock worth $30,162,968 in the last three months. 16.20% of the stock is currently owned by corporate insiders.

Incyte Trading Down 1.3%

Shares of Incyte stock opened at $120.30 on Wednesday. Incyte Corporation has a 12-month low of $89.25 and a 12-month high of $132.60. The company has a market cap of $24.52 billion, a price-to-earnings ratio of 57.49, a PEG ratio of 4.44 and a beta of 0.78. The company’s 50-day moving average price is $119.51 and its 200-day moving average price is $108.67.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($3.60) EPS for the quarter, beating analysts’ consensus estimates of ($3.93) by $0.33. The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.46 billion. Incyte had a net margin of 6.71% and a return on equity of 7.92%. Incyte’s revenue was up 14.0% compared to the same quarter last year. During the same period last year, the business earned $2.26 earnings per share. On average, sell-side analysts predict that Incyte Corporation will post 2.24 earnings per share for the current year.

Incyte Company Profile

Incyte is a biopharmaceutical company that discovers, develops and commercializes medicines, with a focus on oncology, hematology and inflammatory and autoimmune diseases. Founded in 1991, the company is headquartered in Wilmington, Delaware, and conducts research and commercial activities in the United States and internationally. Its products include Jakafi (ruxolitinib), used to treat certain blood disorders and graft-versus-host disease, and Opzelura (ruxolitinib cream), approved in the United States for certain skin conditions.