State Treasurer State of Michigan cut its stake in Incyte Co. (NASDAQ:INCY) by 3.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 50,600 shares of the biopharmaceutical company’s stock after selling 2,000 shares during the period. State Treasurer State of Michigan’s holdings in Incyte were worth $3,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Edge Wealth Management LLC bought a new stake in Incyte in the 4th quarter valued at $64,000. Ledyard National Bank acquired a new position in shares of Incyte in the 4th quarter valued at $80,000. NuWave Investment Management LLC raised its stake in shares of Incyte by 19,237.5% in the 3rd quarter. NuWave Investment Management LLC now owns 1,547 shares of the biopharmaceutical company’s stock valued at $107,000 after buying an additional 1,539 shares in the last quarter. Quantamental Technologies LLC acquired a new position in shares of Incyte in the 4th quarter valued at $152,000. Finally, Seven Eight Capital LP acquired a new position in shares of Incyte in the 3rd quarter valued at $202,000. 89.82% of the stock is owned by hedge funds and other institutional investors.

Shares of Incyte stock traded down $0.03 during mid-day trading on Monday, reaching $80.84. 7,431 shares of the stock were exchanged, compared to its average volume of 1,523,527. The stock has a market capitalization of $17.21 billion, a P/E ratio of 126.56, a price-to-earnings-growth ratio of 1.04 and a beta of 1.34. The company has a quick ratio of 4.01, a current ratio of 4.02 and a debt-to-equity ratio of 0.01. Incyte Co. has a fifty-two week low of $57.00 and a fifty-two week high of $96.33.

A number of brokerages have recently issued reports on INCY. JMP Securities restated a “hold” rating on shares of Incyte in a research note on Monday. SunTrust Banks increased their price objective on shares of Incyte to $90.00 and gave the company a “buy” rating in a research note on Tuesday, February 5th. BidaskClub upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research note on Thursday, January 31st. William Blair upgraded shares of Incyte from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $85.00 to $100.00 in a research note on Thursday, January 24th. Finally, Gabelli upgraded shares of Incyte from a “hold” rating to a “buy” rating and set a $105.00 price objective for the company in a research note on Wednesday, January 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $89.90.

In other Incyte news, EVP Yao Wenqing sold 10,000 shares of the firm’s stock in a transaction dated Monday, January 7th. The shares were sold at an average price of $75.00, for a total value of $750,000.00. Following the completion of the sale, the executive vice president now owns 45,217 shares in the company, valued at approximately $3,391,275. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Trower sold 9,187 shares of the firm’s stock in a transaction dated Monday, January 7th. The shares were sold at an average price of $75.00, for a total transaction of $689,025.00. Following the completion of the sale, the insider now owns 23,359 shares of the company’s stock, valued at approximately $1,751,925. The disclosure for this sale can be found here. Insiders have sold a total of 81,354 shares of company stock valued at $6,058,524 in the last quarter. 17.20% of the stock is currently owned by corporate insiders.

ILLEGAL ACTIVITY NOTICE: This report was published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this report on another domain, it was stolen and republished in violation of U.S. & international trademark and copyright laws. The original version of this report can be read at https://www.thecerbatgem.com/2019/02/11/state-treasurer-state-of-michigan-trims-holdings-in-incyte-co-incy.html.

Incyte Company Profile

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States. It offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera cancers; and ICLUSIG, a kinase inhibitor for the treatment of chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia.

Recommended Story: Bollinger Bands

Want to see what other hedge funds are holding INCY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Incyte Co. (NASDAQ:INCY).

Institutional Ownership by Quarter for Incyte (NASDAQ:INCY)

Receive News & Ratings for Incyte Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Incyte and related companies with MarketBeat.com's FREE daily email newsletter.