Michael James Morrissey Sells 54,008 Shares of Incyte (NASDAQ:INCY) Stock

Incyte Corporation (NASDAQ:INCY) EVP Michael James Morrissey sold 54,008 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $97.29, for a total transaction of $5,254,438.32. Following the completion of the transaction, the executive vice president owned 31,830 shares in the company, valued at approximately $3,096,740.70. This trade represents a 62.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Michael James Morrissey also recently made the following trade(s):

• On Wednesday, December 17th, Michael James Morrissey sold 4,323 shares of Incyte stock. The stock was sold at an average price of $97.26, for a total transaction of $420,454.98.

Incyte Price Performance

NASDAQ:INCY traded down $0.32 during midday trading on Thursday, hitting $97.31. The company had a trading volume of 1,730,427 shares, compared to its average volume of 1,953,265. The company has a market capitalization of $19.10 billion, a PE ratio of 16.30, a P/E/G ratio of 0.66 and a beta of 0.81. The company has a quick ratio of 3.13, a current ratio of 3.20 and a debt-to-equity ratio of 0.01. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $109.28. The stock’s fifty day moving average price is $97.59 and its 200-day moving average price is $84.26.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $0.61. Incyte had a return on equity of 26.56% and a net margin of 24.69%.The business had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter last year, the business posted $1.07 earnings per share. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. As a group, research analysts expect that Incyte Corporation will post 4.86 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Czech National Bank lifted its position in Incyte by 6.4% in the 2nd quarter. Czech National Bank now owns 39,271 shares of the biopharmaceutical company’s stock valued at $2,674,000 after acquiring an additional 2,378 shares in the last quarter. denkapparat Operations GmbH raised its stake in shares of Incyte by 46.1% in the second quarter. denkapparat Operations GmbH now owns 11,292 shares of the biopharmaceutical company’s stock worth $769,000 after purchasing an additional 3,564 shares during the last quarter. Hussman Strategic Advisors Inc. lifted its holdings in shares of Incyte by 20.0% during the second quarter. Hussman Strategic Advisors Inc. now owns 63,000 shares of the biopharmaceutical company’s stock valued at $4,290,000 after purchasing an additional 10,500 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Incyte by 74.6% during the second quarter. Fisher Asset Management LLC now owns 29,922 shares of the biopharmaceutical company’s stock valued at $2,038,000 after purchasing an additional 12,785 shares in the last quarter. Finally, Strid Group LLC purchased a new stake in shares of Incyte during the second quarter valued at $999,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

INCY has been the topic of several recent research reports. Truist Financial reaffirmed a “hold” rating and set a $93.00 target price (up previously from $79.00) on shares of Incyte in a report on Wednesday, October 29th. Wells Fargo & Company lifted their target price on shares of Incyte from $97.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday, December 8th. Guggenheim raised shares of Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Monday, November 3rd. Zacks Research cut Incyte from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Finally, Oppenheimer downgraded Incyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $99.07.

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.