Incyte (NASDAQ:INCY) Insider Sells $297,779.82 in Stock

Incyte Corporation (NASDAQ:INCY) insider Pablo Cagnoni sold 2,642 shares of the firm’s stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $112.71, for a total transaction of $297,779.82. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at approximately $20,648,472. This represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Stock Up 0.2%

Shares of INCY traded up $0.18 during midday trading on Monday, reaching $113.25. The company had a trading volume of 1,189,786 shares, compared to its average volume of 1,723,946. The firm has a 50 day simple moving average of $121.96 and a 200-day simple moving average of $110.91. Incyte Corporation has a 1-year low of $84.02 and a 1-year high of $132.60. The stock has a market cap of $22.96 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 4.04 and a beta of 0.74.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%. The company’s quarterly revenue was up 37.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.57 EPS. As a group, sell-side analysts anticipate that Incyte Corporation will post 2.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Incyte

Institutional investors have recently modified their holdings of the company. Greenleaf Trust raised its stake in Incyte by 2.8% during the 2nd quarter. Greenleaf Trust now owns 3,358 shares of the biopharmaceutical company’s stock valued at $381,000 after acquiring an additional 93 shares in the last quarter. 180 Wealth Advisors LLC grew its stake in shares of Incyte by 2.0% in the 1st quarter. 180 Wealth Advisors LLC now owns 6,877 shares of the biopharmaceutical company’s stock worth $647,000 after purchasing an additional 132 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Incyte by 0.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 36,343 shares of the biopharmaceutical company’s stock valued at $3,590,000 after buying an additional 134 shares in the last quarter. Mather Group LLC. lifted its holdings in shares of Incyte by 13.5% during the third quarter. Mather Group LLC. now owns 1,157 shares of the biopharmaceutical company’s stock valued at $140,000 after purchasing an additional 138 shares during the last quarter. Finally, Tema ETFs LLC lifted its stake in Incyte by 5.7% during the second quarter. Tema ETFs LLC now owns 2,704 shares of the biopharmaceutical company’s stock valued at $307,000 after buying an additional 145 shares in the last quarter. Institutional investors own 96.97% of the company’s stock.

Analysts Set New Price Targets

INCY has been the subject of several recent analyst reports. TD Cowen upgraded shares of Incyte to a “strong-buy” rating in a research report on Monday, August 24th. Piper Sandler upped their price objective on shares of Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a research report on Monday, August 17th. Leerink Partners lifted their price target on Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. HC Wainwright reissued a “buy” rating and set a $152.00 price objective on shares of Incyte in a report on Tuesday, October 13th. Finally, Raymond James Financial set a $152.00 target price on Incyte in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $129.33.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.