Incyte (NASDAQ:INCY) CMO Steven Stein Sells 240,193 Shares of Stock

Incyte Corporation (NASDAQ:INCY) CMO Steven Stein sold 240,193 shares of the business’s stock in a transaction on Friday, November 6th. The stock was sold at an average price of $118.39, for a total value of $28,436,449.27. Following the completion of the transaction, the chief marketing officer owned 30,916 shares of the company’s stock, valued at $3,660,145.24. This represents a 88.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Price Performance

Incyte stock opened at $120.30 on Wednesday. Incyte Corporation has a one year low of $89.25 and a one year high of $132.60. The stock has a market capitalization of $24.52 billion, a PE ratio of 57.49, a price-to-earnings-growth ratio of 4.44 and a beta of 0.78. The business’s fifty day moving average is $119.51 and its 200 day moving average is $108.67.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported ($3.60) EPS for the quarter, topping analysts’ consensus estimates of ($3.93) by $0.33. Incyte had a net margin of 6.71% and a return on equity of 7.92%. The firm had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same period in the previous year, the business posted $2.26 earnings per share. The business’s revenue for the quarter was up 14.0% on a year-over-year basis. As a group, sell-side analysts expect that Incyte Corporation will post 2.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

INCY has been the subject of a number of research reports. Canaccord Genuity Group started coverage on shares of Incyte in a research note on Thursday, August 20th. They set a “buy” rating and a $152.00 target price for the company. Mizuho raised their price target on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. Truist Financial lifted their price objective on Incyte from $105.00 to $115.00 and gave the stock a “hold” rating in a report on Wednesday, October 14th. Zacks Research cut Incyte from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 14th. Finally, Sanford C. Bernstein increased their target price on Incyte from $104.00 to $108.00 and gave the company a “market perform” rating in a report on Monday, November 2nd. Eleven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $132.86.

Hedge Funds Weigh In On Incyte

Several large investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Incyte in the 2nd quarter worth $2,044,189,000. Wellington Management Group LLP grew its position in shares of Incyte by 9.5% during the second quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock valued at $405,321,000 after purchasing an additional 309,385 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Incyte by 10.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock worth $185,873,000 after purchasing an additional 187,354 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Incyte by 2.2% during the first quarter. Pacer Advisors Inc. now owns 1,741,061 shares of the biopharmaceutical company’s stock valued at $163,869,000 after buying an additional 37,790 shares during the last quarter. Finally, Legal & General Group Plc purchased a new position in Incyte during the 2nd quarter valued at approximately $182,054,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.