Insider Selling: Incyte (NASDAQ:INCY) Insider Sells $1,356,173.56 in Stock

Incyte Corporation (NASDAQ:INCY) insider Pablo Cagnoni sold 10,801 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at $23,002,592. This trade represents a 5.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Stock Up 0.5%

INCY stock opened at $127.81 on Friday. Incyte Corporation has a twelve month low of $81.09 and a twelve month high of $132.60. The firm has a market cap of $25.91 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 4.05 and a beta of 0.76. The business’s fifty day simple moving average is $116.17 and its two-hundred day simple moving average is $104.17.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.94. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business’s revenue was up 37.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.57 earnings per share. Research analysts expect that Incyte Corporation will post 2.61 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on INCY shares. Weiss Ratings raised shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Citigroup reaffirmed a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. Barclays raised their target price on shares of Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Canaccord Genuity Group began coverage on shares of Incyte in a research note on Thursday. They set a “buy” rating and a $152.00 price target for the company. Finally, Stifel Nicolaus set a $145.00 price target on Incyte in a report on Tuesday, July 28th. Twelve research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat, Incyte has an average rating of “Hold” and a consensus target price of $123.10.

Institutional Trading of Incyte

Hedge funds have recently added to or reduced their stakes in the business. Fiduciary Financial Advisors purchased a new position in Incyte during the 2nd quarter valued at about $26,000. Elyxium Wealth LLC bought a new position in shares of Incyte during the fourth quarter valued at approximately $28,000. Smithfield Trust Co boosted its position in Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 162 shares in the last quarter. MUFG Securities EMEA plc purchased a new position in Incyte in the second quarter valued at about $32,000. Finally, CYBER HORNET ETFs LLC bought a new position in Incyte in the second quarter worth about $33,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Incyte Company Profile

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.