Incyte (NASDAQ:INCY) Insider Sells $1,759,178.08 in Stock

Incyte Corporation (NASDAQ:INCY) insider Pablo Cagnoni sold 18,667 shares of the business’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the transaction, the insider owned 234,800 shares in the company, valued at $22,127,552. This trade represents a 7.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Incyte Trading Up 0.8%

Shares of Incyte stock traded up $0.71 during trading on Thursday, hitting $92.95. The stock had a trading volume of 1,328,499 shares, compared to its average volume of 1,902,703. Incyte Corporation has a 12 month low of $53.56 and a 12 month high of $112.29. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25. The firm’s fifty day simple moving average is $100.99 and its 200-day simple moving average is $96.75. The stock has a market cap of $18.50 billion, a PE ratio of 14.50, a PEG ratio of 0.75 and a beta of 0.84.

Incyte (NASDAQ:INCY) last posted its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Incyte had a return on equity of 26.34% and a net margin of 25.03%.The business’s revenue for the quarter was up 27.8% compared to the same quarter last year. During the same period last year, the company earned $1.43 earnings per share. As a group, sell-side analysts expect that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on INCY. Truist Financial set a $103.00 price target on Incyte in a research note on Wednesday, December 24th. Morgan Stanley set a $102.00 target price on Incyte in a research note on Wednesday, February 11th. The Goldman Sachs Group reiterated a “neutral” rating and set a $90.00 target price on shares of Incyte in a research report on Thursday, January 8th. Barclays upped their price target on shares of Incyte from $116.00 to $117.00 and gave the stock an “overweight” rating in a report on Wednesday, February 18th. Finally, Wells Fargo & Company decreased their price objective on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a report on Wednesday, February 11th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $103.44.

Institutional Trading of Incyte

A number of hedge funds have recently added to or reduced their stakes in INCY. Arrowstreet Capital Limited Partnership increased its position in Incyte by 701.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,730,648 shares of the biopharmaceutical company’s stock valued at $185,957,000 after purchasing an additional 2,390,084 shares during the period. AQR Capital Management LLC lifted its position in shares of Incyte by 21.8% in the 2nd quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock worth $558,519,000 after purchasing an additional 1,465,286 shares during the period. Norges Bank purchased a new stake in shares of Incyte in the 2nd quarter worth approximately $96,776,000. Pacer Advisors Inc. boosted its stake in shares of Incyte by 8,091.6% during the third quarter. Pacer Advisors Inc. now owns 1,248,642 shares of the biopharmaceutical company’s stock valued at $105,897,000 after purchasing an additional 1,233,399 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Incyte during the second quarter valued at approximately $82,485,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

About Incyte

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.