Incyte (NASDAQ:INCY) Insider Pablo Cagnoni Sells 10,801 Shares

Incyte Corporation (NASDAQ:INCY) insider Pablo Cagnoni sold 10,801 shares of Incyte 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 owned 183,200 shares of the company’s stock, valued at approximately $23,002,592. This trade represents a 5.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Stock Performance

NASDAQ:INCY opened at $127.22 on Friday. Incyte Corporation has a 52-week low of $81.09 and a 52-week high of $132.60. The firm has a market cap of $25.79 billion, a price-to-earnings ratio of 16.21, a PEG ratio of 4.07 and a beta of 0.76. The business’s fifty day moving average is $115.79 and its 200 day moving average is $104.00.

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

Institutional Investors Weigh In On Incyte

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Fiduciary Financial Advisors purchased a new position in Incyte in the 2nd quarter worth approximately $26,000. Elyxium Wealth LLC purchased a new stake in shares of Incyte during the 4th quarter valued at $28,000. Smithfield Trust Co raised its position in shares of 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 buying an additional 162 shares in the last quarter. MUFG Securities EMEA plc bought a new stake in shares of Incyte during the 2nd quarter worth $32,000. Finally, CYBER HORNET ETFs LLC bought a new stake in shares of Incyte during the 2nd quarter worth $33,000. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

INCY has been the subject of a number of analyst reports. BMO Capital Markets raised their price objective on shares of Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. TD Cowen reaffirmed a “hold” rating on shares of Incyte in a report on Tuesday, June 9th. Leerink Partners increased their target price on shares of Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Stifel Nicolaus set a $145.00 price target on shares of Incyte in a report on Tuesday, July 28th. Finally, Guggenheim raised their price target on shares of Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Twelve research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $123.10.

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.