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

Incyte Corporation (NASDAQ:INCY) insider Pablo Cagnoni sold 2,642 shares of the business’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $112.71, for a total transaction of $297,779.82. Following the completion of the transaction, the insider owned 183,200 shares in the company, valued at approximately $20,648,472. The trade was a 1.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Trading Down 2.7%

Shares of Incyte stock opened at $113.44 on Thursday. The business has a 50-day moving average price of $121.56 and a two-hundred day moving average price of $111.33. Incyte Corporation has a 1-year low of $84.02 and a 1-year high of $132.60. The company has a market cap of $22.99 billion, a P/E ratio of 14.45, a PEG ratio of 4.17 and a beta of 0.74.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Greenleaf Trust grew its stake in Incyte by 2.8% in the second quarter. Greenleaf Trust now owns 3,358 shares of the biopharmaceutical company’s stock valued at $381,000 after acquiring an additional 93 shares during the period. 180 Wealth Advisors LLC raised its position in shares of Incyte by 2.0% during the first 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 period. Rockefeller Capital Management L.P. raised its position in shares of Incyte by 0.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 36,343 shares of the biopharmaceutical company’s stock worth $3,590,000 after purchasing an additional 134 shares during the period. Mather Group LLC. raised its position 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 worth $140,000 after purchasing an additional 138 shares during the period. Finally, Tema ETFs LLC lifted its holdings in shares of Incyte by 5.7% in the 2nd quarter. Tema ETFs LLC now owns 2,704 shares of the biopharmaceutical company’s stock worth $307,000 after purchasing an additional 145 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

INCY has been the topic of several recent analyst reports. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a research note on Friday, September 11th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $104.00 price objective on shares of Incyte in a research report on Thursday, August 13th. Canaccord Genuity Group initiated coverage on shares of Incyte in a research report on Thursday, August 20th. They set a “buy” rating and a $152.00 price objective for the company. Truist Financial lifted their price objective on shares of Incyte from $105.00 to $115.00 and gave the company a “hold” rating in a research note on Wednesday, October 14th. Finally, Royal Bank Of Canada boosted their target price on shares of Incyte from $109.00 to $114.00 and gave the company a “sector perform” rating in a research report on Thursday, October 8th. Twelve analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $129.90.

About Incyte

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.