Insider Selling: Incyte (NASDAQ:INCY) CMO Sells $28,436,449.27 in Stock

Incyte Corporation (NASDAQ:INCY) CMO Steven Stein sold 240,193 shares of the company’s stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $118.39, for a total transaction of $28,436,449.27. Following the sale, the chief marketing officer directly 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Stock Down 1.3%

Shares of NASDAQ:INCY traded down $1.59 during trading on Tuesday, hitting $120.30. 1,797,798 shares of the company were exchanged, compared to its average volume of 1,738,326. The company has a market capitalization of $24.52 billion, a P/E ratio of 63.99, a price-to-earnings-growth ratio of 4.47 and a beta of 0.78. The business’s 50 day moving average is $119.57 and its 200-day moving average is $108.60. Incyte Corporation has a 1-year low of $89.25 and a 1-year high of $132.60.

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

Analyst Ratings Changes

INCY has been the topic of several research reports. Wells Fargo & Company decreased their price target on shares of Incyte from $128.00 to $127.00 and set an “equal weight” rating on the stock in a research note on Friday, October 30th. Canaccord Genuity Group began coverage on Incyte in a research report on Thursday, August 20th. They issued a “buy” rating and a $152.00 target price for the company. Piper Sandler upped their price target on Incyte from $110.00 to $130.00 and gave the stock an “overweight” rating in a research note on Monday, August 17th. Sanford C. Bernstein lifted their target price on shares of Incyte from $104.00 to $108.00 and gave the stock a “market perform” rating in a research report on Monday, November 2nd. Finally, Wall Street Zen downgraded Incyte from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Eleven investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Incyte presently has an average rating of “Hold” and an average price target of $132.86.

Institutional Trading of Incyte

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Fiduciary Financial Advisors acquired a new stake in shares of Incyte in the second quarter valued at approximately $26,000. Provenance Wealth Advisors LLC acquired a new position in shares of Incyte in the 3rd quarter valued at $33,000. Continuum Advisory LLC purchased a new stake in Incyte during the second quarter valued at about $36,000. Latitude Advisors LLC purchased a new stake in shares of Incyte during the 3rd quarter worth about $39,000. Finally, Quantbot Technologies LP purchased a new position in Incyte in the second quarter valued at approximately $52,000. 96.97% of the stock is currently owned by institutional investors.

About Incyte

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.