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 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 sale, the insider owned 183,200 shares of the company’s stock, 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 SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Price Performance

Shares of INCY traded down $1.25 during trading hours on Thursday, hitting $127.22. 1,207,080 shares of the company were exchanged, compared to its average volume of 1,767,505. The company has a market capitalization of $25.79 billion, a PE ratio of 16.21, a PEG ratio of 3.91 and a beta of 0.76. The firm has a fifty day simple moving average of $115.40 and a 200-day simple moving average of $103.81. Incyte Corporation has a one year low of $81.09 and a one year high of $132.60.

Incyte (NASDAQ:INCY) last announced its earnings results 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. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same period in the previous year, the firm earned $1.57 earnings per share. Incyte’s revenue for the quarter was up 37.7% compared to the same quarter last year. Sell-side analysts expect that Incyte Corporation will post 2.61 EPS for the current year.

Hedge Funds Weigh In On Incyte

Large investors have recently made changes to their positions in the business. Greenleaf Trust grew its position in Incyte by 2.8% during the second quarter. Greenleaf Trust now owns 3,358 shares of the biopharmaceutical company’s stock valued at $381,000 after purchasing an additional 93 shares in the last quarter. Jacobi Capital Management LLC boosted its stake in shares of Incyte by 0.9% during the 4th quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock valued at $1,048,000 after buying an additional 99 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in shares of Incyte by 0.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after acquiring an additional 100 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Incyte by 7.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock valued at $161,000 after acquiring an additional 113 shares in the last quarter. Finally, Bank of Nova Scotia increased its stake in shares of Incyte by 0.7% in the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after acquiring an additional 124 shares during the last quarter. Institutional investors and hedge funds own 96.97% of the company’s stock.

Analyst Ratings Changes

INCY has been the subject of a number of analyst reports. Benchmark reaffirmed a “buy” rating on shares of Incyte in a research note on Thursday. UBS Group boosted their price target on shares of Incyte from $103.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Canaccord Genuity Group began coverage on shares of Incyte in a research note on Thursday. They issued a “buy” rating and a $152.00 price objective for the company. Leerink Partners lifted their price objective on shares of Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Finally, Morgan Stanley set a $119.00 target price on shares of Incyte in a research note on Wednesday, July 29th. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $123.10.

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.