Insider Selling: Incyte (NASDAQ:INCY) Insider Sells $72,565.60 in Stock

Incyte Corporation (NASDAQ:INCY) insider Thomas Tray sold 610 shares of the firm’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $118.96, for a total transaction of $72,565.60. Following the sale, the insider owned 21,126 shares in the company, valued at approximately $2,513,148.96. This represents a 2.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Stock Performance

Shares of NASDAQ:INCY traded down $4.85 during midday trading on Thursday, reaching $118.00. 1,599,723 shares of the company’s stock traded hands, compared to its average volume of 1,742,243. The company has a fifty day simple moving average of $119.99 and a two-hundred day simple moving average of $108.37. Incyte Corporation has a 1 year low of $89.25 and a 1 year high of $132.60. The company has a market cap of $24.05 billion, a P/E ratio of 62.77, a PEG ratio of 4.28 and a beta of 0.78.

Incyte (NASDAQ:INCY) last issued its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported ($3.60) EPS for the quarter, topping the consensus estimate of ($3.93) by $0.33. Incyte had a return on equity of 7.92% and a net margin of 6.71%. The firm had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period in the previous year, the business earned $2.26 earnings per share. The firm’s revenue for the quarter was up 14.0% on a year-over-year basis. As a group, research analysts forecast that Incyte Corporation will post 2.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Barclays boosted their price target on shares of Incyte from $139.00 to $143.00 and gave the stock an “overweight” rating in a research note on Friday, October 30th. Morgan Stanley assumed coverage on shares of Incyte in a report on Tuesday, October 20th. They set an “equal weight” rating and a $119.00 price objective on the stock. Citigroup reissued a “buy” rating on shares of Incyte in a research report on Monday, August 3rd. TD Cowen raised their price objective on shares of Incyte from $138.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, October 21st. Finally, Wells Fargo & Company cut their price target on Incyte from $128.00 to $127.00 and set an “equal weight” rating for the company in a research note on Friday, October 30th. Twelve research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $132.86.

Institutional Investors Weigh In On Incyte

A number of large investors have recently added to or reduced their stakes in INCY. Lido Advisors LLC increased its position in shares of Incyte by 1.2% during the third quarter. Lido Advisors LLC now owns 18,556 shares of the biopharmaceutical company’s stock worth $2,252,000 after acquiring an additional 229 shares during the last quarter. Keybank National Association OH increased its holdings in Incyte by 6.9% during the 3rd quarter. Keybank National Association OH now owns 2,626 shares of the biopharmaceutical company’s stock worth $319,000 after purchasing an additional 169 shares during the last quarter. New York Life Investment Management LLC raised its position in shares of Incyte by 1.3% in the 3rd quarter. New York Life Investment Management LLC now owns 23,656 shares of the biopharmaceutical company’s stock valued at $2,871,000 after purchasing an additional 297 shares in the last quarter. AlphaCore Capital LLC acquired a new position in shares of Incyte in the 3rd quarter valued at approximately $249,000. Finally, Retirement Systems of Alabama raised its position in shares of Incyte by 1.3% in the 3rd quarter. Retirement Systems of Alabama now owns 35,706 shares of the biopharmaceutical company’s stock valued at $4,333,000 after purchasing an additional 452 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Incyte Company Profile

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.