Investors Buy Incyte Corporation (INCY) on Weakness on Insider Selling
Investors bought shares of Incyte Corporation (NASDAQ:INCY) on weakness during trading on Thursday after an insider sold shares in the company. $147.37 million flowed into the stock on the tick-up and $125.17 million flowed out of the stock on the tick-down, for a money net flow of $22.20 million into the stock. Of all stocks tracked, Incyte Corporation had the 25th highest net in-flow for the day. Incyte Corporation traded down ($0.86) for the day and closed at $137.41Specifically, CFO David W. Gryska sold 16,756 shares of the stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $116.60, for a total value of $1,953,749.60. Following the completion of the sale, the chief financial officer now directly owns 35,771 shares of the company’s stock, valued at $4,170,898.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David W. Gryska sold 599 shares of the stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $129.74, for a total value of $77,714.26. Following the completion of the sale, the insider now directly owns 19,614 shares of the company’s stock, valued at $2,544,720.36. The disclosure for this sale can be found here. Insiders sold 48,474 shares of company stock valued at $6,004,221 over the last three months. Corporate insiders own 17.70% of the company’s stock.
Several equities research analysts have recently weighed in on INCY shares. Oppenheimer Holdings, Inc. reissued a “hold” rating and issued a $135.00 price objective on shares of Incyte Corporation in a report on Thursday. BMO Capital Markets reaffirmed a “buy” rating and set a $172.00 price target on shares of Incyte Corporation in a report on Friday, July 21st. Barclays PLC reaffirmed an “overweight” rating and set a $165.00 price target (down from $180.00) on shares of Incyte Corporation in a report on Wednesday, August 2nd. J P Morgan Chase & Co reaffirmed a “buy” rating and set a $149.00 price target on shares of Incyte Corporation in a report on Thursday. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $148.00 price target on shares of Incyte Corporation in a report on Tuesday, June 20th. Eight analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $140.16.
The firm’s 50-day moving average price is $129.15 and its 200 day moving average price is $130.00. The stock’s market capitalization is $28.39 billion.
Incyte Corporation (NASDAQ:INCY) last issued its quarterly earnings results on Tuesday, August 1st. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by $0.01. The business had revenue of $326.40 million for the quarter, compared to analysts’ expectations of $318.45 million. Incyte Corporation had a negative return on equity of 21.57% and a negative net margin of 11.77%. The firm’s revenue for the quarter was up 32.5% on a year-over-year basis. During the same quarter last year, the company earned $0.18 earnings per share. On average, equities analysts forecast that Incyte Corporation will post ($0.86) EPS for the current year.
A number of hedge funds have recently modified their holdings of the company. Quantbot Technologies LP raised its stake in shares of Incyte Corporation by 30,032.7% in the first quarter. Quantbot Technologies LP now owns 14,765 shares of the biopharmaceutical company’s stock worth $1,973,000 after buying an additional 14,716 shares during the period. Legal & General Group Plc raised its stake in shares of Incyte Corporation by 11.5% in the first quarter. Legal & General Group Plc now owns 738,591 shares of the biopharmaceutical company’s stock worth $98,727,000 after buying an additional 76,447 shares during the period. Xact Kapitalforvaltning AB raised its stake in shares of Incyte Corporation by 2.1% in the second quarter. Xact Kapitalforvaltning AB now owns 27,196 shares of the biopharmaceutical company’s stock worth $3,424,000 after buying an additional 556 shares during the period. Clough Capital Partners L P acquired a new stake in shares of Incyte Corporation during the first quarter worth about $789,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of Incyte Corporation by 18.0% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 39,604 shares of the biopharmaceutical company’s stock worth $4,987,000 after buying an additional 6,046 shares during the period. Institutional investors own 91.04% of the company’s stock.
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About Incyte Corporation
Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).
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