Incyte (NASDAQ:INCY) Insider Sells 18,667 Shares

Incyte Corporation (NASDAQ:INCY) insider Pablo Cagnoni sold 18,667 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $94.24, for a total transaction of $1,759,178.08. Following the completion of the sale, the insider directly owned 234,800 shares of the company’s stock, valued at $22,127,552. This represents a 7.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Incyte Price Performance

NASDAQ:INCY traded up $0.71 during trading hours on Thursday, hitting $92.95. 1,328,499 shares of the stock traded hands, compared to its average volume of 1,902,703. The company has a market cap of $18.50 billion, a price-to-earnings ratio of 14.50, a price-to-earnings-growth ratio of 0.75 and a beta of 0.84. Incyte Corporation has a 1 year low of $53.56 and a 1 year high of $112.29. The stock has a 50 day moving average price of $100.99 and a 200 day moving average price of $96.75. The company has a quick ratio of 3.25, a current ratio of 3.32 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). Incyte had a return on equity of 26.34% and a net margin of 25.03%.The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same period last year, the company earned $1.43 earnings per share. The business’s revenue for the quarter was up 27.8% on a year-over-year basis. Sell-side analysts forecast that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Institutional Trading of Incyte

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Incyte by 0.7% during the second quarter. Vanguard Group Inc. now owns 20,135,393 shares of the biopharmaceutical company’s stock worth $1,371,220,000 after acquiring an additional 137,570 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Incyte by 21.8% in the 2nd quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock valued at $558,519,000 after purchasing an additional 1,465,286 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Incyte by 11.3% in the 4th quarter. Geode Capital Management LLC now owns 4,993,012 shares of the biopharmaceutical company’s stock worth $491,500,000 after purchasing an additional 506,842 shares during the period. LSV Asset Management increased its position in shares of Incyte by 3.2% during the 3rd quarter. LSV Asset Management now owns 3,986,097 shares of the biopharmaceutical company’s stock valued at $338,061,000 after purchasing an additional 124,266 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Incyte by 13.2% during the 4th quarter. Invesco Ltd. now owns 3,473,781 shares of the biopharmaceutical company’s stock valued at $343,105,000 after buying an additional 405,611 shares during the period. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Wall Street Zen lowered Incyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. HC Wainwright reissued a “buy” rating and issued a $135.00 price target on shares of Incyte in a report on Monday, March 9th. TD Cowen restated a “buy” rating on shares of Incyte in a research note on Tuesday, January 13th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $90.00 price objective on shares of Incyte in a report on Thursday, January 8th. Finally, Wells Fargo & Company lowered their target price on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 11th. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $103.44.

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.