Incyte (NASDAQ:INCY) Insider Pablo Cagnoni Sells 10,801 Shares

Incyte Corporation (NASDAQ:INCY) insider Pablo Cagnoni sold 10,801 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $125.56, for a total value of $1,356,173.56. Following the completion of the transaction, the insider directly owned 183,200 shares in the company, valued at approximately $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Stock Down 1.0%

Shares of INCY traded down $1.25 during midday trading on Thursday, reaching $127.22. 1,207,080 shares of the stock were exchanged, compared to its average volume of 1,767,505. The company has a market cap of $25.79 billion, a price-to-earnings ratio of 16.21, a P/E/G ratio of 3.91 and a beta of 0.76. Incyte Corporation has a 12-month low of $81.09 and a 12-month high of $132.60. The firm has a 50 day simple moving average of $115.40 and a 200-day simple moving average of $103.81.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, beating the consensus estimate of $2.15 by $0.94. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same quarter in the previous year, the business posted $1.57 EPS. The firm’s quarterly revenue was up 37.7% compared to the same quarter last year. Research analysts expect that Incyte Corporation will post 2.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Wall Street Zen downgraded shares of Incyte from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Canaccord Genuity Group started 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. Barclays upped their price objective on shares of Incyte from $134.00 to $139.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Weiss Ratings raised shares of Incyte from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Finally, Morgan Stanley set a $119.00 target price on Incyte in a report on Wednesday, July 29th. Twelve analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $123.10.

Hedge Funds Weigh In On Incyte

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fiduciary Financial Advisors bought a new position in shares of Incyte in the second quarter valued at approximately $26,000. Elyxium Wealth LLC bought a new stake in shares of Incyte during the 4th quarter worth $28,000. Smithfield Trust Co grew its stake in Incyte by 135.0% in the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 162 shares during the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in Incyte in the 4th quarter valued at $35,000. Finally, Atlas Capital Advisors Inc. bought a new position in Incyte in the 4th quarter worth $35,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

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.