Incyte (NASDAQ:INCY) Insider Sells 610 Shares of Company Stock

Incyte Corporation (NASDAQ:INCY) insider Thomas Tray sold 610 shares of the company’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 completion of the sale, the insider directly owned 21,126 shares in the company, valued at $2,513,148.96. This represents a 2.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Trading Down 3.9%

INCY stock traded down $4.85 during mid-day trading on Thursday, hitting $118.00. 1,599,723 shares of the company were exchanged, compared to its average volume of 1,742,243. The company has a market capitalization of $24.05 billion, a PE ratio of 62.77, a price-to-earnings-growth ratio of 4.28 and a beta of 0.78. Incyte Corporation has a twelve month low of $89.25 and a twelve month high of $132.60. The firm has a fifty day simple moving average of $119.99 and a 200 day simple moving average of $108.37.

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

Analysts Set New Price Targets

INCY has been the subject of a number of recent research reports. Morgan Stanley began coverage on Incyte in a research note on Tuesday, October 20th. They set an “equal weight” rating and a $119.00 price objective for the company. BMO Capital Markets reiterated a “market perform” rating on shares of Incyte in a research report on Tuesday, October 27th. Guggenheim boosted their target price on shares of Incyte from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Wall Street Zen downgraded Incyte from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Finally, Mizuho raised their price objective on shares of Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. Twelve research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $132.86.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Trails Edge Capital Partners LP acquired a new position in Incyte during the second quarter worth $17,570,800. Twin Capital Management Inc. acquired a new stake in shares of Incyte in the first quarter worth about $875,000. Tidal Investments LLC boosted its stake in shares of Incyte by 33.4% during the 2nd quarter. Tidal Investments LLC now owns 102,834 shares of the biopharmaceutical company’s stock worth $11,657,000 after acquiring an additional 25,768 shares in the last quarter. BlackRock Inc. bought a new stake in shares of Incyte during the 2nd quarter worth about $2,044,189,000. Finally, Mediolanum International Funds Ltd increased its holdings in shares of Incyte by 25.4% during the 1st quarter. Mediolanum International Funds Ltd now owns 60,300 shares of the biopharmaceutical company’s stock valued at $5,447,000 after acquiring an additional 12,227 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

About Incyte

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.