Insider Selling: Incyte (NASDAQ:INCY) CMO Sells 240,193 Shares of Stock

Incyte Corporation (NASDAQ:INCY) CMO Steven Stein sold 240,193 shares of the stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $118.39, for a total transaction of $28,436,449.27. Following the completion of the sale, the chief marketing officer directly owned 30,916 shares of the company’s stock, valued at $3,660,145.24. This trade represents a 88.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Stock Down 1.3%

Shares of NASDAQ INCY traded down $1.59 during trading on Tuesday, reaching $120.30. 1,797,798 shares of the stock were exchanged, compared to its average volume of 1,738,326. The business’s 50-day moving average price is $119.57 and its 200 day moving average price is $108.60. Incyte Corporation has a twelve month low of $89.25 and a twelve month high of $132.60. The company has a market capitalization of $24.52 billion, a price-to-earnings ratio of 63.99, a price-to-earnings-growth ratio of 4.47 and a beta of 0.78.

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

Analyst Ratings Changes

INCY has been the subject of several recent analyst reports. Weiss Ratings downgraded Incyte from a “buy (b)” rating to a “hold (c)” rating in a research note on Wednesday, November 4th. Morgan Stanley assumed coverage on Incyte in a report on Tuesday, October 20th. They issued an “equal weight” rating and a $119.00 price target for the company. Wall Street Zen lowered Incyte from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Mizuho lifted their price objective on Incyte from $121.00 to $137.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Finally, Royal Bank Of Canada upped their target price on Incyte from $114.00 to $117.00 and gave the company a “sector perform” rating in a research report on Friday, October 30th. Eleven research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $132.86.

Institutional Investors Weigh In On Incyte

A number of institutional investors have recently modified their holdings of INCY. BlackRock Inc. acquired a new position in Incyte in the second quarter worth about $2,044,189,000. Wellington Management Group LLP lifted its holdings in Incyte by 9.5% during the 2nd quarter. Wellington Management Group LLP now owns 3,575,521 shares of the biopharmaceutical company’s stock worth $405,321,000 after buying an additional 309,385 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Incyte by 10.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,975,544 shares of the biopharmaceutical company’s stock worth $185,873,000 after buying an additional 187,354 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in Incyte by 2.2% during the 1st quarter. Pacer Advisors Inc. now owns 1,741,061 shares of the biopharmaceutical company’s stock worth $163,869,000 after buying an additional 37,790 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Incyte in the 2nd quarter worth approximately $182,054,000. Institutional investors and hedge funds own 96.97% of the company’s stock.

Incyte Company Profile

Incyte is a biopharmaceutical company that discovers, develops and commercializes medicines, with a focus on oncology, hematology and inflammatory and autoimmune diseases. Founded in 1991, the company is headquartered in Wilmington, Delaware, and conducts research and commercial activities in the United States and internationally. Its products include Jakafi (ruxolitinib), used to treat certain blood disorders and graft-versus-host disease, and Opzelura (ruxolitinib cream), approved in the United States for certain skin conditions.