Incyte Corporation (NASDAQ:INCY - Get Free Report) EVP Patrick Mayes sold 41,899 shares of the company's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president owned 61,441 shares of the company's stock, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Incyte Stock Up 1.8%
NASDAQ:INCY opened at $120.60 on Wednesday. The business's 50-day moving average price is $110.44 and its 200 day moving average price is $102.42. The firm has a market cap of $24.45 billion, a P/E ratio of 15.36, a PEG ratio of 3.80 and a beta of 0.76. Incyte Corporation has a 52-week low of $76.45 and a 52-week high of $132.60.
Incyte (NASDAQ:INCY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping the consensus estimate of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm had revenue of $1.67 billion for the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the previous year, the business earned $1.57 earnings per share. Incyte's revenue for the quarter was up 37.7% compared to the same quarter last year. Sell-side analysts expect that Incyte Corporation will post 2.58 EPS for the current year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in INCY. Elyxium Wealth LLC acquired a new stake in shares of Incyte during the fourth quarter valued at approximately $28,000. Smithfield Trust Co lifted its position in shares of 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 acquiring an additional 162 shares in the last quarter. MUFG Securities EMEA plc acquired a new position in Incyte in the 2nd quarter worth approximately $32,000. CYBER HORNET ETFs LLC acquired a new position in Incyte in the 2nd quarter worth approximately $33,000. Finally, Leonteq Securities AG purchased a new position in Incyte during the 4th quarter worth approximately $35,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts recently commented on INCY shares. Leerink Partners increased their target price on shares of Incyte from $131.00 to $155.00 and gave the company an "outperform" rating in a research note on Monday. Sanford C. Bernstein initiated coverage on shares of Incyte in a research report on Thursday, May 21st. They issued a "market perform" rating and a $99.00 price target on the stock. Mizuho upped their price target on Incyte from $121.00 to $137.00 and gave the company an "outperform" rating in a report on Tuesday. Truist Financial increased their price objective on Incyte from $103.00 to $105.00 and gave the company a "hold" rating in a research report on Monday, June 22nd. Finally, Wall Street Zen cut Incyte from a "buy" rating to a "hold" rating in a report on Saturday. Ten analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $120.40.
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Incyte Company Profile
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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.
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