Key Points
- Incyte insider Pablo Cagnoni sold 10,801 shares for approximately $1.36 million under a pre-arranged Rule 10b5-1 trading plan, reducing his ownership by 5.57% to 183,200 shares.
- Incyte reported strong quarterly results, with earnings of $3.09 per share versus the $2.15 consensus estimate and revenue of $1.67 billion, up 37.7% year over year.
- Institutional investors own 96.97% of the stock, while analysts maintain a generally neutral outlook: 12 rate it a Buy and 13 a Hold, with an average price target of $123.10.
Incyte Corporation (NASDAQ:INCY - Get Free Report) 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 owned 183,200 shares of the company's stock, valued at $23,002,592. The trade was a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Incyte Trading Down 1.0%
Shares of NASDAQ INCY opened at $127.22 on Friday. The stock has a market cap of $25.79 billion, a price-to-earnings ratio of 16.21, a P/E/G ratio of 4.07 and a beta of 0.76. Incyte Corporation has a 1-year low of $81.09 and a 1-year high of $132.60. The stock's 50-day moving average is $115.79 and its 200 day moving average is $104.00.
Incyte (NASDAQ:INCY - Get Free Report) last released its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.Incyte's quarterly revenue was up 37.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.57 EPS. On average, analysts forecast that Incyte Corporation will post 2.61 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in INCY. BlackRock Inc. purchased a new position in shares of Incyte during the 2nd quarter worth approximately $2,044,189,000. Legal & General Group Plc bought a new position in shares of Incyte in the 2nd quarter worth approximately $182,054,000. Caisse de depot et placement du Quebec purchased a new position in shares of Incyte in the 2nd quarter valued at approximately $155,360,000. Deutsche Bank AG purchased a new position in shares of Incyte in the 2nd quarter valued at approximately $143,172,000. Finally, Norges Bank bought a new stake in shares of Incyte during the fourth quarter valued at approximately $122,893,000. 96.97% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several equities analysts recently commented on the stock. Royal Bank Of Canada increased their target price on shares of Incyte from $99.00 to $109.00 and gave the company a "sector perform" rating in a report on Wednesday, July 29th. Wall Street Zen lowered shares of Incyte from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Piper Sandler raised their price objective on Incyte from $110.00 to $130.00 and gave the company an "overweight" rating in a research note on Monday. Truist Financial lifted their price objective on Incyte from $103.00 to $105.00 and gave the stock a "hold" rating in a report on Monday, June 22nd. Finally, Mizuho boosted their target price on Incyte from $121.00 to $137.00 and gave the company an "outperform" rating in a research note on Tuesday, August 4th. Twelve equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $123.10.
Get Our Latest Stock Analysis on Incyte
About Incyte
(
Get Free Report)
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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