Key Points
- Incyte insider Pablo Cagnoni sold 2,642 shares at an average price of $112.71, for total proceeds of approximately $297,780. The transaction, conducted under a Rule 10b5-1 plan, reduced his holdings by 1.42% to 183,200 shares.
- Incyte reported strong quarterly results, with earnings of $3.09 per share versus $2.15 expected and revenue of $1.67 billion, up 37.7% year over year.
- Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $129.33; institutional investors own nearly 97% of outstanding shares.
Incyte Corporation (NASDAQ:INCY - Get Free Report) insider Pablo Cagnoni sold 2,642 shares of the business's stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $112.71, for a total value of $297,779.82. Following the transaction, the insider owned 183,200 shares of the company's stock, valued at $20,648,472. The trade was a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Incyte Price Performance
Shares of INCY stock opened at $113.25 on Tuesday. The stock has a market cap of $22.96 billion, a PE ratio of 14.43, a price-to-earnings-growth ratio of 4.04 and a beta of 0.74. The stock has a 50-day moving average of $121.79 and a 200-day moving average of $111.04. Incyte Corporation has a one year low of $84.02 and a one year high of $132.60.
Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.94. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the company posted $1.57 EPS. Incyte's revenue for the quarter was up 37.7% on a year-over-year basis. As a group, research analysts anticipate that Incyte Corporation will post 2.28 earnings per share for the current year.
Hedge Funds Weigh In On Incyte
Institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in Incyte during the 2nd quarter worth approximately $2,044,189,000. Legal & General Group Plc bought a new position in Incyte in the second quarter valued at approximately $182,054,000. Caisse de depot et placement du Quebec bought a new position in Incyte in the second quarter valued at approximately $155,360,000. Deutsche Bank AG acquired a new position in shares of Incyte in the second quarter valued at approximately $143,172,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Incyte during the second quarter worth $110,279,000. Institutional investors own 96.97% of the company's stock.
Analyst Upgrades and Downgrades
INCY has been the topic of several analyst reports. Piper Sandler increased their target price on shares of Incyte from $110.00 to $130.00 and gave the stock an "overweight" rating in a report on Monday, August 17th. Oppenheimer reissued a "market perform" rating and issued a $120.00 price target on shares of Incyte in a report on Tuesday, July 28th. Sanford C. Bernstein reissued a "market perform" rating and issued a $104.00 price target on shares of Incyte in a report on Thursday, August 13th. Guggenheim upped their price objective on shares of Incyte from $136.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Finally, Barclays raised their price objective on Incyte from $134.00 to $139.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $129.33.
Check Out Our Latest Stock Report on INCY
About Incyte
(
Get Free Report)
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.
Further Reading
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