Key Points
- Incyte CMO Steven Stein sold 240,193 shares for about $28.4 million, reducing his direct stake by 88.6% to 30,916 shares. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- Incyte reported quarterly revenue of $1.56 billion, up 14% year over year, and adjusted its loss per share to $3.60—better than analysts’ $3.93 loss estimate.
- Analysts’ consensus rating is Hold, with an average price target of $132.86; 11 analysts rate the stock Buy, 13 Hold, and one Sell.
Incyte Corporation (NASDAQ:INCY - Get Free Report) CMO Steven Stein sold 240,193 shares of the stock in a transaction dated 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 transaction, the chief marketing officer directly owned 30,916 shares of the company's stock, valued at approximately $3,660,145.24. The trade was a 88.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 $120.30 on Wednesday. The stock's 50 day simple moving average is $119.51 and its two-hundred day simple moving average is $108.67. Incyte Corporation has a 1 year low of $89.25 and a 1 year high of $132.60. The company has a market cap of $24.52 billion, a PE ratio of 57.49, a price-to-earnings-growth ratio of 4.44 and a beta of 0.78.
Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The biopharmaceutical company reported ($3.60) EPS for the quarter, topping the consensus estimate of ($3.93) by $0.33. Incyte had a net margin of 6.71% and a return on equity of 7.92%. The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same period in the previous year, the firm earned $2.26 earnings per share. Incyte's quarterly revenue was up 14.0% compared to the same quarter last year. Equities research analysts expect that Incyte Corporation will post 2.24 EPS for the current year.
Institutional Investors Weigh In On Incyte
A number of institutional investors and hedge funds have recently bought and sold shares of INCY. BlackRock Inc. bought a new position in shares of Incyte during the 2nd quarter worth $2,044,189,000. Legal & General Group Plc purchased a new stake in Incyte in the second quarter worth about $182,054,000. Caisse de depot et placement du Quebec bought a new position in Incyte during the 2nd quarter worth about $155,360,000. Deutsche Bank AG bought a new position in Incyte during the 2nd quarter worth about $143,172,000. Finally, Bank of New York Mellon Corp purchased a new position in Incyte during the 2nd quarter valued at about $110,279,000. 96.97% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several research analysts have issued reports on the company. Leerink Partners dropped their target price on Incyte from $154.00 to $150.00 and set an "outperform" rating for the company in a research report on Thursday, November 5th. BMO Capital Markets reaffirmed 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 company a "buy" rating in a research note on Wednesday, July 29th. Truist Financial upped their price target on shares of Incyte from $105.00 to $115.00 and gave the stock a "hold" rating in a report on Wednesday, October 14th. Finally, JPMorgan Chase & Co. raised their price target on shares of Incyte from $120.00 to $123.00 and gave the stock a "neutral" rating in a research note on Monday, September 28th. Eleven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $132.86.
View Our Latest Report on Incyte
Incyte Company Profile
(
Get Free Report)
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.
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