Incyte Corporation (NASDAQ:INCY) Shares Sold by Clark Estates Inc. NY

Key Points

• Clark Estates Inc. NY reduced its stake in Incyte Corporation by 27.6% to own 34,952 shares, valued at approximately $2.12 million.
• Incyte reported a quarterly earnings per share of $1.16, surpassing estimates of $1.01, with revenues increasing by 19.5% year-over-year to $1.05 billion.
• Despite recent stock sales by executives, analysts maintain a consensus rating of "Hold" on Incyte shares, with an average price target of $74.47.

Clark Estates Inc. NY reduced its stake in shares of Incyte Corporation (NASDAQ:INCY - Free Report) by 27.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,952 shares of the biopharmaceutical company's stock after selling 13,346 shares during the period. Clark Estates Inc. NY's holdings in Incyte were worth $2,116,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. LPL Financial LLC grew its stake in shares of Incyte by 21.7% in the 4th quarter. LPL Financial LLC now owns 27,543 shares of the biopharmaceutical company's stock valued at $1,902,000 after buying an additional 4,916 shares during the period. Korea Investment CORP grew its position in Incyte by 17.2% in the fourth quarter. Korea Investment CORP now owns 68,826 shares of the biopharmaceutical company's stock worth $4,754,000 after acquiring an additional 10,100 shares during the period. JPMorgan Chase & Co. grew its position in Incyte by 13.5% in the fourth quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company's stock worth $22,354,000 after acquiring an additional 38,550 shares during the period. Norges Bank acquired a new stake in Incyte during the fourth quarter worth $121,890,000. Finally, New Age Alpha Advisors LLC purchased a new stake in Incyte in the fourth quarter valued at $1,156,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on INCY. BMO Capital Markets reissued an "underperform" rating and set a $60.00 price objective (up from $52.00) on shares of Incyte in a research report on Wednesday. Royal Bank Of Canada upped their price objective on shares of Incyte from $68.00 to $72.00 and gave the stock a "sector perform" rating in a report on Wednesday. Stifel Nicolaus upgraded shares of Incyte from a "hold" rating to a "buy" rating and lifted their target price for the company from $75.00 to $107.00 in a report on Monday, June 16th. UBS Group reissued a "neutral" rating and issued a $68.00 target price (up previously from $62.00) on shares of Incyte in a research report on Wednesday. Finally, Truist Financial lifted their price objective on Incyte from $73.00 to $79.00 and gave the company a "hold" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Incyte presently has an average rating of "Hold" and an average target price of $78.50.

Incyte Stock Up 0.9%

Shares of Incyte stock traded up $0.70 during trading on Friday, hitting $75.59. 1,583,946 shares of the stock were exchanged, compared to its average volume of 1,597,725. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.85 and a quick ratio of 2.00. The firm's 50-day moving average price is $68.72 and its 200 day moving average price is $66.68. The stock has a market cap of $14.76 billion, a price-to-earnings ratio of 17.18, a price-to-earnings-growth ratio of 0.62 and a beta of 0.71. Incyte Corporation has a 12-month low of $53.56 and a 12-month high of $83.95.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.01 by $0.15. Incyte had a return on equity of 21.99% and a net margin of 18.99%. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $996.17 million. During the same period in the previous year, the business earned $0.64 EPS. Incyte's revenue for the quarter was up 19.5% on a year-over-year basis. As a group, analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Barry P. Flannelly sold 10,903 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total value of $743,039.45. Following the transaction, the executive vice president directly owned 39,744 shares of the company's stock, valued at $2,708,553.60. This trade represents a 21.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Vijay K. Iyengar sold 8,617 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $68.15, for a total transaction of $587,248.55. Following the completion of the sale, the executive vice president directly owned 37,701 shares of the company's stock, valued at approximately $2,569,323.15. This trade represents a 18.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 56,098 shares of company stock valued at $3,836,196. 17.80% of the stock is owned by company insiders.

Incyte Profile

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.