Vijay K. Iyengar Sells 8,617 Shares of Incyte Corporation (NASDAQ:INCY) Stock

Incyte Corporation (NASDAQ:INCY - Get Free Report) EVP Vijay K. Iyengar sold 8,617 shares of the stock in a transaction dated 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 transaction, the executive vice president owned 37,701 shares of the company's stock, valued at $2,569,323.15. This represents a 18.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Incyte Stock Performance

Shares of NASDAQ:INCY traded up $1.62 during trading on Thursday, reaching $70.34. The stock had a trading volume of 1,390,162 shares, compared to its average volume of 1,959,025. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $83.95. The firm has a market capitalization of $13.62 billion, a price-to-earnings ratio of 219.82, a P/E/G ratio of 0.57 and a beta of 0.68. The company has a quick ratio of 2.00, a current ratio of 2.04 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $65.94 and a two-hundred day simple moving average of $66.67.

Incyte (NASDAQ:INCY - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $1.01 by $0.15. Incyte had a net margin of 0.48% and a return on equity of 2.77%. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $996.17 million. During the same quarter last year, the firm posted $0.64 earnings per share. The company's quarterly revenue was up 19.5% compared to the same quarter last year. As a group, analysts anticipate that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Incyte

Institutional investors and hedge funds have recently bought and sold shares of the stock. Banque Transatlantique SA bought a new position in Incyte during the first quarter worth $26,000. Raiffeisen Bank International AG bought a new position in Incyte during the fourth quarter worth $34,000. SVB Wealth LLC bought a new position in Incyte during the first quarter worth $39,000. Geneos Wealth Management Inc. boosted its stake in Incyte by 350.0% during the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company's stock worth $46,000 after buying an additional 588 shares in the last quarter. Finally, WPG Advisers LLC acquired a new stake in Incyte during the first quarter worth $47,000. Institutional investors own 96.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on INCY. Wells Fargo & Company increased their target price on shares of Incyte from $58.00 to $59.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 30th. Truist Financial raised their price objective on shares of Incyte from $72.00 to $73.00 and gave the company a "hold" rating in a research report on Tuesday, May 27th. JPMorgan Chase & Co. reduced their price objective on shares of Incyte from $70.00 to $68.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Citigroup restated a "buy" rating on shares of Incyte in a research report on Tuesday, June 3rd. Finally, Wall Street Zen upgraded shares of Incyte from a "buy" rating to a "strong-buy" rating in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Incyte has a consensus rating of "Hold" and an average price target of $74.53.

About Incyte

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.