Insider Selling: Incyte (NASDAQ:INCY) EVP Sells 278 Shares of Stock

Key Points

• Incyte Corporation's EVP Sheila Denton sold 278 shares at an average price of $83.15, resulting in a transaction total of $23,115.70, reducing her ownership to 33,200 shares.
• The stock recently traded up 1.4% to $86.00, with a market capitalization of $16.79 billion and a PE ratio of 19.55.
• Recent analyst upgrades include Bank of America raising its price objective from $90.00 to $104.00, indicating a positive outlook on Incyte’s stock.

Incyte Corporation (NASDAQ:INCY - Get Free Report) EVP Sheila A. Denton sold 278 shares of Incyte stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $83.15, for a total value of $23,115.70. Following the sale, the executive vice president directly owned 33,200 shares of the company's stock, valued at $2,760,580. This represents a 0.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Incyte Stock Down 2.1%

Incyte stock traded down $1.80 during trading hours on Monday, hitting $84.73. 1,458,598 shares of the stock traded hands, compared to its average volume of 1,794,274. The company has a current ratio of 2.85, a quick ratio of 2.78 and a debt-to-equity ratio of 0.01. The company has a market cap of $16.55 billion, a PE ratio of 21.52, a PEG ratio of 0.68 and a beta of 0.75. The firm's 50-day moving average price is $80.47 and its two-hundred day moving average price is $69.65. Incyte Corporation has a one year low of $53.56 and a one year high of $87.99.

Hedge Funds Weigh In On Incyte

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Incyte by 0.7% in the second quarter. Vanguard Group Inc. now owns 20,135,393 shares of the biopharmaceutical company's stock valued at $1,371,220,000 after purchasing an additional 137,570 shares during the period. AQR Capital Management LLC grew its position in shares of Incyte by 21.8% during the second quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company's stock worth $558,519,000 after acquiring an additional 1,465,286 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Incyte by 3.3% in the second quarter. Geode Capital Management LLC now owns 4,347,731 shares of the biopharmaceutical company's stock worth $294,899,000 after purchasing an additional 139,740 shares during the period. LSV Asset Management lifted its holdings in Incyte by 6.2% in the 2nd quarter. LSV Asset Management now owns 3,861,831 shares of the biopharmaceutical company's stock valued at $262,991,000 after acquiring an additional 223,857 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in Incyte by 7.3% in the 2nd quarter. Invesco Ltd. now owns 3,401,018 shares of the biopharmaceutical company's stock valued at $231,609,000 after acquiring an additional 232,268 shares during the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on INCY. Stifel Nicolaus increased their price objective on shares of Incyte from $110.00 to $115.00 and gave the company a "buy" rating in a report on Monday. JPMorgan Chase & Co. raised their target price on shares of Incyte from $67.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, August 22nd. UBS Group reaffirmed a "neutral" rating and issued a $68.00 price target (up from $62.00) on shares of Incyte in a report on Wednesday, July 30th. Wall Street Zen downgraded shares of Incyte from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 13th. Finally, Wells Fargo & Company upgraded shares of Incyte from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $67.00 to $89.00 in a research report on Wednesday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $83.07.

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.