Incyte (NASDAQ:INCY) Insider Sells $1,801,365.50 in Stock

Key Points

• Insider sale: Pablo Cagnoni sold 18,667 shares at an average price of $96.50 for a total of $1,801,365.50, reducing his stake by 6.63% to 262,692 shares; the sale was executed under a pre-arranged Rule 10b5-1 trading plan.
• Recent results and stock levels: Incyte reported Q earnings of $1.80 EPS (missing the $1.96 estimate) with revenue of $1.51 billion, up 27.8% year-over-year, and the stock trades around $96 with a 12-month range of $56.77–$112.29.
• Analyst and ownership picture: Analysts are split (10 Buys, 10 Holds, 1 Sell) with a consensus rating of Hold and an average price target of $104.89, while institutional investors own about 96.97% of the stock.

Incyte Corporation (NASDAQ:INCY - Get Free Report) insider Pablo Cagnoni sold 18,667 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the sale, the insider directly owned 262,692 shares of the company's stock, valued at approximately $25,349,778. This represents a 6.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Price Performance

Shares of NASDAQ:INCY traded down $0.70 during midday trading on Tuesday, hitting $96.22. The company had a trading volume of 1,478,887 shares, compared to its average volume of 1,778,360. Incyte Corporation has a twelve month low of $56.77 and a twelve month high of $112.29. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.32 and a quick ratio of 3.25. The stock has a market cap of $19.15 billion, a price-to-earnings ratio of 15.01, a price-to-earnings-growth ratio of 0.78 and a beta of 0.85. The business's 50-day simple moving average is $96.45 and its 200-day simple moving average is $98.32.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings results on Tuesday, February 10th. The biopharmaceutical company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.96 by ($0.16). Incyte had a net margin of 25.03% and a return on equity of 26.34%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the business posted $1.43 EPS. Incyte's revenue for the quarter was up 27.8% compared to the same quarter last year. On average, research analysts predict that Incyte Corporation will post 6.55 earnings per share for the current year.

Analyst Ratings Changes

INCY has been the subject of several recent analyst reports. Jefferies Financial Group cut Incyte from a "buy" rating to a "hold" rating and cut their target price for the stock from $120.00 to $94.00 in a research note on Monday, March 16th. Piper Sandler raised their target price on Incyte from $102.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, February 6th. UBS Group cut their target price on Incyte from $104.00 to $94.00 and set a "neutral" rating for the company in a research note on Wednesday, March 25th. Barclays reissued an "overweight" rating on shares of Incyte in a research note on Tuesday, March 24th. Finally, HC Wainwright reissued a "buy" rating and set a $135.00 target price on shares of Incyte in a research note on Wednesday, April 15th. Ten analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Incyte currently has a consensus rating of "Hold" and an average price target of $104.89.

Institutional Investors Weigh In On Incyte

Institutional investors have recently modified their holdings of the company. AustralianSuper Pty Ltd acquired a new stake in shares of Incyte in the third quarter valued at $18,085,000. Rakuten Investment Management Inc. acquired a new stake in shares of Incyte in the third quarter valued at $14,646,000. LBP AM SA grew its stake in shares of Incyte by 33.6% in the third quarter. LBP AM SA now owns 238,705 shares of the biopharmaceutical company's stock valued at $20,245,000 after buying an additional 59,974 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Incyte by 38.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 387,605 shares of the biopharmaceutical company's stock valued at $32,873,000 after buying an additional 108,645 shares in the last quarter. Finally, Nordea Investment Management AB boosted its holdings in Incyte by 941.8% in the fourth quarter. Nordea Investment Management AB now owns 322,223 shares of the biopharmaceutical company's stock valued at $31,874,000 after purchasing an additional 291,293 shares during the period. 96.97% of the stock is owned by institutional investors and hedge funds.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company's research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company's flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.

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