Incyte (NASDAQ:INCY) Stock: Insider Pablo Cagnoni Sells 2,642 Shares

Key Points

• Insider Pablo Cagnoni sold 2,642 Incyte shares for approximately $297,780 under a pre-arranged Rule 10b5-1 trading plan, reducing his stake by 1.42% to 183,200 shares.
• Incyte reported stronger-than-expected quarterly results, with EPS of $3.09 versus the $2.15 consensus and revenue of $1.67 billion, up 37.7% year over year.
• Analysts maintain a consensus “Hold” rating with a $129.33 price target, while shares recently traded at $113.25; institutional investors own approximately 96.97% of the stock.

Incyte Corporation (NASDAQ:INCY - Get Free Report) insider Pablo Cagnoni sold 2,642 shares of the business's stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $112.71, for a total value of $297,779.82. Following the sale, the insider directly owned 183,200 shares of the company's stock, valued at approximately $20,648,472. This trade represents a 1.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Price Performance

Incyte stock traded up $0.18 during midday trading on Monday, hitting $113.25. 1,189,786 shares of the stock were exchanged, compared to its average volume of 1,723,946. The firm has a market cap of $22.96 billion, a P/E ratio of 14.43, a P/E/G ratio of 4.04 and a beta of 0.74. The company has a 50 day moving average price of $121.96 and a two-hundred day moving average price of $110.91. Incyte Corporation has a 1 year low of $84.02 and a 1 year high of $132.60.

Incyte (NASDAQ:INCY - Get Free Report) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.94. The company had revenue of $1.67 billion for the quarter, compared to analysts' expectations of $1.50 billion. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm's revenue was up 37.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.57 earnings per share. As a group, analysts predict that Incyte Corporation will post 2.28 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on INCY. HC Wainwright reaffirmed a "buy" rating and set a $152.00 price objective on shares of Incyte in a report on Tuesday, October 13th. Wells Fargo & Company upped their price objective on shares of Incyte from $116.00 to $128.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 1st. Royal Bank Of Canada raised their target price on Incyte from $109.00 to $114.00 and gave the company a "sector perform" rating in a research note on Thursday, October 8th. UBS Group reissued a "neutral" rating and set a $127.00 price objective on shares of Incyte in a report on Monday, October 5th. Finally, Guggenheim raised their price objective on shares of Incyte from $136.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $129.33.

Institutional Trading of Incyte

Several hedge funds have recently added to or reduced their stakes in INCY. IFP Advisors Inc grew its stake in shares of Incyte by 38.4% during the third quarter. IFP Advisors Inc now owns 8,408 shares of the biopharmaceutical company's stock worth $1,020,000 after acquiring an additional 2,335 shares during the last quarter. Center For Asset Management LLC purchased a new position in shares of Incyte during the third quarter worth $392,000. TD Waterhouse Canada Inc. lifted its holdings in shares of Incyte by 97,757.1% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 75,350 shares of the biopharmaceutical company's stock valued at $8,831,000 after buying an additional 75,273 shares during the period. Assenagon Asset Management S.A. boosted its position in Incyte by 1,555.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 121,825 shares of the biopharmaceutical company's stock worth $14,783,000 after purchasing an additional 114,467 shares in the last quarter. Finally, Curated Wealth Partners LLC acquired a new stake in Incyte during the third quarter valued at $782,000. Institutional investors and hedge funds own 96.97% of the company's stock.

Incyte Company Profile

Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.

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