Insider Selling: Incyte Corporation (NASDAQ:INCY) EVP Sells 599 Shares of Stock

Incyte Corporation (NASDAQ:INCY - Get Free Report) EVP Sheila A. Denton sold 599 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $68.61, for a total value of $41,097.39. Following the completion of the transaction, the executive vice president directly owned 26,504 shares in the company, valued at $1,818,439.44. This trade represents a 2.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Incyte Trading Down 1.7%

Incyte stock traded down $1.18 during mid-day trading on Monday, hitting $67.27. The company's stock had a trading volume of 1,688,958 shares, compared to its average volume of 1,968,302. Incyte Corporation has a one year low of $53.56 and a one year high of $83.95. The stock has a market cap of $13.02 billion, a PE ratio of 210.23, a P/E/G ratio of 0.58 and a beta of 0.68. The company has a 50 day moving average of $65.52 and a 200-day moving average of $66.66. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.00 and a current ratio of 2.04.

Incyte (NASDAQ:INCY - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The biopharmaceutical company reported $1.16 EPS for the quarter, topping 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 firm had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $996.17 million. During the same period in the prior year, the business posted $0.64 earnings per share. The business's revenue for the quarter was up 19.5% on a year-over-year basis. On average, research analysts anticipate that Incyte Corporation will post 4.86 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Stifel Nicolaus raised shares of Incyte from a "hold" rating to a "buy" rating and increased their target price for the stock from $75.00 to $107.00 in a report on Monday, June 16th. Truist Financial increased their price objective on shares of Incyte from $72.00 to $73.00 and gave the stock a "hold" rating in a research note on Tuesday, May 27th. Royal Bank Of Canada set a $67.00 price objective on shares of Incyte and gave the company a "sector perform" rating in a research report on Monday, June 23rd. Guggenheim cut shares of Incyte from a "buy" rating to a "neutral" rating and set a $92.00 target price on the stock. in a research note on Tuesday, March 18th. Finally, JPMorgan Chase & Co. cut their price target on Incyte from $70.00 to $68.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Incyte has a consensus rating of "Hold" and an average price target of $74.53.

Hedge Funds Weigh In On Incyte

A number of hedge funds have recently added to or reduced their stakes in INCY. Wells Fargo & Company MN boosted its holdings in shares of Incyte by 61.3% in the fourth quarter. Wells Fargo & Company MN now owns 174,190 shares of the biopharmaceutical company's stock valued at $12,031,000 after purchasing an additional 66,220 shares during the period. JPMorgan Chase & Co. raised its position in Incyte by 13.5% during the 4th quarter. JPMorgan Chase & Co. now owns 323,640 shares of the biopharmaceutical company's stock valued at $22,354,000 after purchasing an additional 38,550 shares in the last quarter. Pictet Asset Management Holding SA lifted its holdings in shares of Incyte by 73.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,313,873 shares of the biopharmaceutical company's stock worth $90,749,000 after buying an additional 556,218 shares during the period. Asset Management One Co. Ltd. grew its position in shares of Incyte by 0.8% during the 1st quarter. Asset Management One Co. Ltd. now owns 90,031 shares of the biopharmaceutical company's stock worth $5,451,000 after buying an additional 747 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Incyte by 474.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,550 shares of the biopharmaceutical company's stock worth $94,000 after buying an additional 1,280 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors.

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.

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