Michael James Morrissey Sells 4,323 Shares of Incyte (NASDAQ:INCY) Stock

Key Points

• EVP Michael James Morrissey sold 4,323 shares on Dec. 17 at an average of $97.26 (and 54,008 shares on Dec. 16 at $97.29), cutting his stake by 13.58% and totaling roughly $5.7 million in recent insider sales.
• Incyte beat quarterly expectations, reporting $2.26 EPS vs. $1.65 expected and $1.37 billion in revenue (up 20% year-over-year) with a 24.7% net margin.
• Shares trade near $97 with a $19.1 billion market cap; analysts hold a consensus "Hold" rating and an average price target of $99.07 (8 Buys, 11 Holds, 1 Sell).

Incyte Corporation (NASDAQ:INCY - Get Free Report) EVP Michael James Morrissey sold 4,323 shares of Incyte stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total value of $420,454.98. Following the sale, the executive vice president owned 27,507 shares in the company, valued at $2,675,330.82. This represents a 13.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Michael James Morrissey also recently made the following trade(s):

• On Tuesday, December 16th, Michael James Morrissey sold 54,008 shares of Incyte stock. The stock was sold at an average price of $97.29, for a total transaction of $5,254,438.32.

Incyte Stock Down 0.3%

Shares of NASDAQ:INCY traded down $0.32 during midday trading on Thursday, reaching $97.31. The company had a trading volume of 1,730,427 shares, compared to its average volume of 1,953,265. Incyte Corporation has a one year low of $53.56 and a one year high of $109.28. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.20 and a quick ratio of 3.13. The stock has a market capitalization of $19.10 billion, a P/E ratio of 16.30, a PEG ratio of 0.66 and a beta of 0.81. The stock's fifty day moving average price is $97.59 and its 200-day moving average price is $84.26.

Incyte (NASDAQ:INCY - Get Free Report) last announced its quarterly earnings data on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.61. The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.26 billion. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The firm's revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period last year, the business earned $1.07 EPS. Equities research analysts expect that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on INCY. Bank of America boosted their price objective on Incyte from $90.00 to $104.00 and gave the company a "buy" rating in a report on Thursday, September 4th. Oppenheimer lowered Incyte from an "outperform" rating to a "market perform" rating in a research report on Wednesday, October 8th. Stifel Nicolaus boosted their price target on Incyte from $110.00 to $115.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Truist Financial restated a "hold" rating and set a $93.00 price objective (up from $79.00) on shares of Incyte in a research note on Wednesday, October 29th. Finally, Mizuho set a $121.00 price objective on shares of Incyte and gave the stock an "outperform" rating in a report on Monday, December 8th. Eight analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $99.07.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. bought a new stake in Incyte in the third quarter valued at $26,000. Root Financial Partners LLC bought a new position in shares of Incyte during the third quarter worth about $28,000. Quent Capital LLC acquired a new stake in shares of Incyte in the 3rd quarter worth about $30,000. FNY Investment Advisers LLC bought a new stake in Incyte in the 2nd quarter valued at about $27,000. Finally, Banque Transatlantique SA bought a new stake in Incyte in the 1st quarter valued at about $26,000. 96.97% of the stock is currently owned by institutional investors.

Incyte Company Profile

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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