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

Incyte Corporation (NASDAQ:INCY) EVP Michael James Morrissey sold 4,323 shares of the stock in a transaction 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 transaction, the executive vice president directly owned 27,507 shares in the company, valued at $2,675,330.82. The trade was a 13.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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 shares were sold at an average price of $97.29, for a total value of $5,254,438.32.

Incyte Stock Up 5.5%

NASDAQ:INCY opened at $102.69 on Friday. 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 firm has a market cap of $20.16 billion, a PE ratio of 17.20, a price-to-earnings-growth ratio of 0.66 and a beta of 0.81. The company has a 50-day moving average of $98.21 and a 200 day moving average of $84.61. Incyte Corporation has a 1-year low of $53.56 and a 1-year high of $109.28.

Incyte (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 EPS for the quarter, beating the consensus estimate of $1.65 by $0.61. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the business posted $1.07 EPS. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, research analysts anticipate that Incyte Corporation will post 4.86 EPS for the current fiscal year.

More Incyte News

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: EC approves label expansion for Minjuvi (tafasitamab) to treat relapsed/refractory follicular lymphoma — expands European commercial opportunity and supports revenue upside for an approved oncology product. Zacks: EC Approves Label Expansion of INCY’s Lymphoma Drug Minjuvi
• Neutral Sentiment: Incyte launched a Phase 3 trial of INCA33890 in colorectal cancer — a meaningful advance in the pipeline that could drive long-term upside if successful, but clinical readouts are distant and binary. TipRanks: Incyte Steps Into Late-Stage Colorectal Cancer Race
• Negative Sentiment: Big insider sales by EVP Michael James Morrissey — filings show 54,008 shares sold (~$5.25M at ~$97.29) and an additional 4,323 shares (~$420k), materially reducing his stake. Large, clustered insider sales can signal near-term selling pressure or raise governance/speculation concerns even though the insider still holds stock. InsiderTrades: Incyte EVP Sells $420k in Stock

Institutional Investors Weigh In On Incyte

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Incyte by 0.7% during the second quarter. Vanguard Group Inc. now owns 20,135,393 shares of the biopharmaceutical company’s stock worth $1,371,220,000 after acquiring an additional 137,570 shares during the last quarter. AQR Capital Management LLC boosted its stake in Incyte by 21.8% in the 2nd quarter. AQR Capital Management LLC now owns 8,201,455 shares of the biopharmaceutical company’s stock worth $558,519,000 after purchasing an additional 1,465,286 shares in the last quarter. Geode Capital Management LLC boosted its stake in Incyte by 3.3% in the 2nd 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 in the last quarter. LSV Asset Management grew its position in Incyte by 3.2% during the 3rd quarter. LSV Asset Management now owns 3,986,097 shares of the biopharmaceutical company’s stock worth $338,061,000 after purchasing an additional 124,266 shares during the last quarter. Finally, Invesco Ltd. increased its stake in Incyte by 7.3% during the 2nd quarter. Invesco Ltd. now owns 3,401,018 shares of the biopharmaceutical company’s stock valued at $231,609,000 after purchasing an additional 232,268 shares in the last quarter. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on INCY. Piper Sandler increased their target price on Incyte from $82.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, November 4th. Wells Fargo & Company upped their price objective on Incyte from $97.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday, December 8th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Incyte in a research note on Wednesday, October 8th. Royal Bank Of Canada boosted their target price on shares of Incyte from $81.00 to $84.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 29th. Finally, Bank of America increased their price target on shares of Incyte from $90.00 to $104.00 and gave the company a “buy” rating in a research report on Thursday, September 4th. Eight investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $99.07.

Incyte Company Profile

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.