Incyte (NASDAQ:INCY) EVP Sells $5,005,254.54 in Stock

Incyte Corporation (NASDAQ:INCY) EVP Patrick Mayes sold 41,899 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the transaction, the executive vice president owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Stock Performance

Shares of INCY stock traded up $2.22 during trading hours on Tuesday, reaching $120.65. The company had a trading volume of 2,052,860 shares, compared to its average volume of 1,796,887. The company has a market capitalization of $24.46 billion, a P/E ratio of 15.37, a price-to-earnings-growth ratio of 3.96 and a beta of 0.76. Incyte Corporation has a twelve month low of $76.45 and a twelve month high of $132.60. The stock’s fifty day simple moving average is $109.97 and its 200 day simple moving average is $102.32.

Incyte (NASDAQ:INCY) last released its quarterly earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 EPS for the quarter, topping the consensus estimate of $2.15 by $0.94. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.Incyte’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.57 EPS. As a group, equities analysts expect that Incyte Corporation will post 2.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on INCY. Leerink Partners boosted their target price on shares of Incyte from $131.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday. Stifel Nicolaus set a $145.00 price target on shares of Incyte in a report on Tuesday, July 28th. Oppenheimer reaffirmed a “market perform” rating and set a $120.00 price target on shares of Incyte in a research note on Tuesday, July 28th. Sanford C. Bernstein assumed coverage on shares of Incyte in a report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price objective on the stock. Finally, BMO Capital Markets upped their price objective on shares of Incyte from $112.00 to $130.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $120.40.

Hedge Funds Weigh In On Incyte

Institutional investors and hedge funds have recently made changes to their positions in the business. Elyxium Wealth LLC bought a new stake in shares of Incyte in the fourth quarter worth $28,000. Smithfield Trust Co boosted its stake in Incyte by 135.0% during the 4th quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 162 shares during the last quarter. MUFG Securities EMEA plc acquired a new position in Incyte during the 2nd quarter worth $32,000. CYBER HORNET ETFs LLC acquired a new position in Incyte during the 2nd quarter worth $33,000. Finally, Leonteq Securities AG bought a new stake in shares of Incyte in the 4th quarter worth about $35,000. 96.97% of the stock is currently owned by hedge funds and other institutional investors.

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.