Incyte Corporation (INCY) Shares Down 6.2% Following Insider Selling
Incyte Corporation (NASDAQ:INCY) traded down 6.2% during mid-day trading on Monday following insider selling activity. The company traded as low as $98.72 and last traded at $98.95. 2,526,446 shares traded hands during mid-day trading, an increase of 31% from the average session volume of 1,934,999 shares. The stock had previously closed at $105.47.
Specifically, insider David W. Gryska sold 3,915 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $105.63, for a total value of $413,541.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Paul A. Friedman sold 28,507 shares of the firm’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $105.24, for a total value of $3,000,076.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,569 shares of company stock valued at $15,652,970. 17.70% of the stock is owned by corporate insiders.
Several research analysts have commented on the company. J P Morgan Chase & Co restated a “buy” rating and issued a $149.00 target price on shares of Incyte Corporation in a research note on Thursday, August 31st. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating and issued a $135.00 price target on shares of Incyte Corporation in a report on Thursday, August 31st. Jefferies Group LLC reaffirmed a “buy” rating and issued a $148.00 price target on shares of Incyte Corporation in a report on Thursday, July 27th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $163.00 price target (down previously from $172.00) on shares of Incyte Corporation in a report on Monday, September 11th. Finally, Raymond James Financial, Inc. raised Incyte Corporation from a “market perform” rating to an “outperform” rating and set a $159.00 price target on the stock in a report on Monday, September 11th. Seven analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $144.98.
The company has a quick ratio of 4.81, a current ratio of 4.82 and a debt-to-equity ratio of 0.01.
Incyte Corporation (NASDAQ:INCY) last posted its quarterly earnings results on Tuesday, October 31st. The biopharmaceutical company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.11. Incyte Corporation had a negative return on equity of 12.91% and a negative net margin of 10.90%. The business had revenue of $381.50 million for the quarter, compared to analyst estimates of $360.34 million. During the same period last year, the company earned $0.19 EPS. Incyte Corporation’s revenue for the quarter was up 41.6% compared to the same quarter last year. equities research analysts forecast that Incyte Corporation will post -1.33 EPS for the current fiscal year.
Several hedge funds have recently modified their holdings of INCY. Vanguard Group Inc. grew its position in shares of Incyte Corporation by 11.1% in the 2nd quarter. Vanguard Group Inc. now owns 17,125,542 shares of the biopharmaceutical company’s stock worth $2,156,276,000 after buying an additional 1,709,685 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Incyte Corporation in the 3rd quarter worth approximately $125,065,000. Janus Henderson Group PLC grew its position in shares of Incyte Corporation by 4,570.1% in the 2nd quarter. Janus Henderson Group PLC now owns 1,045,363 shares of the biopharmaceutical company’s stock worth $131,622,000 after buying an additional 1,022,979 shares during the last quarter. Old Mutual Global Investors UK Ltd. grew its position in shares of Incyte Corporation by 374.4% in the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 930,319 shares of the biopharmaceutical company’s stock worth $108,605,000 after buying an additional 734,235 shares during the last quarter. Finally, Jennison Associates LLC grew its position in shares of Incyte Corporation by 64.1% in the 2nd quarter. Jennison Associates LLC now owns 1,313,982 shares of the biopharmaceutical company’s stock worth $165,443,000 after buying an additional 513,423 shares during the last quarter. Hedge funds and other institutional investors own 89.60% of the company’s stock.
About Incyte Corporation
Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).
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