Incyte (NASDAQ:INCY) Shares Down 3.4% on Insider Selling

Incyte Corporation (NASDAQ:INCY)’s share price was down 3.4% during mid-day trading on Monday following insider selling activity. The stock traded as low as $98.99 and last traded at $99.23. Approximately 459,329 shares changed hands during trading, a decline of 77% from the average daily volume of 1,962,976 shares. The stock had previously closed at $102.69.

Specifically, insider Thomas Tray sold 600 shares of the company’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $98.25, for a total value of $58,950.00. Following the completion of the sale, the insider owned 22,973 shares of the company’s stock, valued at approximately $2,257,097.25. This represents a 2.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas Tray sold 2,774 shares of Incyte stock in a transaction on Friday, December 19th. The stock was sold at an average price of $100.00, for a total transaction of $277,400.00. Following the completion of the transaction, the insider owned 22,973 shares in the company, valued at approximately $2,297,300. The trade was a 10.77% decrease in their position. The SEC filing for this sale provides additional information. In other news, EVP Michael James Morrissey sold 4,323 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $97.26, for a total transaction of $420,454.98. Following the transaction, the executive vice president directly owned 27,507 shares of the company’s stock, valued at approximately $2,675,330.82. This trade represents a 13.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

INCY has been the subject of several recent research reports. Stifel Nicolaus boosted their price objective on Incyte from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, September 22nd. Guggenheim upgraded shares of Incyte from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a report on Monday, November 3rd. Morgan Stanley raised their price target on shares of Incyte from $86.00 to $92.00 and gave the stock an “equal weight” rating in a report on Monday, December 8th. Barclays upped their price objective on shares of Incyte from $101.00 to $115.00 and gave the company an “overweight” rating in a research note on Monday, November 24th. Finally, Piper Sandler raised their target price on Incyte from $82.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 4th. Eight equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $99.79.

Incyte Stock Performance

The company has a quick ratio of 3.13, a current ratio of 3.20 and a debt-to-equity ratio of 0.01. The firm has a market cap of $19.68 billion, a P/E ratio of 16.79, a P/E/G ratio of 0.69 and a beta of 0.81. The business has a fifty day simple moving average of $98.83 and a 200-day simple moving average of $85.31.

Incyte (NASDAQ:INCY) last released its earnings results on Tuesday, October 28th. The biopharmaceutical company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.61. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.26 billion. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The company’s revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.07 EPS. On average, sell-side analysts predict that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Incyte

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James Financial Inc. grew its stake in shares of Incyte by 33.0% in the 1st quarter. Raymond James Financial Inc. now owns 69,762 shares of the biopharmaceutical company’s stock worth $4,224,000 after buying an additional 17,313 shares during the last quarter. Quantbot Technologies LP increased its holdings in shares of Incyte by 11,900.0% during the first quarter. Quantbot Technologies LP now owns 9,120 shares of the biopharmaceutical company’s stock valued at $552,000 after acquiring an additional 9,044 shares in the last quarter. Credit Agricole S A raised its position in shares of Incyte by 62.7% in the 1st quarter. Credit Agricole S A now owns 10,987 shares of the biopharmaceutical company’s stock worth $665,000 after purchasing an additional 4,234 shares during the last quarter. Allstate Corp boosted its stake in Incyte by 45.7% in the 1st quarter. Allstate Corp now owns 7,183 shares of the biopharmaceutical company’s stock worth $435,000 after purchasing an additional 2,252 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in Incyte by 8.8% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 8,509 shares of the biopharmaceutical company’s stock valued at $515,000 after purchasing an additional 686 shares during the last quarter. Institutional investors own 96.97% of the company’s stock.

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.