Pablo Cagnoni Sells 18,667 Shares of Incyte (NASDAQ:INCY) Stock

Incyte Corporation (NASDAQ:INCY) insider Pablo Cagnoni sold 18,667 shares of Incyte stock in a transaction on Friday, April 17th. The shares were sold at an average price of $96.50, for a total value of $1,801,365.50. Following the completion of the transaction, the insider owned 262,692 shares in the company, valued at $25,349,778. The trade was a 6.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Price Performance

Shares of Incyte stock opened at $96.74 on Thursday. Incyte Corporation has a twelve month low of $57.29 and a twelve month high of $112.29. The stock has a market capitalization of $19.25 billion, a P/E ratio of 15.09, a PEG ratio of 0.77 and a beta of 0.85. The company has a current ratio of 3.32, a quick ratio of 3.25 and a debt-to-equity ratio of 0.01. The business’s fifty day moving average price is $96.33 and its 200 day moving average price is $98.38.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.16). The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. Incyte had a return on equity of 26.34% and a net margin of 25.03%.The company’s revenue for the quarter was up 27.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.43 EPS. As a group, research analysts anticipate that Incyte Corporation will post 6.52 earnings per share for the current year.

Institutional Trading of Incyte

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Jacobi Capital Management LLC increased its position in shares of Incyte by 0.9% during the fourth quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock worth $1,048,000 after acquiring an additional 99 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Incyte by 0.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock worth $1,864,000 after acquiring an additional 100 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Incyte by 7.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock worth $161,000 after acquiring an additional 113 shares during the last quarter. Bank of Nova Scotia increased its position in shares of Incyte by 0.7% during the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after acquiring an additional 124 shares during the last quarter. Finally, Atlantic Edge Private Wealth Management LLC increased its position in shares of Incyte by 0.9% during the third quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock worth $1,235,000 after acquiring an additional 125 shares during the last quarter. 96.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Jefferies Financial Group cut Incyte from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $120.00 to $94.00 in a research note on Monday, March 16th. Morgan Stanley set a $102.00 price objective on Incyte in a research note on Wednesday, February 11th. The Goldman Sachs Group restated a “neutral” rating and set a $90.00 price objective on shares of Incyte in a research note on Thursday, January 8th. UBS Group reduced their price objective on Incyte from $104.00 to $94.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 25th. Finally, Truist Financial set a $103.00 price objective on Incyte in a research note on Wednesday, December 24th. Ten analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $104.89.

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.