Patrick Mayes Sells 41,899 Shares of Incyte (NASDAQ:INCY) Stock

Incyte Corporation (NASDAQ:INCY) EVP Patrick Mayes sold 41,899 shares of Incyte stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $119.46, for a total transaction of $5,005,254.54. Following the completion of the transaction, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. This represents a 40.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Trading Down 0.7%

NASDAQ INCY opened at $119.80 on Thursday. Incyte Corporation has a 1 year low of $76.45 and a 1 year high of $132.60. The company has a fifty day simple moving average of $110.89 and a 200 day simple moving average of $102.52. The company has a market cap of $24.28 billion, a P/E ratio of 15.26, a P/E/G ratio of 3.87 and a beta of 0.76.

Incyte (NASDAQ:INCY) last announced its 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. Incyte had a net margin of 27.71% and a return on equity of 29.93%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the firm posted $1.57 EPS. The business’s quarterly revenue was up 37.7% on a year-over-year basis. Equities research analysts forecast that Incyte Corporation will post 2.58 EPS for the current fiscal year.

Institutional Trading of Incyte

Institutional investors and hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC increased its holdings in Incyte by 369.3% in the 1st quarter. NewEdge Advisors LLC now owns 12,597 shares of the biopharmaceutical company’s stock valued at $763,000 after buying an additional 9,913 shares during the period. Jones Financial Companies Lllp boosted its position in shares of Incyte by 15.1% during the 1st quarter. Jones Financial Companies Lllp now owns 4,944 shares of the biopharmaceutical company’s stock valued at $299,000 after acquiring an additional 648 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Incyte by 6.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 814,559 shares of the biopharmaceutical company’s stock valued at $49,322,000 after acquiring an additional 48,751 shares in the last quarter. United Services Automobile Association bought a new stake in Incyte in the first quarter valued at about $219,000. Finally, Focus Partners Wealth increased its stake in Incyte by 74.1% in the first quarter. Focus Partners Wealth now owns 21,024 shares of the biopharmaceutical company’s stock valued at $1,273,000 after acquiring an additional 8,951 shares during the period. 96.97% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on INCY. Truist Financial increased their target price on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a research note on Monday, June 22nd. Wall Street Zen lowered Incyte from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Leerink Partners increased their price objective on Incyte from $131.00 to $155.00 and gave the company an “outperform” rating in a research report on Monday. Morgan Stanley set a $119.00 target price on shares of Incyte in a research report on Wednesday, July 29th. Finally, Barclays upped their target price on shares of Incyte from $134.00 to $139.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Ten investment analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Incyte has an average rating of “Hold” and a consensus price target of $120.40.

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.