Incyte (NASDAQ:INCY) Stock: Insider Steven Stein Sells 240,193 Shares

Incyte Corporation (NASDAQ:INCY) CMO Steven Stein sold 240,193 shares of the firm’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $118.39, for a total transaction of $28,436,449.27. Following the completion of the transaction, the chief marketing officer directly owned 30,916 shares in the company, valued at approximately $3,660,145.24. This represents a 88.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Trading Up 1.6%

NASDAQ:INCY opened at $122.27 on Thursday. The firm’s fifty day simple moving average is $119.46 and its 200 day simple moving average is $108.77. Incyte Corporation has a twelve month low of $89.25 and a twelve month high of $132.60. The firm has a market capitalization of $24.92 billion, a price-to-earnings ratio of 65.04, a PEG ratio of 4.38 and a beta of 0.78.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Thursday, October 29th. The biopharmaceutical company reported ($3.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.93) by $0.33. Incyte had a return on equity of 7.92% and a net margin of 6.71%. The firm had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the prior year, the firm earned $2.26 EPS. The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. On average, analysts predict that Incyte Corporation will post 2.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on INCY shares. Zacks Research lowered Incyte from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 14th. Truist Financial boosted their price target on Incyte from $105.00 to $115.00 and gave the stock a “hold” rating in a research report on Wednesday, October 14th. Morgan Stanley began coverage on Incyte in a report on Tuesday, October 20th. They issued an “equal weight” rating and a $119.00 price target for the company. Mizuho increased their price objective on shares of Incyte from $121.00 to $137.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings lowered shares of Incyte from a “buy (b)” rating to a “hold (c)” rating in a research note on Wednesday, November 4th. Eleven research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Incyte has an average rating of “Hold” and an average price target of $132.86.

Institutional Trading of Incyte

Several large investors have recently modified their holdings of the business. Advisors Asset Management Inc. bought a new stake in shares of Incyte in the third quarter worth $3,903,000. Edmond DE Rothschild Holding S.A. boosted its stake in Incyte by 63.4% during the 3rd quarter. Edmond DE Rothschild Holding S.A. now owns 12,079 shares of the biopharmaceutical company’s stock valued at $1,466,000 after acquiring an additional 4,685 shares during the last quarter. Private Wealth Asset Management LLC bought a new position in Incyte during the 3rd quarter valued at $1,600,000. Private Advisor Group LLC boosted its stake in Incyte by 109.4% during the 3rd quarter. Private Advisor Group LLC now owns 4,296 shares of the biopharmaceutical company’s stock valued at $521,000 after acquiring an additional 2,244 shares during the last quarter. Finally, Focus Advisor Solutions LLC grew its holdings in Incyte by 54.1% during the 3rd quarter. Focus Advisor Solutions LLC now owns 44,249 shares of the biopharmaceutical company’s stock worth $5,370,000 after acquiring an additional 15,527 shares in the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.

Incyte Company Profile

Incyte is a biopharmaceutical company that discovers, develops and commercializes medicines, with a focus on oncology, hematology and inflammatory and autoimmune diseases. Founded in 1991, the company is headquartered in Wilmington, Delaware, and conducts research and commercial activities in the United States and internationally. Its products include Jakafi (ruxolitinib), used to treat certain blood disorders and graft-versus-host disease, and Opzelura (ruxolitinib cream), approved in the United States for certain skin conditions.