Michael James Morrissey Sells 54,008 Shares of Incyte (NASDAQ:INCY) Stock

Incyte Corporation (NASDAQ:INCY) EVP Michael James Morrissey sold 54,008 shares of the business’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $97.29, for a total transaction of $5,254,438.32. Following the transaction, the executive vice president owned 31,830 shares in the company, valued at approximately $3,096,740.70. The trade was a 62.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Michael James Morrissey also recently made the following trade(s):

• On Wednesday, December 17th, Michael James Morrissey sold 4,323 shares of Incyte stock. The stock was sold at an average price of $97.26, for a total value of $420,454.98.

Incyte Price Performance

Incyte stock opened at $102.69 on Friday. Incyte Corporation has a 52 week low of $53.56 and a 52 week high of $109.28. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.13 and a current ratio of 3.20. The business’s fifty day moving average is $98.21 and its two-hundred day moving average is $84.61. The firm has a market cap of $20.16 billion, a P/E ratio of 17.20, a P/E/G ratio of 0.66 and a beta of 0.81.

Incyte (NASDAQ:INCY) last posted its quarterly 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. Incyte had a net margin of 24.69% and a return on equity of 26.56%. The business had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the previous year, the firm posted $1.07 earnings per share. Incyte’s revenue for the quarter was up 20.0% compared to the same quarter last year. Equities research analysts forecast that Incyte Corporation will post 4.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of INCY. Bank of Nova Scotia raised its stake in Incyte by 0.7% in the second quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock worth $1,160,000 after buying an additional 124 shares in the last quarter. MAI Capital Management boosted its position in shares of Incyte by 19.9% during the second quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock valued at $51,000 after buying an additional 125 shares during the last quarter. Atlantic Edge Private Wealth Management LLC boosted its holdings in shares of Incyte by 0.9% during the 3rd quarter. Atlantic Edge Private Wealth Management LLC now owns 14,556 shares of the biopharmaceutical company’s stock valued at $1,235,000 after acquiring an additional 125 shares during the last quarter. Perbak Capital Partners LLP grew its position in Incyte by 2.5% in the 3rd quarter. Perbak Capital Partners LLP now owns 5,298 shares of the biopharmaceutical company’s stock worth $449,000 after purchasing an additional 129 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Incyte by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 8,993 shares of the biopharmaceutical company’s stock worth $612,000 after buying an additional 147 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on INCY. Oppenheimer downgraded shares of Incyte from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 8th. Bank of America boosted their price target on Incyte from $90.00 to $104.00 and gave the stock a “buy” rating in a report on Thursday, September 4th. JPMorgan Chase & Co. lifted their price objective on Incyte from $73.00 to $89.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. Piper Sandler increased their price target on Incyte from $82.00 to $102.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Finally, Wells Fargo & Company lifted their price target on shares of Incyte from $97.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday, December 8th. Eight investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Incyte has an average rating of “Hold” and a consensus target price of $99.07.

Incyte News Summary

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: EC approves label expansion for Minjuvi (tafasitamab) to treat relapsed/refractory follicular lymphoma — expands European commercial opportunity and supports revenue upside for an approved oncology product. Zacks: EC Approves Label Expansion of INCY’s Lymphoma Drug Minjuvi
• Neutral Sentiment: Incyte launched a Phase 3 trial of INCA33890 in colorectal cancer — a meaningful advance in the pipeline that could drive long-term upside if successful, but clinical readouts are distant and binary. TipRanks: Incyte Steps Into Late-Stage Colorectal Cancer Race
• Negative Sentiment: Big insider sales by EVP Michael James Morrissey — filings show 54,008 shares sold (~$5.25M at ~$97.29) and an additional 4,323 shares (~$420k), materially reducing his stake. Large, clustered insider sales can signal near-term selling pressure or raise governance/speculation concerns even though the insider still holds stock. InsiderTrades: Incyte EVP Sells $420k in Stock

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.