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

Incyte Corporation (NASDAQ:INCY) insider Pablo Cagnoni sold 18,667 shares of the business’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $94.24, for a total value of $1,759,178.08. Following the completion of the sale, the insider directly owned 234,800 shares of the company’s stock, valued at $22,127,552. The trade was a 7.36% 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.

Incyte Stock Down 2.3%

Shares of NASDAQ:INCY opened at $90.78 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.25 and a current ratio of 3.32. Incyte Corporation has a 52-week low of $53.56 and a 52-week high of $112.29. The business’s 50 day simple moving average is $100.41 and its two-hundred day simple moving average is $96.77. The firm has a market cap of $18.07 billion, a P/E ratio of 14.16, a PEG ratio of 0.74 and a beta of 0.84.

Incyte (NASDAQ:INCY) last released its quarterly earnings data on Tuesday, February 10th. The biopharmaceutical company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.96 by ($0.16). Incyte had a net margin of 25.03% and a return on equity of 26.34%. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the prior year, the firm earned $1.43 EPS. The company’s revenue was up 27.8% compared to the same quarter last year. As a group, research analysts forecast that Incyte Corporation will post 4.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Incyte

Large investors have recently made changes to their positions in the business. Jacobi Capital Management LLC grew its position in Incyte by 0.9% during the fourth quarter. Jacobi Capital Management LLC now owns 10,613 shares of the biopharmaceutical company’s stock valued at $1,048,000 after buying an additional 99 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in Incyte by 0.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 18,870 shares of the biopharmaceutical company’s stock valued at $1,864,000 after acquiring an additional 100 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in Incyte by 7.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,628 shares of the biopharmaceutical company’s stock valued at $161,000 after acquiring an additional 113 shares during the last quarter. Bank of Nova Scotia grew its position in shares of Incyte by 0.7% during the 2nd quarter. Bank of Nova Scotia now owns 17,041 shares of the biopharmaceutical company’s stock valued at $1,160,000 after acquiring an additional 124 shares during the period. Finally, MAI Capital Management grew its position in shares of Incyte by 19.9% during the 2nd quarter. MAI Capital Management now owns 754 shares of the biopharmaceutical company’s stock valued at $51,000 after acquiring an additional 125 shares during the period. 96.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on INCY. Wells Fargo & Company lowered their price objective on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 11th. Jefferies Financial Group downgraded shares of Incyte from a “buy” rating to a “hold” rating and decreased their target price for the stock from $120.00 to $94.00 in a research report on Monday, March 16th. Truist Financial set a $103.00 price target on shares of Incyte in a research report on Wednesday, December 24th. Barclays lifted their price target on Incyte from $116.00 to $117.00 and gave the company an “overweight” rating in a research note on Wednesday, February 18th. Finally, Mizuho set a $121.00 price objective on Incyte and gave the stock an “outperform” rating in a report on Monday, December 8th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Incyte currently has an average rating of “Hold” and a consensus target price of $103.44.

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.