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

Incyte Corporation (NASDAQ:INCY) EVP Patrick Mayes sold 41,899 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $119.46, for a total value of $5,005,254.54. Following the completion of the sale, the executive vice president directly owned 61,441 shares in the company, valued at approximately $7,339,741.86. This trade represents a 40.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Incyte Price Performance

NASDAQ:INCY opened at $120.60 on Wednesday. Incyte Corporation has a 12-month low of $76.45 and a 12-month high of $132.60. The firm has a market capitalization of $24.45 billion, a P/E ratio of 15.36, a P/E/G ratio of 3.80 and a beta of 0.76. The business has a 50 day simple moving average of $110.44 and a 200 day simple moving average of $102.42.

Incyte (NASDAQ:INCY) last issued its earnings results on Tuesday, July 28th. The biopharmaceutical company reported $3.09 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.94. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.50 billion. Incyte had a return on equity of 29.93% and a net margin of 27.71%.The firm’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same period last year, the company earned $1.57 earnings per share. Research analysts anticipate that Incyte Corporation will post 2.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Incyte

A number of institutional investors and hedge funds have recently bought and sold shares of INCY. Elyxium Wealth LLC bought a new stake in shares of Incyte during the 4th quarter worth about $28,000. Smithfield Trust Co boosted its holdings in shares of Incyte by 135.0% in the fourth quarter. Smithfield Trust Co now owns 282 shares of the biopharmaceutical company’s stock valued at $28,000 after acquiring an additional 162 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Incyte during the fourth quarter valued at approximately $35,000. Atlas Capital Advisors Inc. acquired a new position in shares of Incyte during the fourth quarter valued at approximately $35,000. Finally, Leonteq Securities AG bought a new stake in Incyte during the fourth quarter worth approximately $35,000. Institutional investors own 96.97% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Guggenheim lifted their price objective on shares of Incyte from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. upped their target price on shares of Incyte from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. TD Cowen restated a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Truist Financial lifted their price target on Incyte from $103.00 to $105.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Finally, Sanford C. Bernstein began coverage on Incyte in a report on Thursday, May 21st. They issued a “market perform” rating and a $99.00 price objective for the company. Ten analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat, Incyte has a consensus rating of “Hold” and a consensus target price 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.