Investors Purchase High Volume of Incyte Put Options (NASDAQ:INCY)

Incyte Corporation (NASDAQ:INCY) was the recipient of some unusual options trading on Thursday. Investors acquired 7,551 put options on the stock. This is an increase of approximately 1,314% compared to the typical daily volume of 534 put options.

Insider Transactions at Incyte

In other Incyte news, insider Pablo J. Cagnoni sold 18,667 shares of the business’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $96.50, for a total transaction of $1,801,365.50. Following the completion of the transaction, the insider owned 262,692 shares in the company, valued at approximately $25,349,778. The trade was a 6.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 16.20% of the company’s stock.

Institutional Investors Weigh In On Incyte

Institutional investors and hedge funds have recently bought and sold shares of the business. Pacer Advisors Inc. grew its stake in shares of Incyte by 2.2% in the 1st quarter. Pacer Advisors Inc. now owns 1,741,061 shares of the biopharmaceutical company’s stock worth $163,869,000 after purchasing an additional 37,790 shares during the last quarter. Militia Capital Management LLC acquired a new stake in Incyte during the first quarter valued at approximately $339,000. NewEdge Advisors LLC lifted its stake in Incyte by 55.6% during the first quarter. NewEdge Advisors LLC now owns 20,416 shares of the biopharmaceutical company’s stock valued at $1,922,000 after purchasing an additional 7,292 shares during the last quarter. Edgestream Partners L.P. lifted its stake in Incyte by 1,318.0% during the first quarter. Edgestream Partners L.P. now owns 157,472 shares of the biopharmaceutical company’s stock valued at $14,821,000 after purchasing an additional 146,367 shares during the last quarter. Finally, Oddo BHF Asset Management Sas boosted its holdings in Incyte by 4.2% during the first quarter. Oddo BHF Asset Management Sas now owns 38,473 shares of the biopharmaceutical company’s stock worth $3,621,000 after buying an additional 1,554 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

INCY has been the topic of a number of research analyst reports. Oppenheimer reissued a “market perform” rating and set a $107.00 price target on shares of Incyte in a report on Monday, June 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Incyte in a report on Monday. Barclays reiterated an “overweight” rating on shares of Incyte in a research report on Tuesday, March 24th. TD Cowen reissued a “hold” rating on shares of Incyte in a research note on Tuesday, June 9th. Finally, Stifel Nicolaus set a $123.00 price target on shares of Incyte in a research report on Tuesday, June 9th. Eight research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $107.85.

Incyte Price Performance

Shares of INCY traded up $1.57 during midday trading on Thursday, reaching $115.38. The stock had a trading volume of 1,046,020 shares, compared to its average volume of 1,766,814. Incyte has a 52 week low of $66.85 and a 52 week high of $118.69. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.68 and a quick ratio of 3.60. The firm’s 50 day moving average price is $100.32 and its 200-day moving average price is $99.58. The company has a market capitalization of $23.05 billion, a P/E ratio of 16.35, a P/E/G ratio of 1.03 and a beta of 0.75.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, April 28th. The biopharmaceutical company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.43. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.22 billion. Incyte had a return on equity of 26.66% and a net margin of 26.71%.The company’s revenue was up 20.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.16 earnings per share. On average, analysts forecast that Incyte will post 6.61 earnings per share for the current fiscal year.

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.