Incyte Corporation (INCY) Shares Down 5.7% on Insider Selling

Incyte Corporation (NASDAQ:INCY)’s share price was down 5.7% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $121.23 and last traded at $124.03, with a volume of 3,821,466 shares traded. The stock had previously closed at $131.50.

Specifically, EVP Eric H. Siegel sold 4,043 shares of Incyte Corporation stock in a transaction that occurred on Monday, April 10th. The stock was sold at an average price of $140.18, for a total transaction of $566,747.74. Following the sale, the executive vice president now directly owns 19,008 shares in the company, valued at approximately $2,664,541.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David W. Gryska sold 41,528 shares of Incyte Corporation stock in a transaction that occurred on Monday, April 10th. The stock was sold at an average price of $138.00, for a total value of $5,730,864.00. Following the sale, the insider now owns 20,754 shares in the company, valued at $2,864,052. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 3,500 shares of company stock valued at $464,670 and have sold 109,544 shares valued at $14,547,094. Company insiders own 13.70% of the company’s stock.

A number of equities research analysts have recently weighed in on the company. Barclays PLC set a $135.00 price target on Incyte Corporation and gave the company a “buy” rating in a report on Saturday, April 8th. Credit Suisse Group restated a “buy” rating on shares of Incyte Corporation in a research note on Saturday, June 10th. Oppenheimer Holdings, Inc. set a $125.00 price objective on Incyte Corporation and gave the stock a “hold” rating in a research note on Thursday, May 18th. Raymond James Financial, Inc. downgraded Incyte Corporation from an “outperform” rating to a “hold” rating in a research note on Thursday, April 6th. Finally, BMO Capital Markets restated an “outperform” rating and set a $166.00 price objective (up from $155.00) on shares of Incyte Corporation in a research note on Monday, June 5th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Incyte Corporation presently has an average rating of “Buy” and a consensus target price of $141.93.

The firm’s 50-day moving average is $124.10 and its 200-day moving average is $123.32. The firm’s market cap is $25.76 billion.

Incyte Corporation (NASDAQ:INCY) last posted its quarterly earnings data on Thursday, May 4th. The biopharmaceutical company reported ($0.96) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.97) by $0.01. The business had revenue of $384.08 million during the quarter, compared to the consensus estimate of $359.19 million. Incyte Corporation had a negative return on equity of 20.09% and a negative net margin of 8.72%. Incyte Corporation’s quarterly revenue was up 45.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.12 earnings per share. On average, equities research analysts predict that Incyte Corporation will post ($0.75) EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC purchased a new stake in shares of Incyte Corporation during the first quarter worth approximately $105,000. FNY Partners Fund LP boosted its stake in shares of Incyte Corporation by 4,825.0% in the first quarter. FNY Partners Fund LP now owns 985 shares of the biopharmaceutical company’s stock worth $131,000 after buying an additional 965 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Incyte Corporation by 1.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,322 shares of the biopharmaceutical company’s stock worth $133,000 after buying an additional 22 shares during the period. IFP Advisors Inc boosted its stake in shares of Incyte Corporation by 6.8% in the first quarter. IFP Advisors Inc now owns 1,043 shares of the biopharmaceutical company’s stock worth $139,000 after buying an additional 66 shares during the period. Finally, Howard Hughes Medical Institute boosted its stake in shares of Incyte Corporation by 42.2% in the first quarter. Howard Hughes Medical Institute now owns 1,210 shares of the biopharmaceutical company’s stock worth $162,000 after buying an additional 359 shares during the period. 92.79% of the stock is currently owned by institutional investors and hedge funds.

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Incyte Corporation Company Profile

Incyte Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late-stage development, and commercialized products, such as JAKAFI (ruxolitinib) and ICLUSIG (ponatinib).

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