A company insider recently sold 1,564 shares of Incyte Corporation [INCY]. Should You Sale?

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Incyte Corporation shares valued at $130,015 were sold by Tray Thomas on Jul 22. At $83.13 per share, Tray Thomas sold 1,564 shares. The insider’s holdings dropped to 17,702 shares worth approximately $1.27 million following the completion of this transaction.

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Also, Flannelly Barry P sold 2,873 shares, netting a total of over 228,059 in proceeds. Following the sale of shares at $79.38 each, the insider now holds 72,674 shares.

Before that, Iyengar Vijay K had sold 5,787 shares from its account. In a trade valued at $459,372, the EVP, GMAPPS traded Incyte Corporation shares for $79.38 each. Upon closing the transaction, the insider’s holdings decreased to 5,787 shares, worth approximately $2.9 million.

As published in a research note from Guggenheim on August 03, 2022, Incyte Corporation [INCY] has been rated down from a Buy to a Neutral. Analysts at Evercore ISI downgraded the stock from ‘”an Outperform”‘ to ‘”an In-line”‘ outlook in a report released in early August. As of July 28, 2022, Wells Fargo has initiated its “an Equal weight” rating for INCY. Earlier on February 09, 2022, SVB Leerink downgraded its rating. Their new recommendation was “an Underperform” for INCY stock which previously was a “a Mkt perform”.

Analyzing INCY’s Price Performance

On Thursday, Incyte Corporation [NASDAQ: INCY] plunged -0.87% to $71.91. The stock’s lowest price that day was $71.265, but it reached a high of $73.16 in the same session. During the last five days, there has been a drop of approximately -8.77%. Over the course of the year, Incyte Corporation shares have dropped approximately -2.03%. Shares of the company reached a 52-week high of $84.86 on 04/08/22 and a 52-week low of $65.07 on 06/14/22. A 50-day SMA is recorded $76.29, while a 200-day SMA reached $73.21. Nevertheless, trading volume fell to 1.51 million shares from 3.14 million shares the previous day.

Support And Resistance Levels for Incyte Corporation (INCY)

According to the 24-hour chart, there is a support level at 71.06, which, if violated, would cause prices to drop to 70.22. In the upper region, resistance lies at 72.96. The next price resistance is at 74.01. RSI (Relative Strength Index) is 32.04 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -6.12, which suggests the price will decrease in the coming days. Percent R is at 93.32%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Incyte Corporation subject to short interest?

Stocks of Incyte Corporation saw a sharp rise in short interest on Jul 14, 2022 jumping by 0.24 million shares to 6.82 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 6.58 million shares. A jump of 3.52% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 4.04 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.04.

Which companies own the most shares of Incyte Corporation (INCY)?

According to Baker Bros. Advisors LP filings, the company currently owns 36,676,548 shares, which is about 16.56% of the total INCY shares outstanding. The investor’s shares have appreciated by 522,864 from its previous 13-F filing of 36153684.0 shares. With the completion of the sale transaction, The Vanguard Group, Inc.’s stake is now worth $1,529,084,048. Dodge & Cox acquire a 8.42% interest valued at $1.37 billion while BlackRock Fund Advisors sold a -99,597 stake. A total of 329,701 shares of Incyte Corporation were sold by Wellington Management Co. LLP during the quarter, and -92,937 were sold by SSgA Funds Management, Inc. In its current portfolio, RBC Global Asset Management holds 7,300,341 shares valued at $554.61 million.

In terms of Incyte Corporation share price expectations, FactSet research, analysts set an average price target of $88.59 in the next 12 months, up nearly 24.07% from the previous closing price of $72.54. Analysts anticipate Incyte Corporation stock to reach $119.00 by 2022, with the lowest price target being $63.00. In spite of this, 21 analysts ranked Incyte Corporation stock as an Overweight at the end of 2022. On January 18, 2022, RBC Capital Mkts assigned a price target of “an Outperform” to the stock and upgraded coverage with a $90.


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