The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Incyte Corporation shares valued at $67,416 were sold by Pasquale Maria E on Jan 31. At $84.06 per share, Pasquale Maria E sold 802 shares. The insider’s holdings dropped to 68,524 shares worth approximately $5.32 million following the completion of this transaction.
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Also, Pasquale Maria E sold 60,024 shares, netting a total of over 5,086,569 in proceeds. Following the sale of shares at $84.74 each, the insider now holds 68,524 shares.
Before that, Iyengar Vijay K had sold 7,000 shares from its account. In a trade valued at $595,000, the EVP, GMAPPS traded Incyte Corporation shares for $85.00 each. Upon closing the transaction, the insider’s holdings decreased to 7,000 shares, worth approximately $3.33 million.
As published in their initiating research note from Piper Sandler on January 31, 2023, Incyte Corporation [INCY] has been an Overweight and the price target has been revised to $100. This represents a 22.34% premium over Thursday’s closing price. Analysts at Guggenheim downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in early August. As of August 03, 2022, Evercore ISI has decreased its “an Outperform” rating to a “an In-line” for INCY. Earlier on July 28, 2022, Wells Fargo initiated its rating. Their recommendation was “an Equal weight” for INCY stock.
Analyzing INCY Stock Performance
On Thursday, Incyte Corporation [NASDAQ: INCY] plunged -1.08% to $77.66. The stock’s lowest price that day was $77.35, but it reached a high of $78.62 in the same session. During the last five days, there has been a drop of approximately -2.13%. Over the course of the year, Incyte Corporation shares have dropped approximately -3.31%. Shares of the company reached a 52-week high of $86.29 on 01/26/23 and a 52-week low of $77.35 on 02/23/23. A 50-day SMA is recorded $81.37, while a 200-day SMA reached $76.11. Nevertheless, trading volume fell to 0.98 million shares from 1.44 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 77.13, which, if violated, would cause prices to drop to 76.61. In the upper region, resistance lies at 78.40. The next price resistance is at 79.15. RSI (Relative Strength Index) is 36.25 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.82, which suggests the price will decrease in the coming days. Percent R is at 96.05%, 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 steep in short interest on Jan 12, 2023 dropping by -1.17 million shares to 4.42 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 5.59 million shares. A decline of -26.47% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.61 of the overall float, the days-to-cover ratio (short ratio) decline to 2.61.
Which companies own the most shares of Incyte Corporation (INCY)?
According to Baker Bros. Advisors LP filings, the company currently owns 36,154,971 shares, which is about 16.25% of the total INCY shares outstanding. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $1,766,835,241. Dodge & Cox reduced a -2.17% interest valued at $1.65 billion while BlackRock Fund Advisors purchased a 355,454 stake. A total of -119,589 shares of Incyte Corporation were bought by SSgA Funds Management, Inc. during the quarter, and -55,097 were sold by RBC Global Asset Management. In its current portfolio, Wellington Management Co. LLP holds 7,757,163 shares valued at $660.44 million.
In terms of Incyte Corporation share price expectations, FactSet research, analysts set an average price target of $89.69 in the next 12 months, up nearly 15.27% from the previous closing price of $78.51. Analysts anticipate Incyte Corporation stock to reach $118.00 by 2023, 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 2023. On February 09, 2022, SVB Leerink assigned a price target of “an Underperform” to the stock and downgraded coverage with a $56.