Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. 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 $4.31 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 $2.69 million.
Analyzing INCY Stock Performance
On Thursday, Incyte Corporation [NASDAQ: INCY] plunged -2.19% to $62.87. The stock’s lowest price that day was $62.48, but it reached a high of $63.73 in the same session. During the last five days, there has been a drop of approximately -1.19%. Over the course of the year, Incyte Corporation shares have dropped approximately -21.73%. Shares of the company reached a 52-week high of $86.29 on 01/26/23 and a 52-week low of $62.48 on 05/25/23. A 50-day SMA is recorded $70.46, while a 200-day SMA reached $74.70. Nevertheless, trading volume fell to 1.65 million shares from 1.42 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 62.32, which, if violated, would cause prices to drop to 61.78. In the upper region, resistance lies at 63.57. The next price resistance is at 64.28. RSI (Relative Strength Index) is 31.66 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.44, which suggests the price will decrease in the coming days. Percent R is at 90.74%, indicating bearish price movement. Stochastics %K at holding 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 May 14, 2023 dropping by -2.04 million shares to 7.01 million. Data from Yahoo Finance shows that the short interest on Apr 13, 2023 was 9.05 million shares. A decline of -29.1% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.55 of the overall float, the days-to-cover ratio (short ratio) decline to 3.55.
Which companies own the most shares of Incyte Corporation (INCY)?
According to Baker Bros. Advisors LP filings, the company currently owns 36,175,400 shares, which is about 16.23% of the total INCY shares outstanding. The investor’s shares have appreciated by 20,429 from its previous 13-F filing of 36154971.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $1,559,896,118. Dodge & Cox reduced a -0.16% interest valued at $1.44 billion while BlackRock Fund Advisors purchased a 37,668 stake. A total of 2,591,527 shares of Incyte Corporation were bought by RBC Global Asset Management during the quarter, and -110,307 were sold by SSgA Funds Management, Inc. In its current portfolio, Renaissance Technologies LLC holds 5,602,433 shares valued at $416.88 million.
In terms of Incyte Corporation share price expectations, FactSet research, analysts set an average price target of $81.52 in the next 12 months, up nearly 24.46% from the previous closing price of $64.28. Analysts anticipate Incyte Corporation stock to reach $109.00 by 2023, with the lowest price target being $60.00. In spite of this, 22 analysts ranked Incyte Corporation stock as an Overweight at the end of 2023.