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Incyte Corp ’s (NASDAQ:INCY) Executive Vice President and General Counsel, Sheila A. Denton, recently executed significant stock transactions, as disclosed in a recent filing. On February 26, 2025, Denton sold a total of 14,069 shares of Incyte’s common stock. The shares were sold at prices ranging from $74.07 to $74.08 per share, amounting to a total transaction value of approximately $1,042,135. The transaction comes as Incyte, currently valued at $14.16 billion, trades near its 52-week high of $83.95, with the stock showing strong momentum, up 22.57% over the past year. According to InvestingPro analysis, the company appears undervalued despite its recent performance.
In addition to the sales, Denton also exercised stock options to acquire 9,574 shares at a price of $58.06 per share, which corresponds to a total value of $555,866. Following these transactions, Denton holds 25,848 shares of Incyte common stock.
These transactions were conducted under a pre-arranged trading plan, as indicated in the filing.
In other recent news, Incyte Corporation has entered a strategic collaboration with Genesis Therapeutics to develop novel small molecule drugs using Genesis’ AI platform, GEMS. This partnership involves an upfront payment of $30 million to Genesis, with potential milestone payments reaching up to $295 million per target. Incyte’s recent financial performance has garnered attention, with TD Cowen raising the stock price target to $88 while maintaining a Buy rating, citing strong results from products like Opzelura and Jakafi. Meanwhile, RBC Capital Markets has adjusted its price target to $68, maintaining a Sector Perform rating, due to mixed expectations for Incyte’s product pipeline and increased research spending.
Citi also revised its price target to $88, retaining a Buy rating, following Incyte’s fiscal year 2024 results that exceeded expectations for key product franchises. The company is planning to file for a new drug approval for Jakafi XR, which is crucial ahead of the original Jakafi’s patent expiration in 2028. Additionally, Stifel raised its price target to $77, maintaining a Hold rating, and noted investor concerns over upcoming Phase 3 data for povorcitinib. Stifel emphasized Incyte’s promising fiscal year 2025 outlook, which includes several product launches and regulatory approvals. These developments collectively highlight Incyte’s ongoing strategic efforts and potential growth avenues.
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