Barry Flannelly, the Executive Vice President and General Manager US at Incyte Corp (NASDAQ:INCY), sold shares totaling approximately $1.34 million, according to a recent SEC filing. The sale comes as the stock has declined nearly 9% over the past week, though InvestingPro analysis indicates the company remains undervalued at current levels. The transactions occurred on March 14, 2025, and involved the sale of 19,807 shares of common stock at prices ranging from $67.68 to $67.88 per share. Following these transactions, Flannelly holds 33,567 shares directly, which includes 33,554 shares from unvested restricted stock units and performance shares. Despite this insider sale, InvestingPro data shows management has been actively buying back shares, and the company maintains a strong balance sheet with more cash than debt. Get access to 13 additional exclusive InvestingPro Tips and comprehensive analysis in the Pro Research Report.
In other recent news, Incyte Corporation has been the focus of several analyst updates following the announcement of Phase 3 trial results for its drug povorcitinib, aimed at treating hidradenitis suppurativa (HS). The trial results, which showed statistically significant but modest improvements, led Truist Securities to lower its price target for Incyte from $74 to $72, maintaining a Hold rating. Jefferies also adjusted its price target down to $75 from $81, while still keeping a Buy rating, noting the drug’s post-biologic efficacy and safety profile. Meanwhile, Citi analysts maintained a Buy rating with a price target of $88, expressing confidence in the drug’s potential despite its modest efficacy compared to existing treatments.
Mizuho Securities kept a Neutral rating with a $77 price target, highlighting the drug’s potential for patients previously treated with biologics. However, William Blair downgraded Incyte from Outperform to Market Perform, reflecting concerns about the drug’s limited market reach and competition from other treatments like Rinvoq. Analysts across the board noted that while povorcitinib met its primary endpoints, its market potential could be constrained by the efficacy results and competitive landscape. The company’s future revenue growth appears more uncertain, with further data on the drug’s efficacy in other indications not expected until 2026. As the market continues to assess these developments, the outlook for Incyte remains a topic of active discussion among analysts.
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