David Gryska (Insider Trades), CFO and executive vice president of Incyte Corp. (INCY), sold 41,528 shares of the company on April 10. The transaction, Gryska’s only one with the company since at least 2013, was made for $138 per share, for a total transaction of $5,730,864.
Incyte, a biopharmaceutical company focused on discovery, development and commercialization of proprietary therapeutics, has a market cap of $27.73 billion.
There was an absence of insider buys of the company from 2013 to 2015. Insiders sold 1,294,467 shares in 2013, which increased to a total of 2,563,462 in the following year and decreased to 1,511,521 in total in 2015. Insider buys increased in 2016 with a total of 4,002,882 shares purchased in four transactions. Director and 10% owner Julian Baker (Insider Trades) conducted all four of the insider purchases. Director Jean Jacques Bienaime (Insider Trades) also purchased 1,000 shares in the sole insider purchase in 2017 to date. For more information about insider trades with Incyte, click here.
For the three months ended Dec. 31, 2016, the company reported total revenues of $326.498 million, up from $243.881 million reported by the company in the previous year’s fourth quarter. Total costs and expenses also rose from $178.8 million to $284.4 million due to a nearly doubling of cost of product revenues and also almost a 40% increase in research and development. On the same note, net income decreased to $8.873 million, or 5 cents per share from $55.178 million, or 29 cents per share when comparing the fourth quarters of 2016 to 2015.
Incyte CEO Herve Hoppenot commented that the company “had a very productive year,” citing the company’s growth into Europe. Hoppenot also highlighted the milestone of surpassing $1 billion in total annual revenue from the combined revenues of two Incyte products. Jakafi, a polycythemia vera treatment for those with an intolerant response to hydroxyurea, is approved by the Food and Drug Administration for its appropriate use. Incusig is approved for patients with chronic phase, accelerated phase or blast phase chronic myeloid leukemia. The drugs produced $852.816 million and $110.711 million in revenues for the company in 2016.
The company’s annual revenue increased 55.5% since 2013 and follows an increasing trend line, but the company’s annual net income follows a decreasing trend line. For more financial statistics, click here.
The company announced on April 2Â the agreement of the clinical development program evaluating Icyte’s epacadostat, an oral selective IDO1 enzyme inhibitor, in conjunction with Bristol-Myers Squibb’s (BMY) Opdivo, a PD-1 immune checkpoint inhibitor to phase 3 registrational studies.
According to GuruFocus.com information, Incyte has a business predictability rank of 1 out of 5 stars. For more information about business predictability rank, click here.
In the first quarter of 2016, Manning & Napier Advisors Inc. reduced its position in Incyte by 39.79% at an average per share price of $127.32. In the previous quarter, Manning & Napier Advisors invested in 91,970 shares of Incyte for an average per share price of $97.56. The total estimated gain of the holding since the fourth quarter of 2016 is 36%. For more information about guru trades with Incyte, click here.
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