Incyte R&D Head Pablo Cagnoni Exercises Options and Sells $298K in Stock via Rule 10b5-1 Plan

Executive Summary

On October 15, 2026, Pablo J. Cagnoni, President and Global Head of R&D at Incyte Corp ($INCY), executed multiple stock option exercises totaling 2,642 shares and subsequently sold the underlying shares on the open market at an average price of $112.71 per share, realizing gross proceeds of approximately $297,780.

Transaction Details

• Option Exercises (Code M):
  • 839 shares exercised at $71.93
  • 423 shares exercised at $61.76
  • 455 shares exercised at $61.18
  • 925 shares exercised at $64.25
  • Total Exercised: 2,642 shares (total exercise cost: ~$174,451)
• Open Market Sale (Code S):
  • 2,642 shares sold at $112.71 per share
  • Total Sale Proceeds: $297,779.82
  • Net Profit Pre-Tax: ~$123,329
• Rule 10b5-1 Flag: The transaction was conducted under an affirmative Rule 10b5-1 pre-scheduled trading plan.

Ownership Post-Transaction

Following the transactions, Dr. Cagnoni directly holds 183,200 shares, which includes unvested restricted stock units and earned performance stock units. The sale represents roughly 1.4% of his direct holdings, leaving his stake overwhelmingly intact.

Market & Trading Significance

This transaction carries Low trading significance. It represents routine option monetization under a pre-established Rule 10b5-1 trading arrangement with no discretionary market timing implied. The volume sold is modest relative to both the executive's total equity holdings and Incyte's daily trading liquidity.