Incyte (NASDAQ:INCY) Shares Gap Down to $60.87

Incyte Co. (NASDAQ:INCY) gapped down before the market opened on Tuesday . The stock had previously closed at $60.87, but opened at $59.20. Incyte shares last traded at $59.37, with a volume of 146,958 shares.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. BMO Capital Markets restated an “underperform” rating and set a $48.00 price objective (down from $52.00) on shares of Incyte in a research report on Tuesday. Oppenheimer reduced their price objective on shares of Incyte from $92.00 to $84.00 and set an “outperform” rating for the company in a research report on Wednesday, April 24th. Cantor Fitzgerald restated a “neutral” rating on shares of Incyte in a research report on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Incyte in a research report on Thursday, May 23rd. They set a “hold” rating and a $55.00 price objective for the company. Finally, Truist Financial restated a “buy” rating and set a $83.00 price objective (down from $84.00) on shares of Incyte in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $73.44.

Incyte Price Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 3.47 and a quick ratio of 3.43. The stock’s fifty day moving average is $57.40 and its 200-day moving average is $58.71. The stock has a market cap of $13.27 billion, a PE ratio of 18.18, a price-to-earnings-growth ratio of 1.31 and a beta of 0.73.

Incyte (NASDAQ:INCY) last announced its quarterly earnings data on Tuesday, April 30th. The biopharmaceutical company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.31). Incyte had a net margin of 19.78% and a return on equity of 12.83%. The firm had revenue of $880.89 million during the quarter, compared to analysts’ expectations of $935.85 million. As a group, equities analysts anticipate that Incyte Co. will post 3.57 EPS for the current year.

Insider Activity at Incyte

In related news, insider Thomas Tray sold 1,093 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $58.91, for a total value of $64,388.63. Following the completion of the sale, the insider now owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Incyte news, insider Thomas Tray sold 1,093 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $58.91, for a total transaction of $64,388.63. Following the completion of the transaction, the insider now owns 21,634 shares of the company’s stock, valued at $1,274,458.94. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Barry P. Flannelly sold 19,164 shares of the stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total transaction of $1,149,840.00. Following the transaction, the executive vice president now directly owns 66,377 shares of the company’s stock, valued at approximately $3,982,620. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP boosted its stake in Incyte by 48.8% during the fourth quarter. Wellington Management Group LLP now owns 131,649 shares of the biopharmaceutical company’s stock worth $8,266,000 after buying an additional 43,160 shares during the period. Fulton Bank N.A. purchased a new position in shares of Incyte in the first quarter valued at approximately $1,425,000. ARK Investment Management LLC boosted its stake in shares of Incyte by 7.7% in the fourth quarter. ARK Investment Management LLC now owns 531,625 shares of the biopharmaceutical company’s stock valued at $33,381,000 after purchasing an additional 37,932 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Incyte by 29.3% in the fourth quarter. Russell Investments Group Ltd. now owns 963,090 shares of the biopharmaceutical company’s stock valued at $60,465,000 after purchasing an additional 217,979 shares during the period. Finally, Great Lakes Advisors LLC purchased a new position in shares of Incyte in the fourth quarter valued at approximately $2,033,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.

About Incyte

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States and internationally. The company offers JAKAFI (ruxolitinib) for treatment of intermediate or high-risk myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma; PEMAZYRE (pemigatinib), a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in liquid and solid tumor types; ICLUSIG (ponatinib) to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; and ZYNYZ (retifanlimab-dlwr) to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma, as well as OPZELURA cream for treatment of atopic dermatitis.