Incyte (NASDAQ:INCY) Shares Gap Down – What’s Next?

Shares of Incyte Co. (NASDAQ:INCY) gapped down before the market opened on Tuesday . The stock had previously closed at $76.97, but opened at $67.11. Incyte shares last traded at $66.58, with a volume of 1,046,849 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on INCY. JMP Securities restated a “market perform” rating on shares of Incyte in a report on Tuesday, September 17th. Guggenheim raised their price target on Incyte from $86.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Wells Fargo & Company boosted their price objective on shares of Incyte from $62.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Oppenheimer raised their target price on shares of Incyte from $81.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group upped their price target on shares of Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $77.16.

Incyte Price Performance

The business has a 50 day simple moving average of $69.59 and a 200-day simple moving average of $64.24. The company has a market capitalization of $13.69 billion, a P/E ratio of 507.54, a PEG ratio of 8.14 and a beta of 0.71. The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01.

Incyte (NASDAQ:INCY) last issued its quarterly earnings data on Tuesday, October 29th. The biopharmaceutical company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.12). Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the business earned $0.91 earnings per share. The company’s revenue for the quarter was up 23.8% compared to the same quarter last year. Analysts predict that Incyte Co. will post 0.4 EPS for the current fiscal year.

Insider Buying and Selling

In other Incyte news, EVP Barry P. Flannelly sold 3,680 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $79.68, for a total transaction of $293,222.40. Following the completion of the transaction, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. This trade represents a 5.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jonathan Elliott Dickinson sold 8,450 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $62.36, for a total value of $526,942.00. Following the completion of the sale, the executive vice president now directly owns 36,390 shares in the company, valued at $2,269,280.40. This represents a 18.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,702 shares of company stock valued at $856,166 in the last three months. 17.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Incyte

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kennedy Capital Management LLC bought a new stake in shares of Incyte during the 1st quarter worth $463,000. Magnetar Financial LLC purchased a new position in Incyte in the 1st quarter worth about $1,817,000. Greenwood Capital Associates LLC purchased a new position in Incyte in the 3rd quarter worth about $433,000. Andra AP fonden lifted its stake in Incyte by 35.2% during the second quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock valued at $15,022,000 after buying an additional 64,500 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its stake in Incyte by 19.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 152,452 shares of the biopharmaceutical company’s stock valued at $8,652,000 after buying an additional 24,328 shares in the last quarter. 96.97% of the stock is owned by institutional investors and hedge funds.

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.