Incyte (NASDAQ:INCY) Posts Quarterly Earnings Results, Misses Expectations By $2.60 EPS

Incyte (NASDAQ:INCY) posted its quarterly earnings data on Tuesday. The biopharmaceutical company reported ($1.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($2.60), Briefing.com reports. Incyte had a return on equity of 0.75% and a net margin of 2.52%. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the previous year, the business posted $0.77 EPS. The business’s quarterly revenue was up 9.3% compared to the same quarter last year.

Incyte Stock Performance

Shares of NASDAQ INCY traded down $0.49 during mid-day trading on Thursday, hitting $64.58. The stock had a trading volume of 498,578 shares, compared to its average volume of 2,551,941. The firm has a market cap of $14.50 billion, a PE ratio of 19.72, a PEG ratio of 1.56 and a beta of 0.73. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.43 and a current ratio of 1.89. The company has a 50 day moving average of $61.60 and a two-hundred day moving average of $58.76. Incyte has a twelve month low of $50.27 and a twelve month high of $70.36.

Insider Buying and Selling 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 stock was sold at an average price of $58.91, for a total value of $64,388.63. Following the completion of the transaction, the insider now owns 21,634 shares of the company’s stock, valued at approximately $1,274,458.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Thomas Tray sold 1,093 shares of the business’s 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 transaction, the insider now directly owns 21,634 shares in the company, valued at $1,274,458.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Barry P. Flannelly sold 8,148 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $60.00, for a total transaction of $488,880.00. Following the completion of the transaction, the executive vice president now directly owns 50,534 shares in the company, valued at $3,032,040. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,282 shares of company stock valued at $2,876,911. Corporate insiders own 17.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Bank of America lifted their target price on Incyte from $62.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday. Cantor Fitzgerald reissued a “neutral” rating on shares of Incyte in a report on Tuesday, June 18th. BMO Capital Markets reaffirmed an “underperform” rating and set a $48.00 price objective (down from $52.00) on shares of Incyte in a report on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Incyte in a research report on Thursday, May 23rd. They set a “hold” rating and a $55.00 target price for the company. Finally, StockNews.com downgraded shares of Incyte from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $72.94.

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.