Incyte (NASDAQ:INCY) Shares Gap Down – Here’s What Happened

Shares of Incyte Co. (NASDAQ:INCY) gapped down prior to trading 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 trading hands.

Wall Street Analyst Weigh In

Several research firms have recently commented on INCY. Bank of America upgraded shares of Incyte from a “neutral” rating to a “buy” rating and upped their price target for the stock from $68.00 to $90.00 in a research report on Tuesday, October 29th. Morgan Stanley upped their target price on shares of Incyte from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lifted their price target on Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Citigroup raised their target price on Incyte from $92.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, StockNews.com raised Incyte from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $77.16.

Incyte Stock Down 14.2 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.82 and a current ratio of 1.87. The business’s 50 day simple moving average is $69.28 and its 200-day simple moving average is $64.07. The company has a market cap of $12.73 billion, a price-to-earnings ratio of 477.75, a price-to-earnings-growth ratio of 8.75 and a beta of 0.71.

Incyte (NASDAQ:INCY) last announced its quarterly earnings results on Tuesday, October 29th. The biopharmaceutical company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.12). The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.08 billion. Incyte had a net margin of 0.80% and a negative return on equity of 0.63%. The company’s quarterly revenue was up 23.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 EPS. Sell-side analysts expect that Incyte Co. will post 0.4 earnings per share for the current year.

Insider Activity

In other news, EVP Jonathan Elliott Dickinson sold 8,450 shares of Incyte stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $62.36, for a total value of $526,942.00. Following the transaction, the executive vice president now owns 36,390 shares of the company’s stock, valued at $2,269,280.40. This trade represents a 18.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Barry P. Flannelly sold 3,680 shares of the company’s 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 sale, the executive vice president now directly owns 58,042 shares of the company’s stock, valued at approximately $4,624,786.56. This represents a 5.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,702 shares of company stock worth $856,166. 17.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of INCY. Kennedy Capital Management LLC bought a new position in shares of Incyte in the first quarter worth about $463,000. Magnetar Financial LLC acquired a new position in shares of Incyte during the first quarter worth approximately $1,817,000. Greenwood Capital Associates LLC bought a new stake in shares of Incyte in the third quarter valued at approximately $433,000. Andra AP fonden boosted its position in shares of Incyte by 35.2% in the second quarter. Andra AP fonden now owns 247,800 shares of the biopharmaceutical company’s stock valued at $15,022,000 after acquiring an additional 64,500 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its stake in shares of Incyte by 19.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 152,452 shares of the biopharmaceutical company’s stock worth $8,652,000 after acquiring an additional 24,328 shares during the last quarter. Institutional investors and hedge funds 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.