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

Incyte Co. (NASDAQ:INCY) gapped down before the market opened on Thursday . The stock had previously closed at $74.62, but opened at $73.02. Incyte shares last traded at $74.34, with a volume of 65,305 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on INCY shares. The Goldman Sachs Group boosted their target price on shares of Incyte from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. William Blair reiterated an “outperform” rating on shares of Incyte in a research note on Monday, September 9th. Morgan Stanley boosted their price objective on Incyte from $64.00 to $69.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. StockNews.com upgraded shares of Incyte from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 28th. Finally, Bank of America raised shares of Incyte from a “neutral” rating to a “buy” rating and boosted their price target for the company from $68.00 to $90.00 in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $77.16.

Incyte Trading Down 0.1 %

The company has a quick ratio of 1.82, a current ratio of 1.87 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $14.37 billion, a P/E ratio of 533.04, a price-to-earnings-growth ratio of 8.30 and a beta of 0.69. The firm’s 50-day simple moving average is $71.34 and its 200-day simple moving average is $65.51.

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

Insider Buying and Selling

In other news, insider Thomas Tray sold 572 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $62.94, for a total value of $36,001.68. Following the completion of the sale, the insider now owns 24,825 shares of the company’s stock, valued at approximately $1,562,485.50. The trade was a 2.25 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Vijay K. Iyengar sold 6,043 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $75.38, for a total value of $455,521.34. Following the transaction, the executive vice president now owns 30,658 shares in the company, valued at approximately $2,311,000.04. The trade was a 16.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,745 shares of company stock worth $1,311,687 in the last quarter. 17.60% of the stock is owned by insiders.

Institutional Trading of Incyte

A number of institutional investors have recently made changes to their positions in INCY. Haverford Trust Co increased its stake in shares of Incyte by 1.8% in the third quarter. Haverford Trust Co now owns 7,796 shares of the biopharmaceutical company’s stock worth $515,000 after buying an additional 135 shares during the period. V Square Quantitative Management LLC lifted its position in Incyte by 4.1% during the third quarter. V Square Quantitative Management LLC now owns 3,963 shares of the biopharmaceutical company’s stock valued at $262,000 after buying an additional 155 shares during the period. Deseret Mutual Benefit Administrators boosted its holdings in shares of Incyte by 37.1% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 606 shares of the biopharmaceutical company’s stock valued at $37,000 after buying an additional 164 shares in the last quarter. Ballentine Partners LLC grew its position in shares of Incyte by 4.0% in the 2nd quarter. Ballentine Partners LLC now owns 4,727 shares of the biopharmaceutical company’s stock worth $287,000 after buying an additional 182 shares during the period. Finally, Tectonic Advisors LLC lifted its position in Incyte by 1.6% during the 3rd quarter. Tectonic Advisors LLC now owns 12,390 shares of the biopharmaceutical company’s stock valued at $819,000 after acquiring an additional 190 shares during the period. 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.